Ladies and gentlemen, good day and welcome to the ICICI Prudential Asset Management
Company Limited’s Media Conference Call for the quarter ended September 30, 2026.
Joining us today on the call are Mr. Nimesh Shah, MD and CEO; Mr. Naveen Agarwal, Chief
Financial Officer; Mr. Vipin Bhandari, Head of Business; and Mr. Harshil Sanghvi, Lead
Investor Relations, who will be available to address your questions following our opening
remarks.
As a reminder, all participant lines will be in the listen-only mode, and there will be an
opportunity for you to ask questions after the presentation concludes. Should you need
assistance during this conference call, please signal an operator by pressing star then zero
on your touch-tone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Naveen Agarwal, CFO of ICICI Prudential AMC
Limited. Over to you, sir.
Naveen Agarwal:
Good evening, everyone. Welcome to ICICI Prudential Asset Management Company
Limited's earning call for the quarter ended September 30, 2026. I trust you had the
opportunity to review our earnings presentation and the investor's materials, which have
been shared on the stock exchange and our website.
I'll start with the overview of the mutual fund industry. The industry's quarterly average AUM
grew by 13.4% year-on-year and 5.1% sequentially in Q2 FY 2027, reaching to INR87.49
lakh crores.
Equity and equity-oriented quarterly average AUM stood at INR48.19 lakh crores, reflecting
a year-on-year growth of 15.3%. This growth reflects the continued broader trend of
financialization of household savings despite periods of volatility driven by global rate
movements, crude oil prices, geopolitical tensions, and even subdued market performance
in the last two years.
In the first half of the fiscal year, the NIFTY 50 delivered 1.3% return compared to Midcap of
12.5% and Smallcap at 24.6%. During this quarter, net flows for the equity categories were
INR1.06 lakh crores, which marked an approximate 7% reduction as compared to previous
quarter.
September 2026 recorded SIP contribution of INR32,490 crores. Monthly SIP inflows
remained largely stable throughout Q2 FY 2027. Debt segment continue to face marginal
reduction in quarterly average AUM at INR11.60 lakh crores.
Passive quarterly average AUM grew by 23% year-on-year and 3.1% sequentially to
INR15.19 lakh crores. Industry continued to have positive new customer addition, reaching
a count of 6.3 crores, which represents an increase of 11.1% year-on-year. I now hand over
the call to Harshil for covering the performance of our company.
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Harshil Sanghvi:
Thank you, Naveen. Good evening, everyone. For the quarter ended September 2026, our
total mutual fund quarterly average AUM reached to INR11.61 lakh crores, which is up
14.4% year-on-year, thereby maintaining our position as the second largest AMC with a
market share of 13.3%.
In active schemes, we continue to maintain the highest market share of 13.3% with a
quarterly average AUM of INR9.59 lakh crores. As of September 30, 2026, we continue to
maintain our leadership position in equity and equity-oriented schemes with a market share
of 13.7% and a quarterly average AUM of INR6.59 lakh crores.
On year-on-year basis, we grew by 16.3%, thereby outperforming the industry growth rate.
It is important to note that in H1 FY 2027, we continue to receive one of the highest net flows
amongst the industry.
The quarterly average AUM of our equity-oriented hybrid schemes grew to INR2.29 lakh
crores. This represents the largest market share of 26.4% as of September 30, 2026. For H1
FY 2027, our margins on an annualized basis stands at 67 basis points for equity, 32 basis
points for debt, 12 basis points for liquid, 12 basis points for passives, and 29 basis points
for arbitrage.
As of September 30, 2026, we have a unique customer base of 1.78 crores. In September
30, 2026, our systematic transactions, which includes SIPs and systematic transfer plans,
stood at INR4,672 crores.
Our distribution mix of our mutual fund equity quarterly average AUM is as follows, where
MFDs accounts for 36.1%, National Distributors accounts for 15.9%, ICICI Bank share at
7.5%, other bank contributing 10.6%, and direct representing 29.9%.
On SIF, we continue to see good traction, leading to a quarterly average AUM of INR4,948
crores in Q2 FY 2027 versus INR2,678 crores in Q1 FY 2027. In this quarter, we launched
NFOs of Balanced Hybrid Funds, Multi Asset Active Fund of Fund, Dynamic Asset Allocation
Passive Fund of Fund, BSE Insurance ETF, and three Life Cycle Funds with maturity of 5, 10,
and 15 years, thereby further expanding our product bouquet.
Now let's move to our alternates business, which comprise listed equity-focused PMS and
AIF, private credit, real estate, private equity, early stage private equity, and offshore
advisory. For the September quarter end, our alternate quarterly average AUM stood at
INR80,965 crores. Within alternates, our PMS quarterly average AUM grew by 21.4% yearon-year to INR30,791 crores. Our AIF quarterly average AUM stands at INR24,260 crores.
During the quarter, the board of the company had approved acquisition of PMS business
from ICICI Securities Limited. Integrating the PMS business of ICICI Securities will enable the
company to engage with incremental new clients and also certain product offerings
proposed to be acquired as a part of this transactions are complimentary to the company's
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current PMS offerings. We are in a process of obtaining requisite approvals and completion
of necessary documents.
For H1 FY27, on an annualized basis, the gross yield on our PMS and AIF business was
1.92%, and the net yield, that is after reducing the fees and commission expenses
attributable to PMS and AIF business, was at 0.96%. Yields on assets under advisory was
at 0.32%.
I now hand over the call to Naveen for covering the financial performance of the company.
Naveen Agarwal:
Let's cover the financial performance for the quarter and yields, which are presented on
annualized basis. Just to clarify, as you all are aware, comparative data has been restated
by considering the effect of the acquired business of specific funds from ICICI Venture.
Our operating revenue stood at INR1,674 crores, representing a growth of 16.3% year-onyear and 7% sequentially. For quarter ended, our operating net revenue mix from mutual
fund was 89.91%, alternates 8.68%, and advisory business 1.42%.
Other income of INR16.9 crores reduced when compared to previous quarter, primarily due
to mark-to-market. Operating expenses amounted to INR493 crores, which was an increase
by 17.9% year-on-year and 6.2% quarter-on-quarter.
Our operating profit before tax, which indicates the core profitability of the business,
reached INR1,181 crores. This represents a 15.7% increase year-on-year and a growth of
7.4% compared to the previous quarter.
Profit after tax stood at INR889 crores, which is up by 6.1% year-on-year and had a
degrowth of 7.8% quarter-on-quarter, primarily, as explained earlier, due to other income.
