Q1 FY'25 Earnings Conference Call Summary
Overview
• Date: August 5, 2024
• Host: Orient Capital
• Key Personnel:
• Anuj Kumar (Managing Director)
• Ram Charan SR (CFO)
• Anish Sawlani (Head of Investor Relations)
• Moderator: Shivani Karwat
Financial Performance Highlights
• Revenue Growth:
• Overall: 26.8%
• Mutual Fund (MF): 26.3%
• Non-MF: 30.7%
• Profit Metrics:
• EBITDA: 36.6% increase
• Profit After Tax (PAT): Nearly 42% growth
• Assets Under Management (AUM): Crossed INR 40 trillion
• Market Share: 66% in equity assets
Strategic Initiatives
• Partnerships: Collaboration with Google Cloud for RTA platform rebuild.
• New Offerings:
• 82% collection rate for new fund offerings.
• 44% revenue growth in CAMSPay.
• Launch of Bima Central in insurance.
Growth Strategies
• Targets:
• 15% growth in MF and 20% in non-MF.
• Mid- to high 20s growth expected, potentially reaching 30% for non-MF.
• Transaction Volumes: 50% year-on-year increase.
• Unique Investor Growth: 28% compared to industry average of 20%.
Operational Insights
• Employee Costs: Increased due to appraisals and new hires; expected to stabilize.
• Operating Expenses: Year-on-year increase driven by business growth; maintaining 7-8% of revenue ratio.
• Cloud Transition: Shift to cloud-based infrastructure for scalability and efficiency.
Market Position and Future Outlook
• Competitive Advantage: Superior technology and operational controls.
• Non-MF Revenue Target: Expected to reach 20% of top line by FY'27.
• KYC Records: Temporary decline due to cleanup; growth expected with increased engagement.
Conclusion
• Management expressed optimism about sustained growth through technological advancements and strategic investments.
• Encouragement for further inquiries directed to investor relations.

Q4 FY'24 Earnings Conference Call Summary
Overview
• Date: May 10, 2024
• Host: Orient Capital
• Key Personnel:
• Mr. Anuj Kumar (Managing Director)
• Mr. Ramcharan SR (CFO)
• Mr. Anish Sawlani (Head of Investor Relations)
• Moderator: Ms. Shiwani Karwat
• Disclaimer: Forward-looking statements with risks and uncertainties.
Financial Highlights
• Strong Performance Across Segments:
• Mutual Fund revenue:
• 10% quarterly growth
• 33% year-on-year growth
• Market share: 68%
• Non-Mutual Fund revenue:
• 52% year-on-year growth
• Significant contributions from alternatives and payment services.
• Overall Company Growth:
• Revenue: 25% increase
• EBITDA: 31% growth
• PAT: 38.7% increase
• Total revenue for the year: INR 1,136 crores (up 17%).
Business Segment Developments
• Mutual Funds:
• Secured three new mandates.
• Equity AUM surged nearly 50%.
• Non-Mutual Funds:
• KRA segment: 90% revenue increase.
• Alternatives segment: 24% revenue growth with 32 new client mandates.
• Payments sector: 20% revenue increase with over 80 new client acquisitions.
• Insurance Sector:
• Bima Central integration with insurance companies.
Strategic Initiatives
• Electronic Insurance Account (EIA):
• Advantages over traditional methods highlighted.
• Regulatory Approvals:
• Central Recordkeeping Agencies (CRAs) participation in Atal Pension Yojana (APY).
Future Outlook
• Growth Prospects:
• Continued focus on KRA, pay, and AIF for growth.
• Exploration of acquisition opportunities in payments and insurance.
• Expense Management:
• Consistent expense growth anticipated due to salary increases and platform investments.
Additional Insights
• Market Dynamics:
• Pricing variations in non-MF markets discussed.
• Stable pricing in KRA, while other segments face price reductions.
• Employee Composition:
• Current headcount: ~7,800 employees, with a year-on-year increase of ~550.
Conclusion
• The call concluded with a strong emphasis on operational excellence, technology investments, and a robust cash position of INR 618 crores for future growth opportunities.

