Tracking the market's concerns across 9 quarters.
Latest test: International client count surged to 499 (including Ascent) from 76 YoY, but top 5 clients still contribute ~60% of international revenue. The increase is largely from Ascent acquisition.
Latest test: Domestic MF AUM market share stable at 32.5%, but revenue growth of 23% YoY is below AUM growth, and EBITDA margin compressed to 37% from 41% in Q3, partly due to yield pressure.
Latest test: Domestic MF AUM market share stable at 32.5%, but PAT growth was only 3.8% YoY due to mark-to-market erosion in equity markets. Management cited market weakness as a key headwind.
Latest test: EBITDA margin remained at 41.5% (within 40-45% guidance), but management noted rising tech and manpower costs to handle 50% volume growth.
Latest test: Revenue grew 27.9% YoY to INR 371 crore, and management acknowledged renegotiations but expects minimal impact given strong relationships.
Latest test: Consolidated EBITDA margin fell to 37% from 41% in Q3, partly due to Ascent's low 8% margin and a one-time labor code charge of INR 12.6 crore. Excluding Ascent, margins were 42%.
Killed by: EBITDA margin expanded 238 bps to 45.8%, and expense growth guided at ~10%.