Additionally, the Board of Directors has declared an interim dividend of INR30 per share.
For H1 FY27, our gross yield and net yield on an annualized basis stood at 53 basis point
and 48.8 basis point, respectively. Net yield is arrived at after reducing fees and commission
expenses on PMS and AIF businesses, which is shown as an expense item in the P&L. For
H1 FY27, our operating margins on an annualized basis stood at 37.3 basis point as
compared to 36.6 basis point for H1 of FY26.
Thank you for your attention. I look forward to discussing our performance in more details
and addressing any queries you may have.
Moderator:
Thank you very much. We will now begin the question-and-answer session. First question
is from the line of Kushan Shah from Financial Express. Please go ahead.
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Kushan Shah:
Hi. I just wanted to know if you could repeat the gross and net yield for the mutual fund
operations. And I also wanted to know if moving to the new TER regime has led to any
impact on the numbers. Thank you.
Naveen Agarwal:
We have given out the number, which is the gross and net yield at the company level. Those
numbers are 53 basis point, that's the gross, and 48.8 basis point, that's the net yield. This
is across mutual fund and alternate put together.
On the second point, as you are aware, that the change from TER to BER happened in the
beginning of this financial year. So, that process of, you know, readjusting has already been
done in the previous quarter. There hasn't been anything incremental which has been done
in this quarter on that account.
Kushan Shah:
Okay. But have you seen any impact on the ground due to this transition?
Naveen Agarwal:
No, it's already been implemented across the industry with various distribution partners, not
just by us, but by all the large mutual fund players.
Kushan Shah:
Okay. Okay. Thank you.
Moderator:
Thank you. Next question is from line of Zoya Springwala from Moneycontrol. Please go
ahead.
Zoya Springwala:
Hi. First, congratulations on your first set of results since listing. I just wanted to get an idea
of your outlook on the markets and the SIP trends. We saw the numbers from AMFI today.
You know, but with the market turning so choppy, so volatile, we're seeing constant
outflows, how do you expect the next 3 months or 6 months to look like?
Nimesh Shah:
See, we have not seen, if you see the last 6 months of current year vis-a-vis last year, what
is selling per month for the mutual fund industry is very similar to what was selling last year.
If you see the average monthly sales, net sales is very similar. And if you see the SIPs, which
are the ones which regular come in, the balances are also very similar. So, there is no growth
from March to September in SIPs, but the balances are more or less same.
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It is very clearly understood that equity markets and mutual funds are for the long term. So,
while last 2 years markets the broader markets has not given any returns, still the customer
has got a reasonable experience with mutual funds over a period of time. So, it is right now
the customer is holding on to the assets as well as he is buying as much as he was buying
earlier.
Zoya Springwala:
Okay. Sir, I also wanted to understand that your customer number has risen significantly
has risen. You know, where are the new investors coming from? What cities? What age are
they? What's their asset profile and how is that evolving?
Nimesh Shah:
ICICI Prudential being in every part of the country, the acquisition of customers or the new
customer entering the industry is quite broad-based. It is across the country. We have
recently seen that a lot of one trend that is very clear is that from the smaller towns, which
in India we call it beyond top 30 towns, a lot of business is coming online. So, there is an
online customer acquisition also happening from the smaller towns and otherwise, its
business is that's where the business is.
Moderator:
Zoya, do you have any follow-up question?
Zoya Springwala:
No, no. Okay. Thank you. That's it.
Moderator:
Thank you very much. Next question is from line of Anishaa Kumar from Financial Standard.
Please go ahead.
Anishaa Kumar:
Hi, sir. Wanted to just understand, I mean, you very recently launched Life Cycle Funds. So,
I wanted to understand how has the demand been with regards to that and how are you
looking at that going forward? And has that had any kind of impact with regards to your
pre-existing, you know, your retirement fund and children fund that has been in place?
And secondly, I wanted to understand is I mean, what is the approach going to be with
regards to this acquisition of the PMS business now? I mean, what's the long-term plan with
regards to that?
Vipin Bhandari:
Hi, Vipin this side. On Life Cycle Fund, it is a long-term it's a new category which SEBI has
introduced. It would have a long-term benefit for the industry. It is just the initial stage where
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we are doing a lot of education around it to our investors and distributors. But are we gungho on this for the long term?
The answer is very much yes because this is one category where people would want to
invest for long term with a specific goal in mind. So, we have launched three ideas: 2,031,
2,036 and 2,041, wherein we feel that lot and lot of new clients will join us during the course
of for the long-term purpose, for their long-term goals, rather.
Nimesh Shah:
And see, normally, how does it happen in the mutual fund industry, once people see a good
track record, that is where the assets get built. So, the way we launch funds, there is an
initial launch of the fund, then over a period of time people see the performance of that fund.
And if the fund does well, then you get more monies into the fund. So, that's how our all our
funds, which are INR70,000 crores or INR80,000 crores today, would have also grown in
very similar manner.
Naveen Agarwal:
About on your other question regarding the PMS business from ICICI Securities. So, we are
in the process of taking necessary approvals regulatory and otherwise. The business of ICICI
Securities in the PMS comprises of discretionary, non-discretionary, and non-binding
advisory services. We see about approximately near to INR3,000 crores of AUM. And, you
know, as and when those approvals are in place, then that money then that client base and
the AUM would be migrated to our management.
Anishaa Kumar:
All right. Okay. Also, one last thing, sir. I mean, in the SIF space, obviously, I mean, you are
expanding over there. But, is there any plans with regards to debt? Because that is one
category that hasn't seen any, you know, launches yet. So, is that something that ICICI Pru
is looking at?
Naveen Agarwal:
So, as you are aware, there are seven strategies that the regulator permit. We've already
got four strategies which we have which we are live and where we have AUM. These are
equity long-short, hybrid asset allocator, and as well as ex-Top 100. Insofar as debt
category is concerned, we will continue we'll continue to explore. We've seen quite a bit
ramp-up in our AUMs in the four strategies that we already have. On the debt side, we will
continue to explore, and at appropriate time, we would we would consider launching them.
Anishaa Kumar:
Thank you.
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Moderator:
Thank you very much. Next question is from line of Kundan Kishore from Outlook. Please go
ahead. Kundan, you are requested to unmute your line and proceed with your question,
please. Kundan Kishore, can you hear us?
Kundan Kishore, you are requested to unmute your line and proceed with your question.
There's no response from the participant. As there are no further questions, I now hand the
conference over to Mr. Naveen Agarwal for closing comments.
Naveen Agarwal:
Thank you, everyone, for participating in the call today. Thanks a lot for your participation,
and have a good evening.
