Aditya Birla Sun Life Amc Ltd (NSE: ABSLAMC) Q4 2025 Earnings Call dated Apr. 28, 2025
Corporate Participants:
Unidentified Speaker
A. Balasubramanian — Managing Director and Chief Executive Officer
Parag Joglekar — Chief Financial Officer
Prakash Bhogale — Head of Investor Relations
Analysts:
Unidentified Participant
Meghna Luthra — Analyst
Swarnabh Mukherjee — Analyst
Jheel Jain — Analyst
Mohit Mangal — Analyst
Madhuka Ladha — Analyst
Abhijeet Sakhare — Analyst
Presentation:
operator
The conference is now being.
operator
Ladies and gentlemen, good day and welcome to Aditya Birla Sun Life Asset Management Q4NFY 25 earnings conference call hosted by Incred Equities. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Meghna Luthra from Incred Equities. Thank you. And over to you ma’am.
Meghna Luthra — Analyst
Thank you, Manu. Good evening everyone. On behalf of Incrediquities, I welcome all to Aditya Birla Live UNRIS AMC 4th Quarter FY25 Earnings Conference Call. We have along with us Mr. A. Balasubramanyam, Managing Director and CEO along with the senior management of the company. We are thankful to the management for allowing us this opportunity. I would now like to hand it over to Mr. E. Balasambharmanyan. Over to you sir.
A. Balasubramanian — Managing Director and Chief Executive Officer
Thanks Meghna for the introduction. Good evening everyone and thank you for joining today’s Investors call. I trust you all had the opportunity to view our earnings presentation which is available on both the stockation and our website. Let me begin with economic outlook Very quickly an update on the mix of industry. A global macroeconomic outlook for the new financial year suggests a continuation of moderate or uneven growth with projection around 3.3% for the global economy. Inflation expected to moderate otherwise the global headline Inflation potentially falling over 4.2% and key risks still persist including the geopolitical tension and potential for increased trade restriction and macroeconomic volatility stemming from unexpected economic shift or the policy changes.
Central banks are expected to remain vigilant calibrating monetary policy cautiously, especially in the U.S. while fiscal policy will need to focus on long term stability and growth enhancing measures. India’s macroeconomic outlook remains strong with the GDP growth projected about 6.5%. The robust expansion is driven by sustained domestic demand, rising government capital expenditures and gradually easing off inflation. While global risk, particularly from the US trade policies, could affect exports, India’s limited reliance on the external markets provides significant inflation. Inflation expected to average about 4.1% for the fiscal year, giving the RBA flexibility for potential rate cut.
The fiscal deficit is targeted to decline to about 4.4% of GDP reinforcing the government’s commitment to fiscal consolidation. Overall, India is path for continued growth though the global risk and the need for sustained private investment warrant careful monitoring. The recent positive turnaround in the Indian stock market with indices like the Nifty 50 and Sensex rebounding, March 25 faces significant headwinds due to the potential impact of the newly implemented term tariff. Our domestic optimism returning from foreign investments, reasonable valuations and signs of economic recovery provide the necessary support for our market. Additionally, India is actively pursuing a trade deal with the US to secure favorable terms and minimize the potential disruption and hopefully it happens soon for the benefit of our economic growth.
Moving to the Indian Mutual Industry the quarterly average AEM of metric industry as on 31st of March 2025 stood at 67.42 lakh crore as compared to 51.1 lakh crore as of March 2024, growing by 28% on a year on year basis. Due to recent volatility in the equity market, Q4FY25 saw a slowdown in equity net sales compared to the previous quarter. Equity net sales for the Q4FY25 were around 1.21crores versus 1.60000crores in Q3FY25. The total NFO collection for Q4FY25 also experienced a decline totaling to about 2500crores with 8500crores coming from equity and rest of the money is coming from the fresh income and mainly the equity flows have come into sectoral and thematic funds and small cap funds especially in the NFO collections.
While industry SAP inflow is rejected at an year on year growth of 38% with 10 crore accounts contributing to approximately 25,900 crores in March 2025 it witnessed a marginal decline on a quarter. On quarter basis the total number of mutual Portfolios stood around 23.8 crores with a year on year increase of 32%. The individual average AEM for March 25 grew by about 21% year on year from 33.31 lakh crore to 40.31 lakh crore and contributed 60% of total AEM. These 30 cities, an average AEM of 12.17 lakh crore for March 2025 accounted for 18% of the total mutual fund AEM at IEEE AMC.
