HDFC Asset Management Company (AMC) on July 24 reported over 52 percent year-on-year (YoY) jump in its consolidated net profit at Rs 477.5 crore in the first quarter of the current financial year. Its net profit stood at Rs 314.2 crore in the year-ago period.
HDFC AMC's June quarter revenue grew 10.1 percent YoY to Rs 574.5 crore. Sequentially, it was up 6 percent.
The company's QAAUM stood at Rs 4.85 lakh crore compared to Rs 4.15 lakh crore in the year-ago period, commanding an 11.3 percent market share in QAAUM of the mutual fund industry.
QAAUM is short for Quarterly Average Assets Under Management. The ratio of equity-oriented Assets Under Management (AUM) and non-equity oriented QAAUM was 54:46 against the industry ratio of 49:51.
Over 50.3 lakh systematic transactions with a value of Rs 1,890 crore were processed in the month of June, the company said in an exchange filing. Total live accounts stood at 1.22 crore as on June 30.
Unique customers, as identified by permanent account numbers, were at 71 lakh compared to 3.83 crore for the industry, a market share of 18 percent, the company said.
HDFC Bank is now the promoter of HDFC AMC, as its erstwhile promoter HDFC Ltd has now merged into the bank. Another promoter Abrdn sold its entire stake in the company, so HDFC Bank will be the only sponsor of HDFC Mutual Fund going ahead.
Incorporated in 1999, HDFC Asset AMC is the investment manager to HDFC Mutual Fund, one of the largest mutual funds in the country with a closing AUM of Rs 5 lakh crore as on June 30, 2023.
On July 24, the stock ended flat at Rs 2,499 on the NSE.
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