JEFFERIES ON HDFC AMC ; BUY | TP ₹3,050 | EARLIER TP ₹2,950

• Q2 operating performance beat estimates, led by better yields and lower opex. • Blended yield improved due to a higher share of equity-oriented AUM in the overall mix. • Alternate business continues to scale up with launch of new funds. • Jefferies expects ~13% EPS CAGR over the next 3 years.

HDFC AMC LIMITED

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