CAMS Q3 Results Review - Non-Mutual Funds Businesses See Improved Traction: Yes Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Yes Securities Report.Multiple segments have combined to contribute to strong non-mutual fund revenue growth:Non-mutual fund revenue was up 59.9% YoY and 4.4% QoQ to Rs 370 million. Adjusted for Think 30, which was not in the base last year, non-mutual fund revenue was still up more than 40% YoY. Share of non-mutual fund revenue in total revenue was at 12.8%, up 330 basis points YoY. Alternative investment fund segment revenue was up 21% YoY, on a large base, including Fintuple revenue. CAMSPay registered a 28% YoY revenue growth.There is scope for Ebitda margin expansion driven by payback in non-mutual fund business investments:The blended Ebitda margin of the non-MF businesses is less than 15% whereas the Ebitda margin of the mutual fund business is well above 44%. As the cost in the non-MF businesses plateaus and the revenue rises, the blended margin of the non-MF businesses would rise to 25% over the next few quarters.There could be a creep up in overall Ebitda margin by 20-30 basis points per quarter over the next few quarters. Just as in the past, a 100 bps annual expansion in Ebitda margin in FY25 is possible.We maintain Add rating on CAMS with a revised price target of Rs 3250:We value Computer Age Management Services Ltd.'s at 34 times FY25 earning price at which CAMS would trade at 14.7 times FY25 price/book..Click on the attachment to read the full report:.Nestle India Q4 Results Review - Sales Below Expectations Despite Weak Base: Nirmal Bang.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

CAMS Q3 Results Review - Non-Mutual Funds Businesses See Improved Traction: Yes Securities

Multiple segments have combined to contribute to strong non-mutual fund revenue growth

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CAMS Q3 Results Review - Non-Mutual Funds Businesses See Improved Traction: Yes Securities

Multiple segments have combined to contribute to strong non-mutual fund revenue growth

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