UTI AMC Q4 Results Review - Cost, Subsidiary Outperformance Are Available Earnings Levers: ICICI Securities

Market share improvement key for re-rating

UTI building at BKC in Mumbai. (Photographer: Vishal Patel/ Source: NDTV Profit)

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ICICI Securities Report

UTI Asset Management Company Ltd. reported flattish core Ebitda in FY24 with a decline in equity market share by 53 basis points to 5.3%. The company has shown strong operating cost performance (7.4% growth in FY24), which could lead to possible operating leverage and higher Ebitda growth ahead (UTI has higher scope for cost reduction versus peers).

International and retirement subsidiaries offer good diversification (revenue of Rs 2.2 billion/2.3 billion in FY23/24).

Maintain Hold, basis pending improvement in market share.

Click on the attachment to read the full report:

ICICI Securities UTI AMC Q4FY24 Results.pdf
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Also Read: Piramal Enterprises Q4 Results Review - More Stress Ahead; Downgrade To Neutral: Motilal Oswal

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