Moderator:
Thank you very much. On behalf of ICICI Prudential Asset Management Company Limited,
that concludes this conference. Thank you all for joining us and you may now disconnect
your lines. Thank you.
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ICICI Prudential Asset Management Company Limited
Earnings Conference Call - Quarter ended September 30th, 2026,
October 12, 2026
Except for the historical information contained herein, statements in this release which
contain words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., and similar
expressions or variations of such expressions may constitute 'forward looking statements'.
These forward-looking statements are subject to risks, uncertainties and other factors that
could cause actual results to differ materially from those contemplated by the forwardlooking statements. These risks and uncertainties include, but are not limited to, actions of
regulatory authorities, regulatory changes pertaining to the industry in which we operate
and our ability to respond to such changes, our ability to successfully implement our
strategy, our growth and expansion in business, technological implementation and changes,
the actual growth in demand for AMC’s products and services, cash flow projections, our
exposure to market risks, impact of competition; the impact of changes in accounting
standards, tax and other legislations and regulations in the jurisdictions where the Company
has operations or which affect global or Indian economic conditions as well as other risks
detailed in the reports filed by ICICI Bank Limited, our holding company, with the United
States Securities and Exchange Commission. ICICI Bank Limited and we undertake no
obligation to update forward-looking statements to reflect events or circumstances after the
date hereof
1
Moderator:
Ladies and gentlemen, good day and welcome to ICICI Prudential Asset Management
Company Limited's Earnings Conference Call for the quarter ended September 30, 2026.
Joining us today on the call are, Mr. Nimesh Shah, MD and CEO; Mr. Naveen Agarwal, Chief
Financial Officer; Mr. Vipin Bhandari, Head of Business; and Mr. Harshil Sanghavi, Lead,
Investor Relations, who will be available to address your questions following our opening
remarks.
As a reminder, all participant lines will be in the listen-only mode, and there will be an
opportunity for you to ask questions after the presentation concludes. Should you need
assistance during this conference call, please signal an operator by pressing star, then zero
on your touchtone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr.
Naveen Agarwal, CFO of ICICI Prudential AMC Limited. Thank you, and over to you, sir.
Naveen Agarwal:
Good evening, everyone. Welcome to ICICI Prudential Asset Management Company
Limited's earnings conference call for the quarter ended September 30, 2026. I trust you all
had an opportunity to review our earnings presentation and the investor materials that have
been shared on the stock exchange and on our website.
I will start with an overview of the industry. The industry quarterly average AUM has grown
by 13.4% year-on-year and 5.1% sequentially in Q2 FY27, reaching to INR87.49 lakh crores.
Out of this, equity and equity-oriented quarterly average AUM stood at INR48.19 lakh
crores, reflecting a year-on-year growth of 15.3%. This growth reflects the continued
broader trend of financialization of household savings, despite periods of volatility driven
by global rate movements, crude oil price, geopolitical tensions, and even subdued market
performance in the last two years. In the first half of the fiscal, Nifty 50 has delivered 1.3%
return compared to mid cap at 12.5% and small cap at 24.6%.
During this quarter, net flows for the equity category was INR1.06 lakh crores, which marked
approximately 7% reduction as compared to previous quarter. Investor preferred categories
like mid and small cap, which received highest amount of equity net flows. Their combined
net sales share has increased to 36% in H1 FY27 from 22% in FY26.
Hybrid category saw a reduction in net sales in Q2 FY27 as compared to the previous
quarter.
September 2026 recorded SIP contribution of INR32,490 crores. Monthly SIP inflows have
largely remained stable throughout Q2 FY27. Similar to the net flows, the industry saw
increased proportion of SIPs being directed towards small and mid-cap strategies.
2
Debt segment continue to face marginal reduction with quarterly average AUM at INR11.60
lakh crores. Passive quarterly average AUM grew by 23% year-on-year and 3.1%
sequentially to INR15.19 lakh crores.
Industry continues to have positive new customer addition, and it has now reached a count
of 6.3 crores customers, which represents an increase of 11.1% year-on-year. I now hand
over the call to Harshil for covering the performance of our company.
Harshil Sanghavi:
Thank you, Naveen. Good evening, everyone. For the quarter ended September 2026, our
total mutual fund quarterly average AUM reached to INR11.61 lakh crores, which is up
14.4% year-on-year, thereby maintaining our position as the second largest AMC with a
market share of 13.3%.
In active schemes, we continue to maintain the highest market share of 13.3% with a
quarterly average AUM of INR9.59 lakh crores. As of September 30, 2026, we continued to
maintain our leadership position in equity and equity-oriented schemes with a market share
of 13.7% and a quarterly average AUM of INR6.59 lakh crores. On a year-on-year basis, we
grew by 16.3%, outperforming the industry growth rate. It is important to note that in H1
FY27, we continue to receive one of the highest net flows amongst the industry.
The quarterly average AUM of equity-oriented hybrid schemes grew to INR2.29 lakh crores.
This represents the largest market share of 26.4% as of 30th September 2026. For H1 FY27,
our margins on an annualized basis stands at 67 basis points for equity, 32 basis points for
debt, 12 basis points for liquid, 12 basis points for passive, and 29 basis points for arbitrage.
As of September 30, 2026, we have a unique customer base of 1.78 crores. In September
2026, our systematic transactions, which includes SIPs and systematic transfer plans,
moderated to INR4,672 crores from INR4,872 crores in June 2026.
Distribution mix of our mutual fund equity quarterly average AUM is as follows, wherein
MFDs account for 36.1%, national distributors accounts for 15.9%, ICICI Bank's share at
7.5%, other banks contributing 10.6%, and direct growing to 29.9%.
On SIF, we continue to see good traction, leading to quarterly average AUM of INR4,948
crores in Q2 FY27 versus INR2,678 crores in Q1 FY27.
In this quarter, we launched NFOs of Balanced Hybrid Fund, Multi Asset Active Fund of Fund,
Dynamic Asset Allocation Passive Fund of Fund, BSE Insurance ETF, and three Life Cycle
Funds with a maturity of 5, 10, and 15 years, thereby further expanding our product
bouquet.
Now let's move to our alternates business, which comprise listed equity-focused PMS and
AIF, private credit, real estate, private equity, early stage private equity, and offshore
advisory. For the September quarter end, our alternates quarterly average AUM stood at
INR80,965 crores. Within alternates, our PMS quarterly average AUM grew by 21.4% yearon-year to INR30,791 crores. Our AIF quarterly average AUM stands at INR24,260 crores.
