CAMS Q2 Results Review – Quintessential Steady Performance; Sequential Margin Recovery Driven By Operating Leverage: ICICI Securities


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Computer Age Management Services Ltd. remains one of the best plays on India’s financialisation story. The aggregate nature of its business gives the company a steady growth outlook. The theme is illustrated in its Ebitda compound annual growth rate of 25% during FY19-FY22 versus an average of 12% for listed asset management companies.

In our view, overall AUM growth of the Indian mutual fund industry towards a target of Rs 50 trillion by FY25E and the resultant operating leverage constitute the structural investment thesis.

Optionalities, too, will gather momentum with digitisation of financial records and increasing facilities being provided to consumers for tapping the same.

CAMS Q2 FY23 has largely been a steady quarter with Rs 721 million profit after tax. Ebitda margin increased sequentially driven by operating leverage.

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