SBI Funds Management (SBIFUNDS) Q4 23/24 earnings summary

Executive summary

• FY24 PAT rose 55% YoY to ₹2,063 Cr; total AUM across businesses reached ₹22.85 lakh Cr at March 31, 2024.

• Fund AUM growth, digital distribution and investor additions supported leadership; the mutual fund business added 40 lakh new investors and crossed ₹9 lakh Cr AUM.

Financial highlights

• Standalone total income was ₹3,425.17 Cr vs ₹2,411.86 Cr in FY23; PBT was ₹2,676.03 Cr vs ₹1,772.89 Cr and PAT was ₹2,062.95 Cr vs ₹1,331.20 Cr.

• Consolidated total income was ₹3,426.08 Cr vs ₹2,412.57 Cr; consolidated PAT was ₹2,072.78 Cr vs ₹1,339.72 Cr.

• Standalone revenue from operations was ₹3,265.41 Cr vs ₹2,297.27 Cr; fair-value gains were ₹582.62 Cr vs ₹141.70 Cr.

• Operating cash flow was ₹1,434.88 Cr standalone vs ₹1,194.62 Cr in FY23; investing activities used ₹1,301.66 Cr.

Outlook and guidance

• FY25 is expected to bring asset growth alongside margin pressure; priorities include business development, cost optimisation and investment in alternatives and data security technology.

• Plans include thematic, passive, alternatives and international products, solution-oriented FoFs, and ~100 new branches over the next 2–3 years; 26 branches were added or upgraded in FY24.

• India’s real growth could reach 6.5% in FY25; the outlook assumes contained commodity costs, a soft landing and domestic policy continuity.

• Base case expects CPI inflation to move toward 4%; weather disruption and crude prices are key risks to the forecast.