Financials- Non-Lending Q4 Results Preview: To Be A Challenging But Transient Quarter, Projects Motilal Oswal

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Motilal Oswal Report

Market activity during Q4 FY25 was impacted by regulatory changes and weak market sentiment across the non-lending financial segments, which will reflect in the performance of asset management companies and market intermediaries. While life insurance players have tackled the surrender regulation and mitigated the impact to some extent, general insurance players remain impacted by 1/n accounting and a slowdown in underlying demand.

Nifty ended up largely flat for the quarter, gyrating from a high of 23,740 to a low of 22,082 and then bouncing back to 23,650. SIP flows remained strong at Rs 260 billion in Jan’25/Feb’25, which will help to offset the MTM impact on AUM of AMCs/CAMS/ KFin.

We expect yields to largely remain stable sequentially and other income to witness the impact of mark to market.

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