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Results
08-Feb-23
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Analysis
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Computer Age Management Services
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Moderates sales growth, market share ease
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Computer
Age Management Services has recorded 2.45% increase in net sales (including
other operating income) to Rs 243.57 crore in the quarter ended December 2022
(Q3FY2023).
Operating
profit margin has declined to 44.43% from 47.68%, leading to 4.52% decline in
operating profit to Rs 108.21 crore. Employee cost increased to 35.77% from
35.00%. Other expenses rose from 17.32% to 19.80%. Other direct service cost
rose from 9.81% to 11.59%.
Other
income jumped 72.26% to Rs 7.08 crore. PBIDT fell 1.83% to Rs 115.29 crore.
Provision
for interest increased 12.43% to Rs 1.99 crore. PBDT fell 2.05% to Rs 113.3
crore.
Provision
for depreciation moved up 15.57% to Rs 15.51 crore. Profit before tax down
4.36% to Rs 97.79 crore.
Share
of profit/loss were nil in both the periods. Provision for tax was expense of
Rs 24.22 crore, compared to Rs 24.94 crore. Effective tax rate was 24.77%
compared to 24.39%.
Minority
interest was nil in both the periods. Net profit attributable to owners of the
company decreased 4.64% to Rs 73.72 crore.
Promoters’
stake was 19.92% as of 31 December 2022 compared to 23.75% as of 31 December
2021.
Business
highlights:
Mutual Funds
CAMS
has won 2 MF mandates in Q3 FY23 – Helios Capital and Navi Mutual Fund CAMS AuM
scaled life-time high at Rs.27.8 lakh crore in Oct-Dec’22 on the back of growth
in Equity AuM; (6.1% QoQ growth compared to industry growth of 5.6%)
CAMS Alternatives
Alternative
Services vertical continued its high growth trajectory recording 20% Y-o-Y
growth in revenue in Q3 FY23. CAMS WealthServ, the digital onboarding platform
for the industry, is being well received by the market with 60+ signups since
launch
CAMSRep
Record
eInsurance accounts were opened during the quarter – at 4.7 Lakh, the number of
new EIA accounts has more than doubled over Q2 FY23. Q3FY23 recorded historic
high in the number of e-Policies onboarded at over 5 Lakh policies for the
quarter, taking the overall policy count over the 5 Mn mark milestone.
PolicyGenie Deep Contact Tracing Solution, uniquely offered by CAMS Insurance
Repository, has assisted insurance companies in closing ?135 Cr of unclaimed
benefits till date
CAMSFinserv Account Aggregator
CAMS
pioneers usage of AA data to validate bank accounts of customers to eliminate
risks and to ease onboarding, becoming first in the industry to do so. CAMS is
the first to go live on the AA platform with pension data as a financial
information provider. Insurance companies have started integration with the AA
ecosystem.
CAMS NPS
CAMS
NPS retains the #2 position with 9.2% market share in eNPS segment. Subscriber
addition through POP and corporate channels has commenced. C-Sat Score remains
consistent at over 90%.
Commenting
on the performance, Anuj Kumar, Managing Director said, “We had a satisfactory
quarter both in terms of our financial results and in maintaining our strong
focus on operational excellence and financial prudence. Long term retail and
HNI Mutual Fund investors’ confidence continued to remain strong. We saw new
highs in transaction volumes and buoyant SIP collections of nearly Rs.8000
crore every month, with the quarter recording 6% higher inflows in SIP compared
to the previous quarter. Equity AuM posted a robust increase of 6.1% Q-on-Q
which helped lift the overall AuM under service to a life-time high of Rs.27.8
Lakh Crore. Winning Helios MF and NAVI MF mandates was an endorsement of CAMS’s
superior technology and alignment to client business models for retail-led
growth.
Our AIF
and PMS offering, which was fortified with the Wealthserv digital onboarding
platform, continued to be on an encouraging trajectory with over 17 new client
wins. The Account aggregator business is gaining momentum with expanded
outreach and superior product positioning. 18 Banks & 1 Life Insurance
Company are live on the platform as information providers while we have several
marquee logos across Broking, Insurance and Fintech Wealth Managers on the consuming
side who have commenced pulls from the platform.
