I think HDFC AMC AUM growth will not be in commensurate with its Operating revenue growth percentage.
For example, looked at YoY growth % of HDFC AMC w.r.t FY23 end → FY24 end,
AUM increased by 40% but Revenue increased by only 20%
Feel in case of CAMS, as it’s in services business, whatever CAGR growth mentioned (11%) will reflect in operating revenue.
So, not sure comparing HDFC AMC AUM growth % with CAMS CAGR growth % are the right metrics to compare for valuation perspective. Just presenting my opinion and welcoming others thoughts.
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