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Motilal Oswal Report
Computer Age Management Services Ltd.'s reported a net profit of Rs 885 million in Q3 FY24, up 20% YoY, and in line with our estimate. The growth in profitability was supported by a YoY increase in the share of non-MF business and an improving mix of equity assets under management in the total mutual funds AUM.
The share of non-MF business grew to 12.8% YoY in Q3 FY24 and is expected to continue to increase in the coming quarters. Operating revenue reached Rs 2.89 billion, up 18.9% YoY and 5.3% QoQ, in line with our estimate.
The management is confident that CAMS WealthServ, CAMSPay, CAMSRep, and Think360 would contribute sizable revenues in the coming quarters. It expects 20%+ growth in revenues for non-MF business.
Currently, we have a 'Buy' rating on the stock with a target price of Rs 3,450 at a earning price multiple of 32 times on FY26E .
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