CENTRUM ON ICICI PRUDENTIAL AMC ; BUY | TP ₹3,845 | EARLIER TP ₹3,900

• Quarterly average AUM grew 14.4% YoY to ₹11.6 lakh crore. • PAT rose 6% YoY to ₹890 crore, ahead of expectations. • Core PAT increased 12% YoY to ₹880 crore. • Operating revenue grew 18% YoY to ₹1,670 crore, beating estimates. • FY27E–FY29E average AUM estimates trimmed by 1–2%. • Target valuation multiple maintained at 39x.

ICICI PRUDENTIAL AMC LTD

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