Upcoming Webinar :Register now for 'ULIP as an investment during economic recovery' powered by Bajaj Allianz

HDFC AMC shares fall 2% after Q2 scorecard

HDFC Asset Management Company (AMC) on October 22 reported an 8 percent decline in profit after tax (PAT) at Rs 338.06 crore for the three months ended September 30.
Oct 23, 2020 / 10:49 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shares of HDFC Asset Management Company (AMC) declined over 2 percent in morning trade on BSE on October 23, a day after the company reported an 8 percent year-on-year (YoY fall in September quarter profit after tax (PAT).

HDFC Asset Management Company (AMC) on October 22 reported an 8 percent decline in profit after tax (PAT) at Rs 338.06 crore for the three months ended September 30.

The company had posted a PAT of Rs 368.24 crore in the year-ago period.

Read more: HDFC AMC Q2 PAT falls 8% to Rs 338 crore

Brokerage firm YES SECURITIES said with improved equity markets, the equity AUM for AMCs has been rising sequentially and this trend may sustain for some time.

Close

The brokerage has an 'add' call on the stock with a target price of Rs 2,757.

"HDFC AMC is focusing on improving its fund performance and is implementing measures such as the hiring of new FMs, new product launches and changing investment strategy of schemes. Debt inflows should increase in line with an improvement in FCF generation for India Inc. With tight cost controls, profitability will continue to improve for HDFC AMC. We find the valuations fair at FY23E P/E of 29 times and retain our target price of Rs 2,757," YES SECURITIES said.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Oct 23, 2020 10:49 am

stay updated

Get Daily News on your Browser
Sections