ICICI Prudential Asset Management Company (ICICIAMC) Q4 23/24 earnings summary

Executive summary

• FY24 total income reached ₹37,612.1 million and profit for the year was ₹20,497.3 million, versus ₹28,381.8 million and ₹15,157.8 million in FY23.

• Average mutual fund AUM was ₹7,115.53 billion at March 31, 2024; services also covered PMS, AIFs and offshore advisory.

• Operating cash flow was ₹17,645.4 million; year-end cash and cash equivalents were ₹231.1 million.

Financial highlights

• Revenue from operations was ₹37,582.3 million versus ₹28,373.5 million; fees and commission income was ₹33,759.0 million versus ₹26,891.8 million.

• Profit before tax was ₹26,981.1 million versus ₹20,071.7 million; tax expense was ₹6,483.8 million versus ₹4,913.9 million.

• Net profit was ₹20,497.3 million versus ₹15,157.8 million; total comprehensive income was ₹20,472.6 million versus ₹15,154.0 million.

• Net gain on fair value changes rose to ₹3,233.6 million from ₹1,031.2 million; FY24 included ₹2,747.7 million of unrealised gains.

• Employee benefits expense was ₹5,215.6 million versus ₹4,117.1 million; total expenses were ₹10,631.0 million versus ₹8,310.1 million.

Segment performance

• Asset management services encompass mutual funds, AIFs, PMS and advisory; the business is treated as one primary segment with no separate reportable segments.

• Mutual fund management fees were ₹29,986.7 million versus ₹24,475.1 million; AIF and PMS fees were ₹3,142.8 million versus ₹2,035.3 million.

• Advisory services revenue was ₹629.5 million versus ₹381.4 million; all assets were domiciled in India, while revenue outside India was ₹629.5 million.

• One customer, ICICI Prudential Mutual Fund, contributed over 10% of total revenue; its revenue was ₹29,986.7 million versus ₹24,475.1 million.

• PMS and advisory services covered 13,774 clients; the portfolio management business managed over 24 strategies and 17 AIF funds.