CAMS Q1 Results Review - Strong Growth Outlook But Largely Priced In: Yes Securities

Yes Securities Report

Asset-Based Mutual Fund Revenue–

Robust growth in underline assets but yields were broadly stable: Asset-based mutual fund revenue was up 7.7%/26.8% QoQ/YoY to Rs 2.42 billion, lagging the growth in average assets under management serviced by Computer Age Management Services Ltd., which was up 8.3% QoQ and 34.3% YoY. The company has mentioned that sequentially the yield during the quarter was stable with depletion of less than 1%.

Non-Mutual Fund Revenue –

Strong growth in Non-mutual fund revenue was maintained and its share in revenue to further inch higher:

Non-mutual fund revenue rose 4.8%/30.7% QoQ/YoY, driven sequentially by growth in CAMSPay, CAMSKRA and other revenue.

The contribution of non-mutual fund revenue was at 13.3%, up by 40 bps YoY. The company expects that non-MF revenue could grow by mid to high 20s for coming one-two more quarters. The company would also endeavour to increase the share of non-MF based revenue by 2% points every year and take it to 20% in coming three years.

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