I am pleased to share that we observed positive momentum in sales driven by improved investment performance and strong on the ground level engagement from our sales team. This also resulted in quarter on quarter increase in our AEM and market share. As part of our ongoing engagement this quarter we also hosted an exclusive event 1.8.09. We brought together the country’s top MFDS the event was pivotal in strengthening our relationship and fostering deeper collaboration with these key partners in order to increase our engagement as well as market share. It has in fact enabled them to better advise their investors with the tailored investment solutions suitable to the evolving market dynamics.
Our overall average assets and management including alternate assets stood at 4.06 lakh crore reflecting a 17% year on year growth. Our mutual fund quarterly average AEM reached to 3.8 lakh crore growing 15% year on year. The quarterly equal the average AEM 1.69 lakh crore growing by 11% year on year. Our SAP booked for March 25 stood at 1316 crores and we added about 5.43 lakh new SAP’s in Q4FY25 our total investor folio stood at 1.06 crores with around 27 lakh new folios added during the FY25. On the alternate business front, we are continuously enhancing our PMF and AIF offering across both equity and fix income to better serve the evolving needs of HNIs and family offices.
Following the receipt of the ESIC mandate, we commenced management of debt portfolio and AAM stood about Rs. 7,456 crores for the quarter ended 03-31-2025. Consequently, our PMS AIF assets witnessed year on year growth of 268% rising from 3,100 crores for 11,333 crores. Additionally, we are also preparing to launch the ABSL Equity Innovation Fund under the PMS category, our offshore assets grew by 14% from 10,545 crores to 1070 crores. Under the gifted platform, we had our final closure of ABSL Global Emerging Market Equity Fund under the LRS scheme with AEM of about $65 million. Fundraising is underway for India ESG Engagement Fund, ABSL Flexicap Fund for Inert Remittance and ABSL Global Blue Chip Finance under LRS scheme for Outdoor Remittance.
Aligned with our vision to scale and passive business, we continue to offer a diverse and performance driven product to our investors. As of March 2025 our total passive assets reached approximately 30,700 crores with a growing customer base exceeding 11.6 lakh folios. Our current product suit comprises suits, a distinct offering designed to meet varied investment needs of the customers with a mix of equity and fixed income index funds. Moving on to the financials, ABC LIANC have achieved profit after tax of 931 crores in FY25 which is up 19% year on year. For FY 2025, our operating revenue is at 1685 crores, up 25% year on year.
And total revenue is 1986 crores, up 21% year on year. Operating profit before tax is at 944 crores, up 31% year on year. And profit before tax is 1,243 crores, up 23% year on year. In Q4 FY24, our operating revenue is at 429 crores year on year. Total revenue is 501 crores of 14% year on year. Q4 FY24. Operating profit before tax is at 233 crores, up 20% year on year. And Profit before tax is at 305 crores, up 14% year on year. We are pleased to announce that the board has proposed a dividend of 24 rupees per share which is up from the last time what we have declared for the year FY 2025.
With this I would like to conclude and open the floor for any questions.
Questions and Answers:
operator
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on their touch tone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handsets only while asking a question. I repeat, if you wish to ask a question, you may press. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. We have our first question from the line of Swarnam Mukherjee from BNK Securities. Please go ahead.
Swarnabh Mukherjee
Hi sir. Good afternoon and thank you for the opportunity. Three more questions from one side. First one is on the employee expense part. So this quarter the employee expense had kind of increased sequentially. So I wanted to understand what factors broke these expenses and if there was a higher variable payout weighted to this, how do we account for it? Do we do it on a quarterly basis or is it that we account it on an actual basis in a particular quarter? So if you could give some color on that and how should we think about this number in the upcoming quarters as we move into FY26? That is the first question.
Second is on the EFIC mandate that we have gotten. If you could give some details on what would be the realization from that. And you know, is this primarily a debt oriented mandate that you have? Largely. If you could highlight that. And thirdly, when I look at your SIP data, I think what I see is that, you know, the Number of live sips have also come up. So I just wanted to understand that last year we had kind of significant to increase our share towards the direct channel, particularly the online oriented channel. Is this leading to some amount of closures in our SIP book or if you could highlight what the trends are.
