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.ICICI Securities ReportPrudent Corporate Advisory Services Ltd. has progressed well in terms of assets under management growth aided by mark-to-market, traction in SIP and growth in mutual fund distributors. AUM/SIP book/MFD count clocked compound annual growth rates of 28%/23%/37% between FY19–FY23 and grew by 23%/15%/5% in 9M FY24. This has led to elevation in distributor rankings (Prudent ranks third in total retail AUM and fifth in total folios, as per Computer Age Management Systems Ltd., as of December 2023). As yield consolidates post removal of the B-30 incentive, we sense a possible upgrade in our earnings estimates driven by overall macro tailwinds and superior execution. Possible upside risks emanate from continued traction in SIP (50.3% of client base is yet to have an SIP scheme) and spike in insurance cross-sales. Higher mix of equity within AUM (93.7%) lends higher growth potential for Prudent compared to other asset management companies. Any MTM fall in AUM poses a downside risk. Upgrade to 'Add' from 'Hold'.Click on the attachment to read the full report:Shriram Finance - Focus On Driving Merger Led To New Business Opportunities: ICICI SecuritiesDISCLAIMERThis 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.