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HDFC Securities Institutional Equities
Cholamandalam Investment and Finance Company Ltd. - Cholamandalam's Q4 FY22 earnings were 18% ahead of our estimates, largely on the back of reversal of Covid-19 provisions.
Consistent with other asset financiers, the stressed pool (gross stage-II plus gross stage-III) witnessed a sharp sequential reduction to 12% (Q3:16%), led by healthy collections and recoveries and improving economic activity, with net stage-III at 2.7% (near the pre-Covid level).
Business momentum continued to gain traction, with strong disbursal growth (up 58% YoY); new businesses contributed 12% of the mix in Q4 FY22.
Computer Age Management Services Ltd. - CAMS reported an in-line revenue (up 2% QoQ, similar to other asset management companies); however, higher admin and opex led a 4% sequential dip in core income to Rs 947 million.
Mutual fund average assets under management witnessed a 1% dip in market share to 69% alongside continued compression in core revenue yields (albeit milder compression compared to listed AMCs).
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