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ICICI Securities Report
The ability to sustain market share, control costs and absence of any decline in revenue yields are key positives of Q4 FY21 result for Computer Age Management Systems Ltd.
Higher average assets under management and lower cost have resulted in highest quarterly Ebitda/profit after tax of Rs ~900 million/600 million in Q4 FY21.
Annualisation of this run rate will itself give ~17%/19% Ebitda/profit after tax growth in FY22.
We factor 17% AUM growth for the company between FY21-23 with 5%/3% decline in yields, respectively.
We maintain 44%/42.7% Ebitda margin for FY22/23E (higher than earlier estimates) to factor the improved cost performance.
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