And given that SIPs have also come out from what it was in December. So is this, I mean what is our approach towards that? If you would expect this number to kind of now move northwards as market has started to also improve. This will be my question sir. And I have a couple of bookkeeping questions which.
A. Balasubramanian
Thanks. I’ll take the second question which is ESIC mandate. This basically debt oriented mandate advisory under the portfolio management service. Of course as you know these government mandates comes with the lowest possible rate. It’s more of prestigious mandate for us. While we have been in this market for long and for a variety of reasons we were not participating in this segment. But given the fact that we have the people who can actually provide greater service to this managing these funds. So this year we bid for it and we got qualified and therefore we want the mandate.
And ideally speaking the amount could be in the range of about 44 40,000 crores on the base of the sharing formula that they have with all others. So that’s something of course here we are building it up and this we really believe meaning this kind of mandate can only help expanding this advisory service to many others both government and private institutions. And that’s something basis which we have on this market. I’m happy to share that already got the money and started investing in that. As far as the SAP data concerns, I’ll leave the exact number to Prakash.
With respect to the SAP’s. While we have been clearly focusing on increasing SAP as I would have seen last few quarters each quarter we keep improving number. We touched almost about crores kind of SAP number and then we saw some bit of dip. I think largely on account of two things. One of course during the current quarter generally we have seen SAP both registrations and the net additions have come down for industry and we are also in more aligned with that. Also given the fact that the STP generally is where money comes in and the power of SAP.
And during the current volatility period some of the SAP transactions also got stopped as a result of that number shows little lower. But otherwise our focus in terms of building SAP I think it remains paramount to us even some of these promotions that we are doing. The subsequent plan is SAP that you are going aggressive in terms of promoting it and incentivization also is actually set the target and incentivization is also large on the base of that. And in fact our fund performance showing an improvement across the major categories. We are also quite confident that SAP we should start seeing the improvement coming in.
I don’t give the target number given the fact that becomes a projection but otherwise clear the focus is there to build our equity to the SAP that stays constant. As for the employee expenses concerns, I’ll ask Pradeep.
Prakash Bhogale
Yeah, so Mukherjee actually employee kind if you see from quarter on quarter basis it has not increased much. It is only in the same range 1627 to 1628 only. However we are in the process of building our direct team to 30 to 40 additional people. But that is not going to actually impact much on the cost part.
Prakash Bhogale
Right?
Swarnabh Mukherjee
Sorry, I missed the 1620-1630 numbers. You must be talking about the overall expenses. If I have moved up from around 88 crores to almost 99 crores. So I mean I just wanted to understand that 10 crore.
Prakash Bhogale
Employee expenses for the quarter on quarter has increased by 11 crores from 1988 crores to 99 crores. Which is largely on account of the bonus provisions and the staff welfare expenses.
Prakash Bhogale
You.
Prakash Bhogale
You wanted to know about the bonus provision. So because it’s a formula at the year end basis the performance of the entire organization we make the provision for the bonus bonus and that has increased a little bit because of which you can see some increase in the overall employee expenses.
Swarnabh Mukherjee
Okay sir, understood. So the next quarter it will again kind of normalize a little bit.
Prakash Bhogale
Yes, yes. Again from the next financial year the new provisions will start. This is the achievement what we will have that time.
Swarnabh Mukherjee
Okay.
Swarnabh Mukherjee
And building like maybe 10% kind of inflation part.
Prakash Bhogale
Yeah, yeah, yeah, yeah, yeah.
A. Balasubramanian
Just give you a sense on these employees generally we have the fixed cost plus variable cost and and variable cost is largely linked to the linked to the performance of the each of the functions as well as the company’s overall functions overall achievement. And therefore these provisions will keep changing and I think wherever in fact last quarter was better than the previous quarter. Therefore as a result of that we have to make little higher provision. Otherwise sometimes it’s good problem to have.
Prakash Bhogale
So basically just to add actually there would be some quarter on quarter fluctuation. But on if you see on year on year basis it’s largely in line.
