HDFC AMC Q1 results: Profit rises 52% to ₹477 crore
HDFC Asset Management Company reported a 52% jump in profit for the first quarter of FY24 with average assets under management growing to ₹4.86 lakh crore. The company serves a mutual fund customer base of 71 lakh individuals, with a total of 122 lakh live accounts. According to a regulatory filing the asset management firm reported profit after tax at ₹477.5 crore for three months ended June 2023.
It had earlier posted a PAT of ₹314.2 crore in the year-ago period. Revenue from operations rose 10% to ₹574.5 crore during the last financial quarter - up from ₹521.6 crore in the April-June quarter of the preceding fiscal. With a market share of 11.3%, HDFC AMC's average assets under management (AAUM) grew to ₹4.86 lakh crore in the first quarter - up from ₹4.15 lakh crore in the year-ago period.
HDFC AMC is an investment manager for HDFC Mutual Fund, one of the leading mutual funds in the country. It was previously operated as a joint venture between Housing Development Finance Corporation (HDFC) and Abrdn Investment Management. The UK-based promoter however divested its entire 10.20% stake in the firm for ₹4,079 crore through open market transactions last month.HDFC AMC had also undergone changes in control ahead of the merger of HDFC into HDFC Bank.
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