Aditya Birla Sun Life AMC (ABSL AMC) reported Rs1.3bn of core PAT in Q3FY23, down 2.4% QoQ. While yield performance has been stable for the last seven quarters (~44bps at an aggregate level), declining equity/SIP market share (Q1/Q2/Q3FY23 equity market share was 8.4%/8,2%/7.9%, while SIP market share was 8.3%/8%/7.9%) and flattish quarterly operating EBITDA of Rs1.8bn have led to muted earnings growth expectations.