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Informist, Monday, Jul 15, 2024

 

--HDFC AMC Apr-Jun net profit 6.04 bln rupees vs 4.78 bln

--Analysts saw HDFC AMC Apr-Jun net profit 5.71 bln rupees
--HDFC AMC Apr-Jun revenue 7.75 bln rupees vs 5.75 bln

--HDFC AMC: AUM 7.06 trln rupees as on Jun 30, up 41% on year

 

By Richard Fargose

 

MUMBAI – HDFC Asset Management Co reported a 26.5% on-year jump in its net profit for the June quarter to 6.04 bln rupees, on the back of strong growth in income from operations. Analysts had estimated the net profit of the asset management company at 5.71 bln rupees.

 

Revenue from operations surged 34.9% on year to 7.75 bln rupees in Apr-Jun. Assets under management of the company were 7.06 trln rupees as of Jun 30, up 41% on year. Growth in equity assets under management drove the revenue growth for the company.

 

The market share of the asset management company inched up to 11.5% as of Jun 30 from 11.4% a quarter ago and 11.2% a year ago.

 

The company's actively managed equity assets under management were 4.44 trln rupees as of Jun 30, surging 66% on year, with a market share of 13.0%. The assets under management of debt schemes were at 1.47 trln rupees as on Jun 30, up 11% on year, with a market share of 13.5%.  

 

The ratio of equity and non-equity oriented quarterly average assets under management of the company was 64:36, as compared to the industry ratio of 56:44 for the quarter ended Jun 30.

 

The operating margin for the reporting quarter was 34 basis points of the average assets under management, unchanged from a quarter ago. 

 

The rise in employee costs and other expenses weighed slightly on the bottomline. Employee costs rose 20.3% to 1.01 bln rupees, while other expenses were up 28.4% to 786 mln rupee.

 

The company had 18.6 mln total live accounts as of Jun 30, and 10.7 mln unique customers, representing 23% of the industry. As much as 71% of the company's total monthly average assets under management are contributed by individual investors compared to 61% for the industry, the company said in a press release.

 

In June, the company processed 8.76 mln systematic investment/transfer transactions with a value of 32.1 bln rupees.

 

Today, shares of HDFC Asset Management Co closed 0.7% higher at 4,196.40 rupees on the National Stock Exchange. The results were announced post market hours.  End

 

Edited by Tanima Banerjee

 

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