Q3 FY '24 Earnings Conference Call Summary
Call Details
• Date: February 7, 2024
• Host: Orient Capital
• Key Participants:
• Mr. Anuj Kumar (Managing Director)
• Mr. Ramcharan SR (CFO)
• Mr. Anish Sawlani (Head of Investor Relations)
• Moderator: Shivani Karwat
• Format: Recorded session with Q&A after presentation
Company Performance Highlights
• Mutual Fund Mandate:
• Secured RTA mandate from Unifi Capital.
• Total mutual fund AUM: INR 34 trillion (22% YoY growth).
• Equity AUM growth: 31%, market share increased to 66%.
• Non-Mutual Fund Growth:
• 3.3% increase in share.
• Alternatives revenue growth: 21%.
• CAMS KRA services revenue growth: 129%.
• Financial Metrics:
• Overall revenue growth: 18.9%.
• Non-MF revenue growth: 59%.
• EBITDA: 19.7% increase.
• Profit After Tax (PAT): 21% increase.
Sales and Market Position
• Monthly sales surpassed INR 10,000 crores, approaching INR 11,000 crores.
• SIP gross sales market share: 60.5%.
• CAMSPay and digital onboarding initiatives gaining traction.
Strategic Investments
• Ongoing investments in platforms (Bima Central, CAMSREP, etc.) to enhance non-MF revenue.
• INR 5 crores spent on initiatives this year, leading to improved profitability.
Future Outlook
• Focus on expanding platforms, particularly in AIF.
• Revenue model includes project-based and recurring income.
• Anticipated growth in non-MF segments and improvements in EBITDA margins.
Market Opportunities
• Potential for growth in the insurance sector with compulsory demat regime.
• AIF sector outsourcing market remains largely untapped.
Analyst Inquiries
• Discussion on EBITDA margins for MF and non-MF segments.
• Suggestions for improved reporting formats and profitability data in future presentations.

Conference Call Overview
• Date: November 9, 2023
• Hosted by: Orient Capital
• Key Personnel:
• Managing Director: Mr. Anuj Kumar
• CFO: Mr. Ramcharan SR
• Head of Investor Relations: Mr. Anish Sawlani
• Moderator: Ms. Shivani Karwat
• Purpose: Discuss financial performance and outlook, with Q&A session.
Financial Performance Highlights
• Growth Metrics:
• AUM reached over Rs. 32 lakh crore (20% YoY increase).
• Equity AUM surpassed Rs. 15 lakh crore (28% growth).
• Market share maintained at 68.5% in mutual funds.
• Non-mutual fund revenue grew 47% YoY.
• Financial Metrics:
• Revenue: Up 13.5%
• EBITDA: Up 15.5%
• Profit After Tax: Up 17%
• Transaction Volumes:
• Record levels indicating strong retail participation.
Advancements in Technology and Services
• Payments and Technology:
• Increased adoption of UPI and auto-pay for SIPs.
• 3x rise in monthly transaction volumes.
• Over 100% YoY revenue growth in KYC solutions.
• New Initiatives:
• Launch of Bima Central app for insurance management.
• 40% YoY increase in electronic Insurance Account (eIA) additions.
• CRM and Product Development:
• Strong position in A&P; development of innovative products like geo wealth index and generative AI applications.
Financial Insights from CFO
• Revenue Growth:
• Revenue reached 275 crores (13.5% YoY increase).
• AUM growth contributed to a 10% increase in mutual fund revenue.
• Cost Management:
• EBITDA margin at 44.5%.
• Effective cost control reflected in PAT of 84.5 crores.
• Future Outlook:
• Anticipation of stable yields and growth in non-MF revenue.
Discussion Points and Concerns
• Revenue Alignment:
• AUM growth of 20% not aligning with revenue growth (10%).
• Non-Asset-Based Revenue:
• Flat revenues despite market activity; expectations for stability moving forward.
• Pricing Models:
• No changes in pricing for AIFs and mutual funds despite competition.
• Insurance Revenue:
• Growth in eIA accounts but decline in outsourcing services impacting overall revenue.
