While the recent strong business performance and long runway for growth provide key tailwinds but elevated valuations potentially cap further upside.
The two of the largest listed players HDFC AMC and Nippon India AMC (NAM) have delivered profits growing at over 20 per cent in each of the first three quarters in the financial year 2024. The profit growth was similar in the case of other two listed AMCs Aditya Birla Sun Life (ABSL) and UTI as well, except for the September quarter, when their profits declined. The companies are likely to remain on the growth path in the coming quarters too, say brokerages.
However, most of them believe that this optimism is already priced in and hence there is little scope for further run up, at least in the case of the two larger AMCS.
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