Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Nippon Life India Asset Management Ltd.</h2>
<h3>Earnings outlook positive on the back of growth recovery</h3>
<p>Nippon Life India Asset Management Ltd (NAM) has reported revenue of Rs3,019mn, up 10% YoY and 12.5% QoQ, coming in 3.5% ahead of our estimate. The MF AUM at Rs2,286bn was up 14.5% YoY and 7.3% QoQ. Debt QAAUM was up 22.3% YoY and was strong given the negligible-to-negative growth seen in the last few quarters. The debt business saw strong inflows from the institutional segment…</p>

<p>Company Update</p>
<h2>Nippon Life India Asset Management Ltd.</h2>
<h3>Cost control and higher offshore contribution to support earnings</h3>
<p>Nippon Life India AMC (NAM) reported 1.5% YoY growth in PAT for 3QFY21 despite revenue declining 11.4% YoY. The earnings performance was driven by a sharp decline in operating expenses; EBITDA was flat YoY. Since the takeover by Nippon Life (Japan), we have seen significant recovery in business flows along with an improving cost structure. The company’s consistent focus on…</p>

<p>3QFY21 Result Update</p>
<h2>Nippon Life India Asset Management Ltd.</h2>
<h3>Core earnings growth stable; PAT boosted by one-off other income</h3>
<p>Nippon Life India Asset Management Ltd (NAM) has reported revenue of Rs2,685mn, up 3.8% QoQ (down 11.4% YoY), coming in 3.6% ahead of our estimate. The MF AUM, at Rs2,213bn, was up 10.8% YoY and 14.7% QoQ. Debt QAAUM was up 23.5% YoY and was strong given the negligible-to-negative growth seen in the last few quarters. 14.4% QoQ growth in debt QAAUM indicates strong…</p>

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<p>2QFY21 Result Update</p>
<h2>Nippon Life India Asset Management Ltd</h2>
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<h3>Yields stable; opex cut and other income aid net earnings</h3>
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<p>Nippon Life India Asset Management Ltd (NAM) has reported revenue in line with expectations at Rs2,587mn, down 14% YoY and up 11% QoQ. Fixed income yields declined due to investors shifting towards safer shorter duration funds from longer duration funds and credit risk funds. Equity yields were stable QoQ at 90-95bps. MF QAAUM was down 2.5% YoY but up 11% QoQ. PMS…</p>
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<p>1QFY21 Result Update</p>
<h2>Nippon Life India Asset Management Ltd</h2>
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<p><strong>PAT boosted by other income; opex control to help margins</strong></p>
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<p>Nippon Life India Asset Management Ltd (NAM) has reported revenue at Rs2,331mn, down 28% YoY/15% QoQ and 4% below our estimate. Decline in revenue was due to drop in equity’s share and migration of customers from higher fee credit risk fund to overnight and liquid funds. Opex was down 27% YoY but up 11% QoQ due to one-offs in 4QFY20, but was broadly under control…</p>
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India

Nippon Life India Asset Management Limited operates as an investment management firm. The Company offers portfolio management, financial planning, mutual fund investment, and advisory services to individuals, institutions, trusts, and private funds. Nippon Life India Asset Management serves customers in India.

Nippon Life India Asset Management (NAM IN)

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