3
During the quarter, the Board of the company had approved acquisition of PMS business
from ICICI Securities Limited. Integrating the PMS business of ICICI Securities will enable the
company to engage with incremental new clients. Also, certain product offerings proposed
to be acquired as a part of this transaction are complementary to company's current PMS
offerings. We are in the process of obtaining requisite approvals and completion of
necessary documentation.
For H1 FY27, on an annualized basis, the gross yield on our PMS and AIF business was
1.92% and the net yield, that is after reducing the fees and commission expenses
attributable to PMS and AIF business, was 0.96%. Yield on assets under advisory was at
0.32%.
I now hand over the call to Naveen for covering the financial performance of the company.
Naveen Agarwal:
Thank you. Let's cover the financial performance for the quarter and yields which are
presented on annualized basis. Also to clarify, comparative data has been restated by
considering the effects of the specific funds that we've acquired from ICICI Venture in April.
Our operating revenue stood at INR1,674 crores, representing a growth of 16.3% year-onyear and 7% sequentially. For quarter ended, our operating net revenue mix from mutual
fund was 89.91%, alternates 8.68% and advisory business 1.42%.
Other income of INR16.9 crores reduced when compared to previous quarter, primarily due
to mark to market. Operating expenses amounted to INR493 crores, which was an increase
by 17.9% year-on-year and 6.2% quarter-on-quarter.
Our operating profit before tax, which indicates the core profitability of the business,
reached INR1,181 crores. This represents a 15.7% increase year-on-year and a growth of
7.4% compared to the previous quarter.
Profit after tax stood at INR889 crores, which is up by 6.1% year-on-year and has a
degrowth of 7.8% quarter-on-quarter, which is primarily on account of other income, which
was affected due to mark to market as I mentioned earlier.
Additionally, the Board of Directors have declared an interim dividend of INR30 per share.
For H1 FY27, our gross yield and net yield on an annualized basis at the company level
stood at 53 basis point and 48.8 basis point, respectively. Net yield is arrived at after
reducing fees and commission expenses on PMS and AIF business, which is shown as an
expense item in the P&L. For H1 FY27, our operating margins on an annualized basis stood
at 37.3 basis point as compared to 36.6 basis point for H1 FY26.
Thank you for your attention. I look forward to discussing our performance in more details
and addressing any questions you may have.
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Moderator:
Thank you very much. We will now begin the question-and-answer session. First question
is from the line of Supratim Datta from Jefferies India. Please go ahead. Supratim, may I
request to unmute your line and proceed with your question?
Harshil Sanghavi:
Neerav, maybe we can move to the next person in the queue, and we can come back to
Supratim.
Moderator:
Thank you. Next question is from the line of Rahil Shah from HSBC. Please go ahead.
Rahil Shah:
Hello. Am I audible?
Moderator:
Yes, go ahead.
Naveen Agarwal:
Yes, Rahil.
Rahil Shah:
Yeah. Good evening. Thank you for the opportunity. So I had two questions. One is on SIP. If
I kind of see the book movement, I understand this is as on month. So can you give us some
sense on what has been the average SIP book during the quarter and what was it last
quarter? And second, can you give us more color around what is driving this decline? Like if
I see on a Y-o-Y basis, we have hardly grown anything. However, industry is still growing in
a double digit. So some color in terms of how much it is coming from, say, large-cap schemes
or any other trends which you have picked up? So that's my first question.
And my second question is, if I see the channel mix of equity AUM, over the last four quarters,
the AUM from ICICI Bank has not grown while for other channels, it has grown at a decent
pace. So also wanted to understand more about what is happening at your parent bank
channel. Like why it is not growing, so basically, what is driving this differential performance
versus I-Bank and other distribution channels? So these are my two questions.
Naveen Agarwal:
Rahil, on your first question on SIP, if you see what has happened at the industry level, while
there has been a growth in the SIP, but there has been a change in the composition of that
SIP and we have seen a large increase in the small and mid-cap category in that. And similar
behaviour, we also have multiple investors across products. And we have also seen their
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movement, just like it has happened in the net sale as well, shifting towards small and midcap.
Plus, as you know, our systematic transaction number that we give comprises of SIP as well
as systematic transfer plans. Historically, what we have seen is that during market
conditions, in some cases, investors tend to upfront their STPs also, which reduces the
momentum and trigger-based flow. So what you see in our SIP number behaviour is a factor
of all these things.
Rahil Shah:
Okay. So what would be the, say, contribution of SIP just in your large-cap scheme if you
can give some clarification here?
Naveen Agarwal:
We do not give the breakup across the categories, but as I said, directionally I have indicated
what's happening with respect to the categories in the SIP flows, both at the industry level
as well as us.
Rahil Shah:
Okay. And the average SIP number?
Naveen Agarwal:
Average SIP number is pretty much in in line. That has not seen much change.
Rahil Shah:
Okay. Got it.
Naveen Agarwal:
On your second question, ICICI, it's an important channel. We continue to focus on ICICI Bank
as a channel as we do on all other channels. Every distributor, MFD, bank channel is equally
important. We work on all of them. Ultimately, it's the factor of what is their strategy with
respect to what they sell. Insofar as our effort is concerned, we continue to work on all the
channels equally.
Rahil Shah:
Okay. And just sorry, just one follow-up question. So what would be our counter market
share at ICICI Bank channel? Like in '26, it would be around 70%. So in 1H or in 2Q, what it
could be?
Naveen Agarwal:
Yeah, our understanding it's around the same number.
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Rahil Shah:
Okay. Got it. Fine. Thank you, sir.
Moderator:
Thank you. Next question is from the line of Himank Sangai from Bernstein. Please go ahead.
Himank Sangai:
Hello. Hello, am I audible?
Naveen Agarwal:
Yes. Yes, Himank.
Moderator:
Yes, sir. Go ahead.
Himank Sangai:
Hi. Thanks for the opportunity. So my question is the flow we are seeing the flow market
share across the large AMCs have come under pressure. So I have three questions to it. Can
you talk to us about the trends in gross flows over here?
And if it is redemption-driven, should one assume continued pressure till market comes
back? And my third question is for SIFs, net flows have been strong. How do you think about
your market share and the broader spread flow momentum over here? Yeah, that's my three
questions. Yeah.
Naveen Agarwal:
So, Himank, on your first point with respect to gross flows, if we see at the industry level,
gross flows numbers have pretty much been in has been consistent. There hasn't been too
much of change in the gross flows number. Hence, it's obvious conclusion that the net flows
change would be driven by the redemption.
