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Motilal Oswal Report
Challenges in the U.S. banking system, interest rate trajectory and India's Union Budget 2023 have kept the capital market jittery during Q4 FY23 (Nifty down 4% during the quarter).
Despite the above factors, strong performances were reported on most of the parameters (volumes, orders, etc.) of the capital market segment, barring client additions. Volumes in F&O rebounded in Q4 FY23, though cash volumes remained muted.
Commodity option volumes were healthy – March 2023 marked the highest monthly volumes. Future volumes for gold and crude oil were very strong (highest ever in March-23), whereas volumes for natural gas futures moderated during Q4 FY23. Improved F&O activity would be positive for Angel One Ltd., while ICICI Securities Ltd. would be hit by weak cash segment trajectory and inactivity in the primary markets.
The general insurance industry's growth momentum was maintained in Q4 FY23 with 20% YoY cumulative gross written premium growth for January 2023 and Feb-23. The health segment posted a strong cumulative growth of 38% YoY over the same period primarily aided by 34% YoY growth in group health and well supported by 51% YoY GWP growth for public sector players.
Motor segment too grew strongly at 12.9%/12.1% YoY in Jan/Feb-23. The health claim ratios are likely to improve as well due to decline in the number of claims.
We expect Star Health and Allied Insurance Company Ltd. to report profit growth, while ICICI Lombard General Insurance Company Ltd. will register a muted quarter in terms of profit.
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