The growth in the AMC business is likely to be very high given the rising awareness about MF investing. HDFC MF is a top brand and has good performance. Thus they are most likely to gain market share.
Also, the delta in this business is likely to be very high. If the AUMs grow by 100% (a very likely scenario with market gains+ inflows) in the next five years, the profits will grow at a much faster rate as most expenses are fixed. The industry already has an SIP book of over 20k Cr pm, this itself can bring in decent growth
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