And if you look at the net flows, you know that the contribution of mid-cap and small-cap
has grown. Even if you look at it on a quarter-on-quarter basis, mid-cap and small-cap has
grown to 43% in this quarter vis-a-vis the previous quarter. Insofar as the redemption, we've
also seen the redemption has been more elevated in the categories like BAF and MAF on the
hybrid side. So that has also reflected in the net sales.
Nimesh Shah:
See, while the market will see the net flows because that is the figure that you see, the way
when we look at business, we see the gross flows separately and we see the redemptions
separately. Gross flow is based on what is happening in the market, and that pretty remains
the same as it was last year. It is in similar lines.
7
But what has change is that the redemptions. Redemptions there is no such -- some people
track redemptions as a percentage of gross sales, but redemption is not related to gross
sales. Redemption is related to the AUM that you have.
So in those cases, in markets like this, sometimes the redemptions increase and then your
net sales look smaller. Right? So it's a question of we have seen those cases earlier. So this
is what has happened where it is more a factor of redemptions than gross sales per se.
Himank Sangai:
Okay. Okay. Thanks. Thanks.
Moderator:
Thank you. Next question is from the line of Supratim Datta from Jefferies India. Please go
ahead.
Supratim Datta:
Hi. Thanks a lot for the opportunity and sorry for the previous hiccup. So starting with maybe
on the AIF side, could you help me understand that what would be your committed AUM
and what would be the deployed AUM here? And what is the fund strategy now? You during
your IPO and post-IPO, you had indicated that there were multiple strategies that you were
trying to pursue here. So could you give us some understanding around, you know, what
would be the new fund offerings that would come on this side?
Secondly, you know, just drawing this discussion around redemption a bit further, just
wanted to understand that is the redemption are the funds getting redeemed and then
redeployed in some of your other schemes or is it flowing out of ICICI AMC altogether? And
has that trend changed going into October? So, that could be something that I would look
for. And lastly, if you could give me the ESOP cost for this quarter, that would be helpful.
Thank you.
Naveen Agarwal:
Supratim, on the first question with respect to AIF, frankly, we have multiple AIFs across
categories. And what we show as an AUM is the fee-bearing AUM. So there could be an
AUM which is committed, which is higher than this, which may be undrawn.
We have got AIFs across all asset classes, private credit, real estate, private equity, earlystage private equity. And there would be numbers of what is undrawn different in each of
those categories depending on where that respective fund is in respect of deployment.
Nimesh Shah:
So most of our till date, whenever we have given numbers, it is about what is already drawn
because our fees start only when we draw. It is not that we take -- till now whatever the
schemes that we have had, the fees start on drawdown. So we do are on -- once we draw
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down the amount. Before we draw down the amount, we don't charge fees on commitment.
So more or less, we have declared AUM only which has come to us.
About the strategy, I have always said that in addition to the listed space, we are interested
in with the RERA in place since number of years. We have always been interested in real
estate. And in real estate also, the yield funds where you take ready-made offices, office
funds, where the office are already leased out, pre-leased out offices, that fits with our risk
parameter very well, the risk that and a business which can be institutionalized and scaled
up in a big way.
So on the real estate space, the office funds makes a lot of sense. You know private credit
we have come with a third fund. So, equity, private credit, real estate, in real estate, both the
yield space as well as the equity space in real estate, that is when you get into partnership
with builders, that is also there. But the real scalable business will be the pre-leased offices.
That is the scalable business.
Private equity with the acquisition of ICICI Venture is in place. Once they are deploying one
of their funds, but we are coming up what does ICICI Prudential AMC and ICICI Venture,
which has come into us, gives us the capability. So we have launched a fund on the alternate
side which mixes our capability on the listed space and the capabilities that we have
acquired on the non-listed space.
We have come with a category where 51% plus will be invested in the private space, and
the remaining can get invested in the public space. So that is another mix that we think that
we are ready to offer in the market and we are launching that kind of fund.
So, we are pretty much there in the listed -- private listed equity, private credit, real estate,
private equity, and early-stage private equity. So, all 5 -- right now, I have got all 5
categories. And the AUM that you see is on drawdown.
Supratim Datta:
Got it. Just one follow-up question on this part. So do you plan to get into infrastructure fund
as well, because there is a pretty large pipeline?
Nimesh Shah:
Right now, there are no plans for that. First, let us scale up the businesses that we have
started up. Like if you see typical example how we have grown in the private credit side. So
we will focus on the category that we have stated just now. Private equity is, while the teams
of ICICI Venture are been there for a long period of time, but we'll rather scale up the
businesses that I have already mentioned than go into the infra side.
Supratim Datta:
Understood.
9
Moderator:
Supratim, do you have any follow-up question?
Supratim Datta:
Yeah. And just on my second question on redemptions, could you give us some color on that,
whether that redemption is getting recycled back into your own funds or is it flowing out?
And is there any change in that behavior?
Nimesh Shah:
That will be always a mix of both. That redemptions, some of them might get switched to
our own funds and some of them can go outside also, and new funds also can come in. It is
impossible to track that where they're going because sometimes the funds come after, say,
1 month, 2 months. The client would have said that, "I want to get out," and after say 2, 3
months of his call on the market, he might come back again. So it is impossible to track that
where the redemptions are going and when they're coming back. So we see the net figures
only. So right now the redemptions are slightly higher. Yes, they are slightly higher.
Supratim Datta:
Understood. And lastly, on the ESOP cost?
Naveen Agarwal:
On the ESOP cost, we've indicated that the total ESOP cost for this financial year would be
between 64 to 68 crores. So accordingly, the charge happens to the P&L on a pro rata basis,
so that guidance continues.
Supratim Datta:
Okay. Okay.
Moderator:
Thank you. Next question is from the line of Shreyas Pimple from Nomura. Please go ahead.
Shreyas Pimple:
Hi. Thank you so much for the opportunity, and congrats on a good set of numbers in this
quarter. My first question was on increase in yields that we are seeing, revenue yields,
operating revenue yields. I see specifically for our alternates business, we have had a
quarter-on-quarter increase of one basis point. Could you explain what are the factors that
is driving these increase in yields? That is my first question.
Naveen Agarwal:
See, I think we indicated in the last call as well, you should see the yield in the alternate in a
range between net yield between 90 basis point to 95 basis point. This one basis point
change can happen due to various factors, including the mixed factors, depending on which
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funds have grown more, if there's a difference in the yield in those funds. So broad guidance
with respect to, what we mentioned, 90 basis point to 95 basis point, that's what is being
maintained this quarter as well.