A. Balasubramanian
Yeah.
Swarnabh Mukherjee
Okay. Very helpful couple of book keeping question if you could provide the SIP number and yields by the different.
Prakash Bhogale
Number is 75600 crores. So SIP AUM is 75,600 crores.
Swarnabh Mukherjee
Okay sir. And if you could give the yields by the different assets.
Prakash Bhogale
So equity is in the range of around 68, 69.
Prakash Bhogale
Yeah.
Prakash Bhogale
That is in the range of around 24, 25 and liquid is in the range of around 12 to 13 basis point.
Swarnabh Mukherjee
Okay sir, this is very helpful. Thank you so much sir and all the best.
Prakash Bhogale
Thanks man.
operator
Thank you. We have our next question from the line of Fresh Jain from Motil Oswal Financial Services. Please go ahead.
Jheel Jain
Hi, good afternoon everyone. Just a few questions. Firstly, if I if I look at your yield this quarter sequence, we basically divide the revenue by your MFAU and that’s kind of come off come up in this quarter. That’s primarily because of the, because of the share of equity going down or what kind of what would you attribute that to? That is first secondly you mentioned your opening remarks that you know the flow momentum has been strong given the fund performance improved. Could you just help us understand what has been your or directionally what has been your flow market share and flow market share in the last few months.
Thirdly, you had you know in our earlier interactions or analyst meeting I think you had mentioned about, about agency to kind of evaluate the funds and where are we in that, in that process right now? Yeah, those would be my questions.
Jheel Jain
Thanks.
A. Balasubramanian
Yeah, I think with respect to the revenue drop was largely on account of equity. Equity mix. Equity mix has dropped by about 1 1/2% compared to the previous quarter. As a result of that equity mix are getting reduced. The revenue has dropped. Therefore the number what you are saying is derived from that as far as the final performance impact across all over the main categories right from Frontline Equity, Flexicap Fund Balance Automotive Fund, Multi Cap Fund and some of these thematic funds. We are seeing improvement coming in and in fact our sales on these funds in fact are seeing it today only.
Generally how the numbers are even coming in month of April. These numbers are now getting positive. Normally the way we have been last one and a half years. Our rate of fall has to come down that we have witnessed in the last quarter. The rate of market share loss has been coming down quarter on quarter basis. Second, largely performing funds should also come as part of the recommendation list that we are something we are now seeing some of our funds which are performing well. Now it’s coming as part of the recommendation list in some of these organized channels.
In fact the sales team is also driving five Focus product and all five Focus products are in the Q1 Q2. That’s being not only being seen, people are also talking about it in terms of performance coming back. Is something making them making our decision making partners to contribute more for the the AEM sectors in the current financial year. That’s something that is seeing it in the last quarter. We are seeing some flows coming into the in those funds and last question is around which is your third question. Yeah. That I mentioned.
Jheel Jain
Yes. So it was about. Yeah. Hello, can you hear me?
A. Balasubramanian
I can hear you.
Jheel Jain
Yes. I was asking about the consultant that you hired to improve the two who evaluate the findings.
A. Balasubramanian
No, no, we we engaged with Mercer about about two years back when Harish Krishnan joined as head of equity. They had already initiated a discussion with Mercer to help us to understand the current processes. What are things need to be improved. In fact those input has been taken by the new head of equity and implemented some of the process changes that they implemented in the fund house in terms of tracking of ownership, stock selection, the ownership of stocks and sizing of those opportunities in the portfolio reflection and also monitoring the performance very closely. Where we have also put a target that we should not have any funds which is in Q4.
We should try and keep all the funds in Q1 Q2 performance. And obviously everything has been in Q1. In fact 65% of our funds are delivered Q1 Q1 Q2 performance for March ending on a one one and a half years basis. So I think this has come largely on the back of the the passer engagement that we did which has now been built in as part of the overall process. Of course in addition to that whatever session that came the new team which is not new team except one more gentleman we recruited for a smaller mid cap along with the other portfolio managers.
The restructuring of team from the fund management responsibility point of view allocating to individuals the portfolio responsibilities and each and taken it with a lot of enthusiasm and to deliver better performance, better engagement. So that is something which is reflecting and this is something which you learned which you learned it from suggestion as well as the team themselves are derived. In addition to that recommendation. What I think they need to implement it with something which is being done by our rate of equity. And now is reflecting on the both the disciplines that we are supposed to maintain on the investment processes as well as focus on delivering consistent investment performance.
