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Agreed, I think the cash flow statement in the annual report that will be published now will be of better help to get to know the specifics. Also, loaning out is a part of core operations so it gets added back to the cash flow from the PnL statement itself. Agreed that the CFO can’t be negative consistently. But I would like you to compare this with 360 instead of Anand Rathi as there not exactly peers to peers.
But I will delve deeper into this to get to know the specifics of the whole cash flow! -
When I said growth over dividends, that was just my personal opinion
Nuvama will/should come with a dividend policy by Q1 fy25. If not, it should be brought but since they have mentioned it I think it’s fair to wait and see.
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So the thing is, HNIs and UHNIs are very sticky. I have been studying deeper and the persistence ratio for UHNIs is high 90s and for HNIs is low 90s. and that’s really good. Which makes me believe the services aren’t as price elastic as we might assume. Moreover, they are more likely to pick their asset manager because of their assets easily being used as collateral. You dont lose out on customers very easily here.
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