BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Aditya Birla Sun Life AMC Ltd. saw a good quarter with earnings beat led by better operating margins. While quarterly average assets under management at Rs 2981 billion was exactly in-line, it was flat QoQ.
However, revenue was higher driven by superior yields at 44 basis points (estimate: 42 bps) which was largely driven by increase in equity mix by 2.1% QoQ.
Sequentially, equity grew by 4.8% of which 41% was contributed by the business cycle fund new fund offer.
Reported opex was much lower due to reversal of employee liability. Adjusted for the same too staff cost was lower.
Driven by better revenue and lower opex, operating income was a beat at Rs 1.95 billion (estimate: Rs 1.73 billion).
Aditya Birla Sun Life AMC's management focus is on new products like passive, alternatives, thematic etc. that are yield accretive and the product pipeline is healthy.
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