Jheel Jain
Just a couple of more questions. One is where does the ASIC and PMS sit in? Is it in parent or console? Standalone or console? And secondly, you know the other income has seen a significant improvement. You know, despite weak equity market. Just because the debt part or what else is there that is helping the other income improve?
A. Balasubramanian
Yeah.
Prakash Bhogale
Yes, Priyan, the PMS income is largely means mainly into the standalone also and in console also because it’s not a separate subsidiary for us. And as you rightly pointed out the increase in other income is largely because of the debt funds. Because of some rate cuts. We had a benefit on that. And because of that only there is an increase in the other income.
Jheel Jain
So this is clarifying. TMS and essay both sit in standalone and in terms of consolidation also appears in consolidation.
Jheel Jain
Right.
Prakash Bhogale
Yes.
Jheel Jain
Yeah, got that. Thank you so much.
Prakash Bhogale
Is our subsidiary which is not there in the standalone.
Prakash Bhogale
Yeah.
Jheel Jain
So could you clarify that in the sense part of income is booked in standalone part is booked in subsidiary. How would that happen?
Prakash Bhogale
The difference between the standalone and the consolidated is the offshore part.
Jheel Jain
Offshore part.
Prakash Bhogale
Yes, yes, yes.
Jheel Jain
Okay. Got that. Thank you so much.
A. Balasubramanian
Included in that. Yeah, yeah.
Jheel Jain
Okay. Thank you. Thank you.
A. Balasubramanian
Because it is a division is not a.
Jheel Jain
Okay. Yeah, yeah, yeah. Thanks.
operator
Thank you. We have our next question from the line of Lalit Dev from Equida Securities. Please go ahead.
Unidentified Participant
Yeah. Hi sir. I have two questions. Firstly like in the previous quarter we have highlighted that in some of the focus points we are seeing that the market share in netflows were in that change of 3 to 4%. Just wanted to understand like how has those net sales paired in those particular schemes in the last three to four months. That’s my first question. And the second question that with respect to the alternative side. So we like last quarter we hired the revenue of about 34 crores from the alternate assets. So just wanted to understand how that how much revenue comes from this alternate asset in four.
A. Balasubramanian
I just asked the second question to answer by Prakash.
Prakash Bhogale
So Lalit, on the alternate side the revenue is more on the alternate side is around 30 to 33 crores same as last quarter which is mainly because of the volatility in the market. To the market.
A. Balasubramanian
Yeah. As far as your first question concern relit the focus fund, we are seeing an improved gross sales number both in terms of daily translation volume coming in as well as SAP is coming in. We are seeing an uptick in the gross sales volume. That’s where we measure as one of the parameters for measuring the productivity of individuals. Even the team communications focus as well as engagement with the channel partners all around the focus funds. And also from fund management point of view also they are. They are also very clear. Those five focused funds agreed between the fund management team and sales team also is quite conscious of These funds should grow in size and these are the funds it deserves to be bigger than what we are today.
So which is basically foreign equity Flexigap Fund, Multi cap fund, balance of dotage fund and Gen X fund among the matic category. So that’s something we are seeing cross volume improving and net sales fund is improving. But I’m sure the continuous engagement can only help in improving the both cross sales renewables and net sales numbers.
Unidentified Participant
Last question is based on data. What will be the ESOP cost for this quarter and how should we look at for effort into fishing 27 so.
Prakash Bhogale
Cost for this quarter is around 1.3 crores and next year there will hardly be any SOP cost because most of the cost has been absorbed now.
operator
Thank you. We have our next question from the line of Mohit Mangal from Centrum Broking Ltd. Please go ahead.
Mohit Mangal
Yeah, thanks for the opportunity. My first question is that in quarter three you said that the debt funds actually had an increase in TR. So just wanted to know in Q4 also did we increase TR enough in any of our debt schemes or even equity schemes? I mean if you can just throw any color on that.
Prakash Bhogale
So more or less whatever increase we have seen in the Q3 it’s the same for Q4 also.
