Financial Services Q1 Preview - Healthy AUM Growth Across All Companies; NIMs To See Mix Trends: DRChoksey

DRChoksey Research Report

The mutual fund industry saw robust assets under management growth during the quarter, driven by increasing traction in equity-oriented funds. According to AMFI data, the Indian mutual fund industry's AUM stood at Rs 61.2 trillion as of June 30, 2024, a growth of 37.8% YoY/ 14.5% QoQ driven by the equity inflows and improving traction in systematic investment plans.

The SIP AUM reached an all-time high of Rs 12.44 trillion as of June 30, 2024, compared to Rs 11.53 trillion as of May 2024 (versus Rs 7.93 trillion as of June 2023).

The industry equity-oriented segment's share in the overall mix improved to approximately 45.3% as of June 30, 2024, as against 30.4% as of June 30, 2023. The industry's equity AUM stood at Rs 27.68 trillion. Assuming a 20-bps sequential improvement in HDFC AMC and NAM-India market share, we believe our coverage will contribute ~20.0% to the overall industry equity AUM.

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