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LIC is treading well towards increasing VNB by pushing product mix towards non-participating segment (8.9% in FY23 individual APE mix vs 7.1% in FY22) and sharp focus on improving persistency (improvement in all cohorts except 25M in FY23). Volume growth outperformed the industry in 9MFY23 (27% YoY growth for LIC vs 20% growth for private insurers in terms of total weighted APE) but Q4FY23 witnessed a decline of 16% YoY vs private insurers witnessing a growth of 18% YoY.
Commodity profit pool contraction seen in FY23 is set to reverse in FY24. Commodity profit pool within the listed space dipped YoY by a staggering Rs1.3trn during FY23 to reach Rs2.5trn, thereby, resulting in the aggregate PAT/GDP ratio dipping to 4.3%.
Beat in earnings amid gradual overall recovery: Balkrishna Industries’ (BIL) Q4FY23 EBITDA margin at 20.3% was in line with our estimate and up 420bps QoQ, driven by gradual decline in the cost of consumed raw material basket (RMB) and relatively lower-priced freight contracts.
Most Asian markets are trading lower ahead of the US vote on debt ceiling deal. The US congress is expected to vote on the legislation as early as Wednesday. Nikkei was trading lower by 0.33%, Hang Seng was trading lower by 0.33%, and Shanghai was trading lower by 0.09%.
The index opened the week on an optimistic note and continued its upward momentum to end the week at multi-month highs. The strong up move has led the index to surpass 78.6% retracement levels and its previous swing high of 18450. Going ahead, till the index manages to sustain above 18450, the index is expected to continue to scale higher towards 18630-18750.
As infrastructure spending ramps up, the Indian cement sector is seeing the rise of powerful new players with deep pockets. The recent acquisition of ACC and Ambuja Cements by Adani Group has put the cement industry on notice - this giant family conglomerate is coming after their business. The Adani Group's ambitious plans to double its capacity by FY28 have prompted major cement manufacturers to increase budgets and capex to protect their market share.
