- 06 May 2025
- ICICIdirect Research
CAMS REPORTED OPERATING REVENUE OF ₹356 CRORE, INCREASED BY 14.7%
CAMS - 3626 Change: -45.40 (-1.24 %)News: Cams reported operating revenue of ₹356 crore, increased by 14.7% YoY, de-growth of 3.7% QoQ. Sequential revenue dip was mainly owing to price adjustment done for its customers i.e. AMCs. Mutual fund revenue grew by 14.5% YoY which comprised ~88% of revenue mix while the balance non mutual fund revenue grew by 15.8% YoY. Operating EBITDA reported at ₹159.8 cr for the quarter which grew by 11.6% YoY and de-grew 8.0% QoQ. EBITDA margins declined from 47% to 44.9% QOQ which was mainly due to price adjustment taken while it still is quite healthy. PAT stood at Rs 106 crore, up by ~9% YoY and down ~10% QoQ. Strong market share of ~68% was maintained. CAMS AuM grew 24% YoY, mirroring the industry AUM growth. This growth was on the back of strong Equity assets growth at 29% YoY.
View: CAMS has a dominant market share of ~68% in India's MF industry which is under-penetrated and slated for structural long term growth. Company has won mandates from several new AMCs like Angel, Zerodha, etc. which shall support growth over long term. Non-MF space shall play supporting role on overall business growth. Meanwhile, pricing adjustment impact is now behind.
Impact: Positive