Shreyas Pimple:
Right, sir. But in the mutual fund revenue as well, we have seen a growth of around 6% to
7% in revenue, while the AUM growth was below that, which means we have seen increase
in revenue yields for mutual fund business as well. Would you like to explain what is driving
this, please?
Naveen Agarwal:
So there also, I think we mentioned on a quarter-on-quarter basis you're right, and there are
various factors that really drive that as well, depending on which fund you are getting the
money in, which redemptions have happened, whether an old money or new money, what
sort of distribution commission it was tracking, whether the smaller schemes are getting
more flows or larger schemes are getting more flow. So all of those factors contribute to
what is the net margin that we earn. And the effect that you see is largely on that account
as well.
Shreyas Pimple:
Sure. Got it. So, would it be okay to assume that if the flows that are coming in continue in
the same direction and same schemes, we might see this continuing, the yields going up?
Naveen Agarwal:
We do not give guidance on what we expect of the yield. It's actually an outcome. See, we're
not tracking, we're not trying to target an yield. It's an outcome. It's the question of where
the flows happen and what is the yield finally that we end up with.
Shreyas Pimple:
Got it. Got it. That's helpful.
Nimesh Shah:
It's not that we don't want to give, but actually we wouldn't know. Because what are the
kind of schemes that will get money in the next 6 months will be different from this. Because
the debt, how much will debt grow? How much will equity grow? In equity, which kinds of
funds will grow? Will the alternates grow? There are too many open-ended things, which
depends on the market levels and how the market goes.
Which whether the mid-caps will grow more or whether the large-caps will grow more. A
lot of questions are there. So we are so market linked that no point in we focus. see, what
does the company focus on? The company will focus on that once your funds have done
well, go and market those funds on an every counter every month and you get your market
share.
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That's what we can focus on. But we cannot decide what the market will do, which kind of
funds will the market will put in money. That can't be decided by us. That the market will
decide it. We have to see that we get our market share wherever they are allocating.
Shreyas Pimple:
Sure. Sure. Understood. And fair. My second question was on small and mid-cap scheme
inflows that we have seen for the industry as such. Of course, we do not have much exposure
in our equity AUM to small and mid-cap schemes because we have always been a
conservative AMC in that sense. See, I just wanted to understand in previous cycles when
small and mid-cap rallies happened, how these rallies turned out for the AMC? How have
we navigated these times when large-cap or multi-asset allocation fund inflows are hard to
come by? And what is our strategy in this scenario that we are seeing currently, if you can
help me explain that?
Nimesh Shah:
So, frankly, I should accept that -- see, what happens? Frankly, whenever we feel that midcap, small-cap should be bought, in the past, we have given buy calls also on mid-cap,
small-cap, but when there is blood on the street, that's the time when we'll give calls to buy
mid-cap, where frankly people don't buy. And when we say don't buy, that is the time when
maximum mid-caps, small-caps have been bought. So, from our numbers, it is very clear
that we have not built a big business on that side.
Positioning-wise also, we are seen as a conservative AMC where our market share on hybrid
products is more. We'll have to work out slowly over a period of time. It's not going to happen
tomorrow. Over the next 5 years to 7 years, we'll have to put together a strategy. And it
can't be done today where mid-caps, small-caps have considerably outperformed large
caps. Today, we are going on the front foot and saying that please invest in large caps.
But at some point of time, either you can say this is a failure of the company, or you can
also say that this is a opportunity that can happen in the next phase. So, I'm waiting for the
market to correct and then go on the front foot and then say that this is a good space. But
we should get comfortable on the valuation. Small caps, we see the opportunity. So, smallcap fund we have completely opened up. And at some point of time, when we have the call,
we'll go and ask the investors to put money in small cap and get money in small cap.
Mid cap, we are slowly opening up on the mid-cap side. And we'll see at the right point of
time, we'll go into the market on the front foot. But right now, we are giving a call for large
cap because we believe that risk return-wise, large cap is better than mid-cap, small-cap.
So, we continue to mention that in all our communication to our investors. But over a period
of 5 years, maybe this is a space where we have got an opportunity.
Shreyas Pimple:
Got it. And the last question that I had was within alternate space, PMS and AIF business
are doing really well and we expect them to scale up. However, the assets under advisory,
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that AUM has been declining since last 4 quarters to 5 quarters. What is the reason behind
that, and what will be the strategy going ahead? How do we see this AUM going forward?
Can you please explain that?
Nimesh Shah:
See, advisory is mostly international money. Right? And advisory is not within India. It is an
international money that we manage. And since last 1.5 years, we have had outflows in
that. And that we have to manage the outflows right now. So, we are launching new funds
in various geographies, and we are in regular touch with our existing distribution partners
internationally.
But when the FII flows will turn back into India, that I cannot give you a figure on that. So,
we are creating structures in various parts of the world, and we have kept them ready. When
the money will come in and when the FIIs or international investors will get interested in
India, that I don't know. That when it will happen, we are ready to take it. The structures
have been put in place, that's what I'm saying, whether it is in GIFT City, whether it is in
Luxembourg.
Naveen Agarwal:
Yeah. So, across the geographies, we've as you know, Southeast Asia, GIFT City,
Luxembourg, other developed markets, we are trying to ensure that, you know, we have the
funds in place, but as Nimesh said, difficult to comment when the flows would come.
Nimesh Shah:
So, we do similar to what do we do in India. Let the fund there is small AUM in that. Let us
show performance on those, and at some point of time when the tide will turn for India, at
that time maybe we have got reasonable performance also. If we believe that our style of
fund management will work over the next 3 years, then maybe 2 years, 3 years down the
line, we have got a good track record on which we'll be able to market funds. But I don't
know when the tide will turn internationally towards India.
Shreyas Pimple:
Fair. Thank you so much for answering my questions. All the best to you.
Moderator:
Thank you. Next question is from the line of Prayesh Jain from Motilal Oswal. Please go
ahead.
Prayesh Jain:
Yeah. Hi. Good evening, everyone. The question is on SIFs. While I understand it's a very
nascent stage, but it's been scaling up phenomenally well for the industry. And so, just
wanted to understand for I-Pru AMC, the color of customers that are buying SIFs, are these
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existing I-Pru AMC customers or they are new to I-Pru AMC customers? How has been the
mix? That will be my first question.
And second, possibly, if you could share some unit economics around this business, whether
what kind of yields we earn and what's the kind of cost structure allocated to that part of
the business? Yeah, those will be my first two questions. I'll come back to the other ones
later.
