We continue to recommend UTIAM as our top BUY with an increased TP of INR680 (19.8x FY23E NOPLAT + cash + investments) as we roll our earnings forward to Mar'23. AMCs - buoyant capital markets to drive treasury profits: Despite net outflows of INR676bn during FY21, 4QFY21 witnessed inflows to the tune of INR109bn. Nifty-50/Nifty-200 are up just 5.1/6.1% in 4QFY21, which has driven industry equity AUM higher by 6.5% QoQ. Debt schemes witnessed outflows of INR430bn in 4QFY21 vs. inflow of INR1,451bn during the prior quarter as institutions redeem funds towards the year end. Sequentially higher equity prices are expected to boost treasury profits. We continue to monitor trends around sustained reversal in equity flows, management commentary around flows and market share.