Strategic Focus
• Digital Transactions:
• Shift towards digital processes in fintech.
• Emphasis on automation to drive efficiency and revenue growth.
• SIP vs. HNI Investments:
• Growth in SIP collections exceeding Rs. 10,000 crore monthly.
• Account Aggregator Platform:
• All public sector banks onboard; modest revenue growth projected.
Conclusion
• The call highlighted a robust growth trajectory, advancements in technology, and a strategic focus on digital transformation to enhance efficiency and revenue across various business lines.

Q1 FY '24 Earnings Conference Call Summary
Call Overview
• Date: August 7, 2023
• Key Personnel:
• Managing Director: Mr. Anuj Kumar
• CFO: Mr. Ramcharan SR
• Head of Investor Relations: Mr. Anish Sawlani
• Moderator: Mr. Nachiket Kale from Orient Capital
• Purpose: Discuss company performance and outlook, followed by Q&A.
Key Achievements
• New RTA mandates from Angel One and Torus Oro.
• Market share increased from 68.3% to 68.7%.
• Revenue growth:
• 19% in Alternatives.
• 25% in CAMSPay.
• 40% in CAMS KRA.
• Industry-first 10-minute KYC solution introduced.
• Contracts secured for video KYC services and alternative credit scoring.
• Digital platform myCAMS reached over 6 million registrations.
• Recognized as one of the top 100 global fintechs.
Mutual Fund Sector Growth
• SIP registrations rose from 4 million to 4.7 million.
• Market share increased from 62% to 65.2%.
• Gross sales increased from INR 24,600 crores to INR 25,800 crores.
• Live SIPs grew from 3.5 million to 3.73 million.
• Emphasis on digital transformation with over 90 installations of CAMS Wealthserv.
Financial Performance
• Average AUM: INR 30 trillion (14.1% YoY growth).
• Revenue: INR 261 crores (10.4% YoY growth).
• Asset-based revenue: INR 190 crores (5.5% YoY growth).
• Non-asset-based revenue: INR 37.5 crores (14.2% YoY growth).
• Operating EBITDA margin: 42.2%.
• Profit Before Tax: INR 101.91 crores (17% increase).
• Profit After Tax: INR 76.34 crores (18% increase).
• Cash position: INR 509 crores; announced interim dividend of INR 8 per share.
Future Outlook
• Non-mutual fund contributions projected to reach 20% in 2.5 to 3 years.
• Plans to gradually acquire remaining stake in Think Analytics.
• Confidence in maintaining yield stability and growth in non-mutual fund segments.
Operating Expenses Discussion
• Increase in operating expenses attributed to variable costs and investments in software/cloud services.
• Operating expenses represent 7.5% to 8% of overall income.
New Business Initiatives
• Digital loan assignment service in E-Insurance is experimental.
• Initial costs for new businesses are high, but revenue is beginning to grow.
Questions and Clarifications
• Costs associated with new deal wins in the mutual fund sector are manageable.
• Revenue generation for Think Analytics projected to grow from INR 28-30 crores to at least INR 50 crores in 3-4 years.
• Current focus on domestic market for proprietary technology platforms.
Conclusion
• The call concluded with thanks from CFO Ramcharan and an invitation for further questions.

Q4 FY '23 Earnings Conference Call Summary
Call Overview
• Date: May 8, 2023
• Moderator: Nachiket Kale (Orient Capital)
• Key Management Present:
• Anuj Kumar (Managing Director)
• Ramcharan SR (CFO)
• Anish Sawlani (Head of Investor Relations)
• Format: Recorded call with listen-only mode and Q&A session
• Disclaimer: Forward-looking statements with inherent risks
Key Developments
• Navi Mutual Fund Migration: Successful transition to CAMS platform, contributing to INR 28 trillion AUM.
• Equity Assets: Net sales increased from 63% to 73%, leading to a 0.5% rise in equity AUM.
• Alternatives Business: 26% annual revenue growth driven by new client launches.
Digital Transformation
• 20% of investor interactions shifted to digital.
• CAMS WealthServ gained traction with over 75 sign-ups from top AIFs.
