Sharekhan's research report on Nippon Life India Asset Management
Revenue from operations grew by 12% y-o-y while it was flat q-o-q to Rs.338 crore. Yields declined by 6 bps y-o-y and was flat sequentially. PAT stood at Rs. 175 crore versus our expectations of Rs. 181 crore, growing by a moderate 5% y-o-y. For FY22, PAT rose by 9% y-o-y to Rs. 743 crore. Quarterly average assets under management (QAAUM) stood at Rs 2,833 billion, rising by ~24% y-o-y and ~1% q-o-q. NAM India’s market share remained stable q-o-q at 7.4% in Q4FY22 driven by steady performance of funds, strong risk management and a wide distribution network. At CMP, the stock currently trades at 24.3x and 20.9x its FY23E and FY24E EPS.
We maintain a Buy rating on NAM India with a revised price target (PT) of Rs. 430.
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