Sharekhan's research report on Nippon Life India Asset Management
Core revenues grew 44% y-o-y/ 13% q-o-q driven by strong growth in mutual fund AUM (up 57% y-o-y/ 14% q-o-q). Overall AUM reached Rs 6.5 lakh crore (up 50% y-o-y). Blended revenue yields were at 42 bps stable q-o-q and lower by 4 bps y-o-y. Core PBT grew by 57% y-o-y/ 19% q-o-q. Overall, the market share rose by 9 bps q-o-q in mutual fund AUM to 8.3%. Equity market share (ex-ETFs) also rose 8 bps q-o-q to 6.96%. Equity AUMs rose ~70% y-o-y and 16% q-o-q. SIP flows rose by 20% q-o-q and market share in SIP flows has improved to ~12-13% vs ~10% y-o-y.
Outlook
We maintain a Buy with an unchanged PT of Rs. 840. At CMP, the stock trades at 30.3x/ 27.4x/ 23.6x its FY2025E / FY2026E/ FY2027E EPS.
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