Insurance
services continued to make strides with our industry first “deep tracing
solution” to reach policy holders with unclaimed amounts, serving large
Insurers and helping trace over Rs.130 Crore since the launch. eInsurance
account offered via CAMSRep Insurance Repository touched a historic milestone
of 5 million e-Policies.
CAMS
adoption of cloud for the NPS CRA platform was recognized as an exemplary
achievement by NASSCOM and was awarded “Cloud Innovator of the Year”. As a
reaffirming step of our commitment to leverage financial technology related
innovations and solutions to solve industry problems, we collaborated with
IIT-M, an institute of eminence, to launch CAMS IIT-M Fintech Innovation Lab
(CIFIL), as part of our CSR initiative.”
Financial performance 9MFY2023
Net
sales (including other operating income) of Computer Age Management Services
has increased 8.42% to Rs 722.59 crore in 9MFY2023. Operating profit margin has
declined from 46.81% to 43.20%, allowing only 0.06% rise in operating profit to
Rs 312.16 crore. Employee cost increased from 35.48% to 37.43%. Other expenses
rose from 17.71% to 19.37%. Other direct service cost rose from 9.84% to
11.47%.
Other
income rose 45.39% to Rs 18.93 crore. PBIDT increased 1.88% to Rs 331.09 crore.
Provision for interest moved up 4.49% to Rs 5.58 crore.
PBDT
rose 1.83% to Rs 325.51 crore. Provision for depreciation jumped 22.04% to Rs
43.86 crore.
Profit
before tax was down 0.73% to Rs 281.65 crore. Share of profit/loss were nil in
both the periods. Provision for tax was expense of Rs 71.37 crore, compared to
Rs 70.6 crore. Effective tax rate was 25.34% compared to 24.88%.
Minority
interest was nil in both the periods. Net profit attributable to owners of the
company decreased 1.16% to Rs 210.64 crore.
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Computer Age
Management Services : Consolidated Results
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Particulars
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2212 (3)
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2112 (3)
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Var.(%)
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2212 (9)
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2112 (9)
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Var.(%)
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202203
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202103
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Var.(%)
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Net Sales
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243.57
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237.71
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2
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722.59
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666.48
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8
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909.67
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705.50
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29
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OPM (%)
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44.43
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47.68
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-325 bps
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43.20
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46.81
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-361 bps
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46.62
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41.96
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467 bps
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OP
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108.21
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113.33
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-5
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312.16
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311.97
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0
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424.13
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296.00
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43
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Other Inc.
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7.08
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4.11
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72
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18.93
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13.02
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45
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17.27
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29.76
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-42
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PBIDT
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115.29
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117.44
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-2
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331.09
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324.99
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2
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441.40
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325.76
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35
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Interest
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1.99
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1.77
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12
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5.58
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5.34
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4
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7.13
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7.90
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-10
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PBDT
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113.30
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115.67
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-2
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325.51
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319.65
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2
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434.27
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317.86
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37
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Depreciation
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15.51
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13.42
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16
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43.86
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35.94
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22
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51.62
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43.41
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19
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PBT
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97.79
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102.25
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-4
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281.65
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283.71
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-1
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382.65
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274.45
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39
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Share of Profit/(Loss)
from Asso.
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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0.00
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-
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PBT before EO
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97.79
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102.25
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-4
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281.65
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283.71
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-1
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382.65
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274.45
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39
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EO Income
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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0.00
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-
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PBT after EO
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97.79
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102.25
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-4
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281.65
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283.71
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-1
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382.65
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274.45
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39
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Taxation
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24.22
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24.94
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-3
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71.37
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70.60
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1
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95.70
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69.16
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38
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PAT
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73.57
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77.31
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-5
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210.28
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213.11
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-1
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286.95
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205.29
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40
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Minority Interest (MI)
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-0.15
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0.00
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-
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-0.36
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0.00
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-
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0.00
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0.00
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-
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Net profit
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73.72
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77.31
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-5
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210.64
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213.11
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-1
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286.95
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205.29
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40
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EPS (Rs)*
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60.2
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63.1
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57.3
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58.0
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58.6
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41.9
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* Annualized on
current equity of Rs 48.99 crore. Face Value: Rs 10 per share, Figures in Rs
crore
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Source: Capitaline
Corporate Database
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