• Growth in Finserv segment with new sign-ups and bank account validation efforts.
Regulatory Changes and Market Position
• CAMSRep preparing for mandatory Demat for insurance policies, increasing consumer interest.
• Strong position in NPS market with 27% revenue growth in CAMSPay.
• Digital platforms (myCAMS, MFCentral) performing well with plans for enhancements.
Financial Performance
• Revenue: INR 249.2 crores for the quarter (2.5% YoY increase).
• Mutual Fund Revenue: INR 222 crores, up from INR 217 crores YoY.
• Non-MF Revenue: Grew 7.7% YoY, driven by AIF and payments sectors.
• Profitability: Operating EBITDA at 44%, PBT of INR 98 crores.
Market Insights
• Debt Mutual Funds: Surprising growth despite tax changes; 8-9% growth in late March.
• Insurance Repository Market: Estimated future size of INR 150-200 crores with 35-40% growth rate.
Expense Management
• Increased expenses due to legal and professional costs related to SEBI regulations.
• Marketing expenses for "Reimagine" platform at INR 60 lakhs.
• ESOP costs expected to decrease from INR 26.72 crores to INR 14 crores next year.
Conclusion
• Ramcharan SR expressed gratitude to attendees and encouraged further inquiries.
• The call concluded with thanks from the moderator.

Q3 FY2023 Earnings Conference Call Summary
Call Overview
• Date: February 8, 2023
• Moderated by: Orient Capital
• Key Speakers:
• Mr. Anuj Kumar (Managing Director)
• Mr. Ram Charan Seshadri (Chief Financial Officer)
• Format: Recorded call with Q&A session
Company Performance Highlights
• Satisfactory Quarter: Emphasis on key operating metrics and developments.
• Mutual Fund Business:
• New mandates added.
• AUM reached Rs. 27.8 trillion (6.1% growth in equity AUM).
• Alternative Business:
• Over 20% revenue growth.
• Digital Onboarding:
• CAMS WealthServ gained traction.
• Insurance Sector:
• New accounts and e-policies nearly doubled.
• Innovations:
• Use of account aggregator data for bank validation.
• Launch of Fintech Innovation Lab with IIT Madras.
Consumer Engagement
• User Participation:
• Daily app logins exceeded 10,000.
• Market Share:
• 68.3% market share with 6% QoQ growth in SIP collections.
• Revenue Growth:
• Alternatives business grew 20% YoY.
Financial Performance
• Revenue:
• Rs. 243.57 Crores (2.5% YoY increase).
• AUM Growth:
• 4.3% YoY increase to Rs. 27.83 Lakh Crores.
• Asset-Based Revenue:
• Increased by 4.5% to Rs. 187.5 Crores.
• Non-Asset-Based Revenue:
• Declined by 8.8%.
• EBITDA Margins:
• Improved to 44.5%.
• Profit Before Tax:
• Rs. 97.94 Crores.
• Interim Dividend:
• Declared at Rs. 10.5 per share.
Strategic Initiatives
• Diversification:
• Aim to increase non-mutual fund revenue from 10% to 20%.
• Growth Areas:
• Focus on alternatives, insurance, and payments.
• MF Central Initiative:
• Designed as a consumer utility, not profit-driven.
Insurance Repository Business
• Revenue Streams:
• Policy conversion fees and annual maintenance charges.
• Market Potential:
• Anticipated growth with regulatory changes.
• Competitive Landscape:
• Distributed market dynamics; confidence in maintaining market share.
Future Outlook
• E-KYC Services:
• Early-stage strategies for enhancement.
• Revenue Growth:
• Expected gradual ramp-up in various segments.
• Operating Expenses:
• Stable with no significant optimization anticipated.
Q&A Highlights
• Depreciation Increase:
• Due to capital expenditures, no accounting policy changes.
• Yield Cuts in Mutual Funds:
• Some contracts experienced yield price distribution.
• Insurance Repository Market:
• Competitive landscape with no default repository.
Conclusion
• The call concluded with an invitation for further inquiries, emphasizing ongoing investments and strategic growth initiatives.