While inflows witness a gradual uptick, challenges remain with declining market share and uncertainties. However, digital resurgence, new product launches, prospective inflows on the back of brand value should aid growth. Given balanced risk-reward position, we maintain our HOLD rating with a revised TP of Rs. 3,170 based on 41x FY23E EPS. Topline and PAT grow upon healthy inflows Total revenue from operations for Q1FY22 rose 23.2% YoY to Rs. 507cr, on healthy inflows into equity-oriented funds. EBITDA came in at Rs. 379cr (+20.5% YoY) while...