While UTI reported strong 26% QoQ EBITDA growth in Q1FY24, there was sequential equity / total market share decline of 5bps / 9bps on the basis of ending AUM, along with marginal decline in SIP flow/AUM share. However, employee cost is now showing consistent signs of stabilising (broadly at INR 1bn levels for 5 quarters), which should help earnings growth. International and retirement subsidiaries offer good diversification.