Mohit Mangal
Okay, so it’s basically static, right? It’s nothing has changed.
A. Balasubramanian
Yeah.
Mohit Mangal
Okay. On next is in terms of the sir saying about the Equity Innovation Fund. So if you can just tell me something more about it as to in case of any size or something that will be helpful.
A. Balasubramanian
That it comes under pms. Basically the. The we have about six, seven products in that as a flagship fund. One focusing on large cap as well as already we have an innovation fund. We are relaunching one of the Innovation fund both under the AIF as well as in the pms. That’s something we’ll be rolling it out this year in pms. We have not been focusing on new fund launches all of last year. Our focus is largely on building the size and existing funds. And then we felt that given the performance that you have delivered and also one good credibility that I built the PM as compared to the competition.
There is a merit for us to launch on fund which is basically innovation fund. Companies that invest on money on like R and D lot of investment they make on innovation for the futures sustainability purpose. Those would be largely the focus areas. That’s something we are planning to launch it this year.
Mohit Mangal
All right, that’s helpful. Just last question. In terms of the branch expansion, if I. If I look at 26 and 27. Any particular plans to expand the branches?
A. Balasubramanian
See the broader vision that we have. Moises create a presence in about 543 MP locations. That’s a broader vision. Today we have a presence in about 300 locations out of which 86 roughly is the emerging market location and roughly about 180 our own branches. Roughly about 50 or 60 is the branches shared with capital branches idea is actually to keep increasing the emerging market as the emerging market. The 85 locations as we start growing currently we have about 5%, 5 and a half percent market share, sorry 6% market share that we have those markets. As we keep increasing the size we normally convert them to a branch and from there we will again look for new market.
We have identified roughly for another 30 market emerging market already identified the sales meaning of a 30 day operation and those 30 market will be present of the emerging market and existing market. We also set a target for each of your location in the current rolling out of excise for the coming financial year. In terms of. In terms of expectation from the team, each branch allocation, we are keeping a target in terms of improving the market share or improving the ranking in each of the locations. That is something we monitor internally. Just ensure these markets are contributing.
Our historical market share in the B30 market generally has always been very good and Even today our B30 contribution is very good. But given the potential, given the brand recall that we have this market. We have identified 30 locations where we will expand this year. But it will be a one man, one man locations.
Mohit Mangal
Okay, understood. That’s helpful. Thank you and wish you all the best.
operator
Thank you. We have our next question from the line of Madhuka Ladha from Nuama Wealth Management. Please go ahead.
Madhuka Ladha
Hi, good evening. Thank you for taking my question first. Just on the yields part there seems to be a QQ sort of pretty sizable decline. I just wanted to get a sense have our equity yields remained stable and could you also give us some sense of what is the yield on the alternate and offshore equity and the alternate and other offshore asset classes. So those two asset classes, what is the rough yield that we make of that? Second, in this alternate and other offshore segment there is a pretty good jump in AUM this quarter. So I’m not sure maybe I missed this.
But if you could help me understand what is driving that growth. And finally on staff cost we are seeing like sort of a 10% growth. Sorry about a 13% growth QoQ basis. I wanted to get a sense as to, you know, how should we look at it going into next year and for the full year I believe staff cost Is at about 365 crore. So even if I were to look at it on a full year basis maybe you could help us understand what’s like the fixed cost and variable pay in this and then what sort of growth should we assume in fixed.
Yeah, those would be my questions. Thanks.
A. Balasubramanian
So an yield question I’ll ask Prakash to answer.
Prakash Bhogale
So Madhur, if you see quarter on quarter there is a. There is a marginal decline in the yield which is Lami mainly because of the equity mix has gone down. Okay so from around 47% we are around 45 46%. That is the main reason for the it is going down because equity mix has changed.
A. Balasubramanian
Contribution remains the same.
Prakash Bhogale
Contribution is more or less contribution is same. On the you spoke about alternate I said on the TMS and EIF side we earn around 1% plus. On the offshore side from the gift city again the yields are in the same in the same line which is 1% plus plus and on the overall offshore business range of around 30 to 40 basis points. Coming to your staff cost question means currently whatever hike which you have seen in the current quarter is largely as we have expected explained previously is because of the year end bonus provisions and some increase in the staff welfare cost.
