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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.
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