ICICI Prudential AMC reported Q2 revenue of ₹1,674 crore, up 7% sequentially, and net profit after tax of ₹889 crore, a decline of 8% YoY. Earnings before interest, taxes, depreciation and amortization rose 7% to ₹1,215 crore, surpassing Bloomberg's estimate of ₹1,206 crore. The company’s mutual‑fund assets under management grew 3.9% to ₹11.61 lakh crore, trailing the industry’s 5.1% increase and pushing market share down 10 basis points to 13.3%.
Other income plunged 91% to ₹17 crore from ₹181 crore due to a steep fall in month‑to‑month gains in the first quarter. The Board approved an interim dividend of ₹30 per share and set October 21 as the record date. Systematic transactions fell 4.1% to ₹4,672 crore, reflecting higher redemptions in hybrid funds.
HSBC kept a "Buy" rating with a target of ₹3,530, citing stronger core profits offset by AUM market‑share loss. Bernstein upgraded to "Outperform" and projected a 19% upside, highlighting a 16% YoY rise in management fees and a 7% sequential increase in equity AUM.
Industry‑wide AUM growth at 5.1% contrasts with the company’s 3.9% gain, while equity AUM grew 4.4% sequentially to ₹6.59 lakh crore, down 30 basis points in market share. The firm’s portfolio‑management services acquisition from ICICI Securities is pending regulatory clearance, potentially expanding fee income.
Analysts anticipate the next earnings call on December 15, with possible guidance for Q3 revenue and AUM. The company’s current dividend policy and the modest AUM trajectory suggest a conservative outlook, though broker optimism may buoy the stock further if market‑share recovery materializes.