Nippon Life India AMC is among the largest asset managers in India with an AUM size of ₹ 3.46 lakh crore. The company has a strong distribution network with 84300+ distributors.
Q4FY22 Results: Steady quarter with marginal uptick in market share.
Nippon Life India AMC’s share price has grown by over 13% since its listing in November 2017.
Target Price and Valuation: We value Nippon AMC at ~5.3% FY24E AUM and revise our target price to ₹ 400 per share.
Apart from Nippon Life AMC, in our coverage we like HDFC AMC.
|Revenue from Operations||338.0||301.9||12%||338.5||0%||Flattish revenue growth sequentially led by lower yields|
|Other Income||34.5||60.1||-43%||30.4||13%||YoY fall in other income due to lower MTM|
|Net Total Income||372.4||362.0||3%||368.9||1%|
|Other Operating Expenses||63.5||78.7||-19%||60.6||5%|
|Total Expenses||138.1||144.1||-4%||133.5||3%||Opex largely stable|
|PAT||174.8||166.5||5%||174.0||1%||Subdued topline kept PAT in check|
|MF- AAUM||283300||228600||24%||280600||1%||Market share in equity segment moderated|
Key Financial Summary
|| Crore||FY19||FY20||FY21||FY22||3 year CAGR
|FY23E||FY24E||2 year CAGR
|Net Profit (| crore)||485.7||415.4||679.4||743.4||15%||936.8||1108.7||22%|
|AUM /share (|)||3817.0||3347.4||3708.0||4554.5||5217.2||6025.9|
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