Computer Age Management Services (CAMS) Q3 24/25 earnings summary

Executive summary

• Achieved strong Q3 and 9M FY25 results with consolidated revenue up 27.6% year-over-year and PAT up 40.5%, driven by robust mutual fund and digital payments segments, despite a slowdown in capital markets.

• EBITDA grew 34% year-over-year, with margin at 47%, and PAT margin at 32.6%, both showing significant improvement.

• Won all three MF RTA mandates on offer, including Jio BlackRock, Pantomath MF, and Choice, and secured an inbound international mandate from Citibank.

• Equity AUM grew 51% year-over-year, with overall AUM up 38% and equity assets crossing ₹25 lakh crore; CAMS maintained ~68% market share in MF AAUM, servicing 10 of the 15 largest mutual funds in India.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, with limited review reports carrying unmodified opinions from statutory auditors.

Financial highlights

• Q3 FY25 consolidated revenue: ₹36,974 lakh, up 27.6% YoY and 1.3% QoQ; 9M FY25 revenue: ₹1,06,632 lakh, up 29.1% YoY.

• Q3 FY25 consolidated PAT: ₹12,549 lakh, up 40.5% YoY and 2.5% QoQ; 9M FY25 PAT: ₹35,617 lakh, up 42.4% YoY.

• EBITDA margin for Q3 FY25 at 47.0%; PAT margin at 32.6%.

• Interim dividend of ₹17.50 per share declared, with total dividend payout for the year at ₹260 crore.

• Cash & cash equivalents as of Dec 31, 2024: ₹771.45 crore.

Outlook and guidance

• Non-MF revenue targeted to reach 20% of overall revenue within 2-3 years, with continued focus on expanding digital payment solutions, insurance repository, and KYC services.

• Management expects higher-than-usual yield compression in FY26, but aims to mitigate margin impact through automation and process improvements.

• Expense base expected to remain stable, with only modest increases due to annual appraisals and ongoing investments in technology and compliance.

• Confident in sustaining long-term financial metrics and profitability despite market headwinds.