A. Balasubramanian
Staff welfare also just to add to that is especially this year we are also built our team which was budgeted at the beginning of years in terms of the Singapore world direct sales team. Now we have almost about 80 people are working in the direction and that something is also increased the headcount when it comes to the question of direct which is again enough thing for the business building in addition to the what Prakash mentioned about it. But in terms of alternate other offshores we won one mandate. Of course it was in the last quarter in fact for the Canadian Pension Fund V1 mandate roughly about $52 million and we are getting some decent contribution and that amount will likely to go to a higher number as and when they feel more comfortable putting money in emerging market efficient in India.
That’s something we are working. And second is this quarter we also added that ESIC mandate which we have won about three quarters back. And finally the money start coming in the last quarter. Therefore number when you look at it shows a 260% increase. But otherwise it has come under the PMS manage itself. Therefore you have to add it to the PMS itself. But otherwise the PMS and minus if you take PMS has remained static whereas ESIC mandate has added to the overall amount that.
Mohit Mangal
Understood, Understood. And this you mentioned that the yield for the pms is about 1% and that is not. That’s the gross yield or is that the net yield which is getting accounted for Net yield on the revenue. Okay. Okay. Understood. Got it, sir. Thank you. All the best.
A. Balasubramanian
Thank you.
operator
Thank you. We have the next question from the line of Abhijit Sakari from Kotak Securities. Please go ahead.
Abhijeet Sakhare
Hi everyone. My first question was if you could share what would be the mutual fund revenues for financial year FY25 and a comparable number for last year as well.
Prakash Bhogale
So for.
Prakash Bhogale
For FY24 is in the range of around 1300 and currently it’s in the range of around 1600.
Abhijeet Sakhare
Okay. And again and on the on the yield front, if it’s possible possible to give any indication on the what’s the number of the fresh flow versus the older book.
Prakash Bhogale
Give the the yield on the fresh versus the old book. But on an what On a consolidated version on an equity we earn around 6069 basis.
Abhijeet Sakhare
Got it.
A. Balasubramanian
Mainly even normally view assets come to liars cost initially and then get over a period of two to three years. So we normally keep a benchmark. I think the ultimate contribution from equity should be in range of basis point. That’s something we keep as a benchmark. Accordingly price it. We may probably do intermittent intermittent question to improve the overall sales numbers. That is a broad principle. On a collective basis that’s what you will target.
Abhijeet Sakhare
Got it sir. And then the last one you mentioned about five focused funds. So these are frontline, balanced, multi cap gen. Next. And there’s one more right.
A. Balasubramanian
Which is the balance Multi asset Manager.
Abhijeet Sakhare
Multi asset. Okay, got it. And sir, fair to assume that all of these funds are now in a positive net flow zone.
A. Balasubramanian
Yes, yes, yes. See the way I see. I must also admit that all of last year we did see some kind of redemptions coming in some of the funds, very few funds are getting inflows on overall basis. Gross volume is always be good but in terms of flows was getting bit restricted. But that something is now both Goldflows and Netflix now improving on these funds backed by performance, communications, narrative and high level of engagement. And in fact I must mention that last one year 80% of the funds are within the benchmark. All these things are now getting recognized noticed and in fact some of the segments in which we have a very strong relationship is also coming as part of the recommendation as well.
And therefore this engagement would only help. Second we have kept it a five focus product. But these are the products where anyway 70% of the flows for the industry also comes. And so that we have kept these five products as a focus product in addition to other thematic product we already identified those will be in addition to that.
Abhijeet Sakhare
Got it. This is super helpful sir. Thank you.
operator
Thank you. We have our next question from Lino dependent Ghosh from Citigroup. Please go ahead.
Unidentified Participant
Hi, good evening sir. Just a few questions from my side. First I’ll start with the data keeping questions. If you can give your SIP flows for the quarter and your employee count as of March 31st. Now coming to other questions. You know when you have mentioned incrementally sales turning positive or Netflix turning positive in three of the equity fund categories. Just want to understand for fourth quarter direction we were you in the green or red in terms of overall flows and in terms of no market share. You know when you look at your SIP market share for the month of March, it it’s a little bit down compared to defender marginally.
