KOTAK SECURITIES ON ICICI PRU AMC ; REDUCE | TP ₹3,200

• Healthy operating performance. • Yields improved QoQ; alternates now contribute ~10% of net revenue. • Fund performance has seen some mean reversion. • SIP decline was partly driven by STP activity. • Long-term performance remains consistent. • Valuations remain the key constraint.

ICICI PRUDENTIAL AMC LTD

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