Aditya Birla Sun Life AMC Q4 Results Review - Equity Business Continues To Improve: Yes Securities

Yes Securities Report

Overall revenue yield has remained broadly flattish and there have been no period end adjustments:

Overall revenue yield has been supported by higher share of equity in assets under management. Aditya Birla Sun Life AMC Ltd.'s management hopes to maintain overall margin coming from equity and fixed income together.

For the quarter, there has been a slight drop in equity yield due to telescoping pricing. There could be an improvement in debt yield going forward due to rise in share of longer-duration funds.

The equity business has continued to display an improving trend:

Redemptions have declined in the March quarter and, as a result, the March quarter has seen positive net equity sales. Flows have been healthy in a thematic fund, flexicap fund and pure value fund. The equity AUM market share stood at 4.9%. Flow market share is less than stock (book) market share and there has been a 10 basis points decline in market share.

We maintain ‘Neutral’ rating on Aditya Birla Sun Life with a revised price target of Rs 600:

We value Aditya Birla Sun Life AMC at 18.5 times FY26 price earning, at which the stock would trade at an FY26 price booking of 4.1 times.

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