Nimesh Shah:
Yeah. It's good question-by-question. So SIF it is, see, I consider SIF as part of our mutual
fund business itself. It's only that minimum ticket size is INR10 lakhs, right? That is the only
difference between SIF and all, and the use of derivatives can be done. So what we believe,
we are very excited with this category of SIF.
We have launched four funds. We are going to launch fifth fund during the quarter. So we
quite like the category. And it gives a lot of freedom. Why I like it? Because it gives us a lot
of freedom to and SEBI has created this category quite well.
And there is a lot of freedom for the fund managers to manage it the way they want to
manage it, including of course, it is very important. In fact, the last 6 months it has, how do
we do risk management in those funds has become very very important for an institution
like ours. Like, till now we have not allowed anybody to go short on that. So it is ICICI
Prudential risk management which has to work over here very well.
Right now, we would use this whole strategy in a very defensive way. See, this category will
have a very many different styles of managing money. Everybody will have a different way
of managing money in the SIF category, because as a instrument of defense, derivatives can
also be used as a instrument to be aggressive in the funds.
So at different points of time, derivatives will be used differently. Right now, we are using it
quite defensively, and it has worked well for us. So we'll build this category and we are
bullish on this category. But the margins and everything will be very similar to the way we
manage mutual funds.
Please don't think this as a separate category. Everything economics-wise, it is very similar
to mutual funds. Only the ticket size is bigger, and the flexibility with the fund manager is
quite high. So risk management is important here.
Prayesh Jain:
Yeah. Actually, when I was asking the color of the customers who are, say, existing I-Pru
AMC customers or not, because we generally have been seeing very strong inflows on SIF
side, while on a lump sum side in the mutual fund, there is a challenge. Is there anything that
you've observed that the redemptions are going into SIF as well?
Nimesh Shah:
Very difficult to say that Because we won't know also. We won't know.
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Prayesh Jain:
Got that. And on your alternate piece, I think so when you give your total AUM on that, is
that the fee-paying AUM or is the entire AUM is being charged or is that the total AUM
particularly certain…
Nimesh Shah:
As I said earlier that we have been charging, the difference that we are trying to make in
this category is that I want a gross, the difference between gross and net. One of the
problems of this category of investment is that there is a huge difference between gross and
net. So if you want to decrease that difference, till now, since we are in that 14% to 16%
bracket as far as our alternates are concerned, till now whatever funds we are telling you
are under management is mostly and is completely…
Naveen Agarwal:
It's only fee-bearing AUM.
Nimesh Shah:
Only fee-bearing AUM, because we take fees when we get the money.
Naveen Agarwal:
Yeah. So we can have a commitment which is a higher amount, but only to the extent the
money has been drawn and we are earning fees, that's the money that we are showing as
AUM.
Prayesh Jain:
Got that. Thanks. That's helpful.
Moderator:
Thank you. Next question is from the line of Abhijeet Sakhare from Kotak Securities. Please
go ahead.
Abhijeet Sakhare:
Hi, good evening, everyone. So my first question was on the opex side. If you would like to
offer any guidance or indication as to how should we think about the full year opex growth?
Naveen Agarwal:
So on the opex, if you see what has been -- you must see what has been the run rate vis-avis the 6 months of last year and the 6 months to this year. And there, if you see while in the
presentation you would see a number which is 14.8%, but that's also because there is fee
15
and other expenses. And you must look at the increase in the expenses after reducing the
fee and expenses because that is related to the alternate business.
The run rate that you see in H1 of FY27 vis-a-vis H1 of FY26, that's pretty much in line with
our normal increase.
Abhijeet Sakhare:
Understood. And any sense on like this ex of fee and commission expense, the current
quarterly opex run rate of INR360 crores, like what would be the contribution of non-mutual
fund businesses here?
Naveen Agarwal:
No, we do not give that break up of across business expenses because many of the
expenses would be common in nature from departments and services which serve both the
businesses. But you have seen the overall number which is already given.
Abhijeet Sakhare:
Got it. Naveen, during the opening remarks, I just missed one point you mentioned on SIP,
something to do with STP and how the current market conditions kind of impact that. If you
could repeat that point, please?
Naveen Agarwal:
No, we were just giving the SIP number in our opening remark. We have just mentioned at
the industry level.
Nimesh Shah:
One of the points that Naveen mentioned was that in this kind of market, some people who
have gone for STPs, right, the total number comprised of SIP as well as STPs, and when the
market gets corrected, somebody who has said that, "I will give you money over 6 months,"
suddenly decides to prepone his this one and tries and gives the money upfront. That then
it goes away from STP and becomes part of your AUM.
Abhijeet Sakhare:
Okay. Does that get reflected in the lump sum inflows in that case, is that the right way to
look at it?
Nimesh Shah:
Yeah.
Abhijeet Sakhare:
Okay. And the last question was like a broader industry-level question when we think about
especially for the larger AMCs, over the last 2 to 3 years, we have seen like two, three rounds
of commission cuts. And from a distributor point of view, now you have like a bunch of
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smaller mid-tier names, some of them are reasonably well known, probably paying, 20%,
30% higher commission rates.
So one is your view that this is like a cyclical challenge that you would typically face as once
in few years or there is something little bit more structural about it that needs to be
addressed?
Nimesh Shah:
One year back also, it was the same scenario where the pricing was similar. The difference
between smaller AMCs and bigger AMCs was similar, but at that time this question was not
been raised. So it is a very simple industry. I think SEBI has created a very simple industry. If
you have gone shown performance, right, you get the money, whether it is a small AMC or
a big AMC. So I think if an AMC does well, it gets money.
So if your fund performance is in place, so it's a mix of brand, distribution, and fund
performance. Right? So if I have got fund performance in some funds, I need to show it to
the world that this is where my performance is. we have got a huge set of products and
depending on the market conditions, we need to change the products that go into the
market.
So maybe in '23, '24, I would have been selling XYZ. In '25, '26, I might be selling ABC. So in
'26, '27, depending on the market conditions, I decide the products that I have to sell and I
go out in the market and sell those. So irrespective of I think if the customer is looking for a
good track record, a trustable AMC, so it's a mix of brand, distribution, and products. If my
numbers are there, I will be able to sell better. That is what I believe, and that's what has
happened.
So last year also it was the same thing, no, where the bigger AMCs were gaining market
share. At that time also that difference was there. So, it all depends on the performance at
that point of time. And which products you got performance. And those what is selling in
the market, do you have performance in those categories or not?
So, it's a very well-earned AUM even for the smaller AMCs. If they have shown good
performance, then they'll get money. If they don't show good performance, they'll not get
money. Maybe some advantage we will have for the brand also and the distribution that we
have created over the years.
