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News: CAMS reported steady performance in Q2FY24 with stable market share and gradual improvement in proportion of non-mutual revenue. AUM increased 20.3% YoY at ₹32.5 lakh crore, with market share broadly maintained at 68.5%. Equity AUM increased 27.6% YoY at ₹15.5 lakh crore. Continued traction is seen in non-mutual segment leading to increase in proportion in revenue from 10% in Q2FY23 to 12.9% in Q2FY24. Consolidated revenue increased ~14% YoY at ₹284.7 crore while profitability improved 17.1% YoY at ₹84.5 crore. Slower growth in cost led to ~100 bps YoY improvement in profit margin at 30.7%.
Views: Among 4 recent AMC wins, 2 went live with their maiden NFOs. AUM accretion for new clients to aid steady market share. Continued focus on diversifying revenue is expected to aid topline growth as well as profitability margins ahead.
Impact: Neutral