So when you say that directionally your reduction in market share losses have kind of narrowed down, is that a fair assumption that on the lump sum side you are seeing relatively better performance be it on gross sales or lower redemption. And the last question is on the cost run. So you mentioned that you will be expanding the direct sales team. You have ambitions to further scale up the alternates other non business out there. So let’s say for the next one or two years. How should one think of the overall cost trajectory.
A. Balasubramanian
From the first question. SAP Book and Deepanjan, the SIP book.
Prakash Bhogale
Collection for the quarter is around 4,000 crores. Employee count as of March 25 is 1628.
A. Balasubramanian
Yeah. With respect to the SAP book concern, it’s of course it’s. The quarter was as I mentioned earlier there was general dip in registration for the industry and for us also there was a dip. And as I mentioned SAP is somewhat getting cancelled this quarter. Generally the cancel rates were a little higher than the previous quarter. But having said that anyway we’ve been having big big push with respect to the SAP is the idea is actually to continue to keep the high level of focus. So one of the quarters here and there can go here and there.
I don’t think I should get worried given the fact that focus on building SAP remains during the volatile period. That’s where we are pushing it for the longer term outlook. In fact this year itself we are kept a target of 15 for the full year. But we did about 1320 crores. Therefore we keep a little bit of higher aspiration in Terms of building the number and with the performance improvement coming in I would also expect online platform also start contributing to the SAP success. So that’s something will remain as big area focus and with respect to the last questions, one Direct team.
Yeah, direct team. The direct team right now we have about 80 people I think ideas actually have about 100 people in direct and in fact what we are doing is the sales team in general and the retail sales team as well as the sales team. They do have a main mutual fund target as a main focus area for them and alternate is one of the additional assets they sell. In fact we have identified for family offices person to come on board and we also have a separate team of ICs for building our alternate business. We are also increasingly care deliverables for the senior RMs across different parts of the market.
We are dividing the sales force into a sales team into three parts. Somebody who is like a wealth manager can sell all products. Somebody who is not a wealth management can sell only the mutual fund product. Therefore accordingly we were dividing the delivery rules for each of the individuals, each of the team and market and basis which will build alternate assets. In alternate assets My own belief is could become one of the area focus for two reasons. One is we have launched two products in addition to pmf. PML is directly linked to the equity Whereas fixed income credit oriented funds is something with the yields coming down.
We believe credit driven fund could be one of the credit what we call the performing credit. What you call it. That’s something we have set aside some target and we were running around. The team has been running around meeting family offices getting size including offshore investors. Second is credit related real estate fund also so far the performance has been very good and now that is also being recognized investors are also now willing to accept it. Therefore the team that we have built increasing the carry weightage for individuals and the renewed focus in terms of ILO engagement on the base of targeted engagement with the customers basis their wallet share.
I mean these are the activities should help in terms of improving the alternate business for over next two to three years. Last but not the least is offshore side as in the last call also I mentioned we will be taking the sunlight help to have somebody on Sunlight board to very soon income who could help us open the door in the overseas market to help us reaching out to global pension funds for winning some mandates that also is there in the card and probably we will be able to give you more details in the second quarter if not before.
Unidentified Participant
So my question was more you know, does that add up to your cost pressure, be it on sales expansion or kind of filling up the oil?
A. Balasubramanian
No, no. It is basically optimizing the existing team for delivering numbers.
Unidentified Participant
Right. And so one of the questions which had asked was, you know, net flows for the quarter, was it in the. Has it turned into the positive? Is it in the positive category or.
A. Balasubramanian
It was. It was a positive for the last quarter. In fact, last quarter we had a net sales positive both on equity arbitration debt. Of course, was the whole quarter except the last few days. There was an outflow again. It came back in the month of. The month of April.
Unidentified Participant
Got it. Thank you. For all of us.
A. Balasubramanian
Yeah.
operator
Thank you ladies and gentlemen. That would be the last question for today and I now hand the conference over to the management for closing comments.
A. Balasubramanian
Okay, thank you. Thank you everyone for joining. And with this, we conclude our Q4FY20 finance call. Do feel free to reach out to our higher head, Mr. Prakash Baghli for any question. Thank you.
operator
Thank you. On behalf of incred equities. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.