Abhijeet Sakhare:
Got it, sir. And, sir, one follow-up again slightly industry-level question is that when we think
about growing SIP, we tend to think of it sticky money, but is it also true that the persistency
or the tendency to move money across SIPs or lump sum has actually increased quite a lot
over the last 2 years?
17
Nimesh Shah:
I always told you that it is two types of distribution. The quality of distribution, the quality of
sales will decide the persistency. I can go distributor-wise and show you that how
persistency amongst different distributors will be different. People who have sold goalbased SIPs, there the redemption is not happening.
But people who have gone and just seen the last 1-year performance or 2-year performance
and come up with an SIP, so maybe the distributor-led, where there is an explanation
available, the persistency is higher. Maybe the online channels, the persistency is slightly
lower. Right? I think so it depends on the channel-wise sales that you will be able to see
difference in persistency.
So, we have seen digital sales the persistency is lower, while distributed sales, where there
is a responsible distributor who has explained the product and done a goal-based SIP, the
persistency is quite high.
Abhijeet Sakhare:
Got it, sir. Thanks a lot.
Moderator:
Thank you. Next question is from the line of Madhukar Ladha from ICICI Life Insurance.
Please go ahead.
Madhukar Ladha:
Hello. Sorry, am I audible?
Naveen Agarwal:
Yes.
Madhukar Ladha:
Yeah. So, I think they've got my company name wrong. I'm Madhukar Ladha from JP Morgan.
Nimesh Shah:
We are aware.
Madhukar Ladha:
So, sir, just quickly a couple of questions. One, sir, what is your closing AUM of alternates? I
wanted to just get that?
Naveen Agarwal:
Madhukar, we'll get back to you with specifics on that.
18
Madhukar Ladha:
Okay. Second, if I see your yield has improved on a Q-o-Q basis and on a mix-wise there's
no sort of big change very big change in the mix. So, it seems that and you've already given
yields across categories. So, except for alternates. So there seems to be quite a decent jump
in the alternate’s yield. So, what explains that? And second, in your calculation of 67 basis
points of equity yield, do you put SIF over there or do you put SIF as part of alternates?
Naveen Agarwal:
No. So, 67 basis point yield would include SIF. We would categorize as Nimesh mentioned,
for all practical purposes, SIF is pretty much like equity AUM, except for the minimum ticket
size. So, SIF yields have been clubbed with the equity yield.
On your other question, I think I already mentioned with respect to the increase in yield on
the alternate, there has been a slight increase. Multiple factors which contribute to that, you
would have seen that there has been drawdown in some of our funds in this quarter,
especially on the real estate side. And it’s largely on account of the mix that you see on a Qon-Q basis, the change in the yield.
Madhukar Ladha:
Okay. Do you think, I know it's a little difficult to comment, but do you think this is a more
sustainable level given the outflow, etc., in the real estate fund and all those things?
Naveen Agarwal:
No, I think there could be variations on a quarter-on-quarter basis due to other factors. On
a broad basis, what we've experienced from the past that the yield range has been between
90 to 95 or maybe 90 to 100, that's the range between which the alternate yields have
largely been. And that's the broad range within which we expect we've seen in the past the
numbers to be.
Madhukar Ladha:
Got it, sir. The other question is when I look at your other income, that's done sort of better
than my expectations, especially given the equity drawdown that we've seen in September.
And I think some bit you've moved your AUM also from, equity and hybrid to liquid.
So what is our philosophy over here? And how should we think about you managing your
treasury? Is it like again more active management? You will continue to move money from
liquid to equity and based on what you assess in market conditions? Or gradually, do you
think you're moving more towards fixed income over here?
Naveen Agarwal:
See, of the other income, which is basically derived from, you know, the net worth which is
invested, a lot of that investment also tracks the need of the seed money. So if you see, that
is pretty much inflexible and that allocation happens irrespective of, any decision otherwise.
19
On the other bit, which is a bit more discretionary, we have been typically conservative in so
far as our investment is concerned. We have higher allocations towards debt.
The objective is to have continuity on the other income as much extent as possible. There
could be few things few percentage change here and there on a quarter-on-quarter basis,
but predominantly it would be debt, as you can see.
Nimesh Shah:
Madhukar, do one thing. Please focus on the operating income. I would In AMC, AMC's
operating income, other income the P/E ratios are too high for multiplying other income by
the same multiples. I think we will do a good job for the industry if we focus on operating
income
Madhukar Ladha:
Yes, sir. No, operating income has largely got covered, I think. Everyone has asked those
questions…
Nimesh Shah:
Madhukar, I'm addressing the larger audience, whereby please keep the focus on operating
income. We do not have a very active strategy for other income. As Naveen mentioned,
whatever compulsory investments we have to do in our funds, we do that. And otherwise,
it's not a very active or aggressive strategy to be followed for other income.
Madhukar Ladha:
Got it, sir. Thank you. That's it from my side. All the best, sir.
Moderator:
Thank you. Participants, you may press star and one to ask a question. A reminder to all the
participants, you may press star and one to ask a question. Next question is from Pranav
Tendulkar from Rare Enterprises. Please go ahead.
Pranav Tendulkar:
Hi, sir. Thanks a lot, sir. Sir, any color on the gross flows and gross SIP? So gross total flows
into equity and gross SIP flows into equity. Any color you can give, is the color changing in
terms of new users, age, etc.?
Nimesh Shah:
See, there are two channels. One is the traditional channel, one is the digital channels. So
digital channels, a lot of money is coming from B30 towns. Whatever number of accounts
are coming up, if you see there is a huge growth in the number of investors for ICICI
Prudential, and that would come from the B30 towns.
20
So the only it won't be great in amount today, but the number of accounts come from the
digital and from the smaller places. Otherwise, the traditional channels are working more
on the T30 side, and that is business as usual. I don't know whether I have replied to your
question or not.
Pranav Tendulkar:
Yes, yes, as much as possible, sir. Yeah. Thanks a lot, sir. Thanks a lot.
Moderator:
Thank you. Ladies and gentlemen, we'll take that as a last question. I now hand the
conference over to Mr. Naveen Agarwal for closing comments.
Naveen Agarwal:
Yeah, thanks, everyone. We appreciate the interest shown by all of you in the call today.
And I wish you a very good evening. Thank you.
Moderator:
Thank you very much. On behalf of ICICI Prudential Asset Management Company Limited,
that concludes this conference. Thank you all for joining us and you may now disconnect
your lines. Thank you.
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