HDFC AMC: Consolidated revenue for the asset management company increased by 20% YoY to Rs 671.3 crore in Q3 FY24 from Rs 559.6 crore in the same time the previous year.
For the quarter that concluded in December 2023, HDFC Asset Management Company announced a consolidated net profit of Rs 488 crore on January 11. In the same quarter of the previous fiscal year, net profit increased 32.2 percent year over year to Rs 369.2 crore. Consolidated income increased by 20% YoY to Rs 671.3 crore from Rs 559.6 crore in the same period last year, according to a report from HDFC AMC to the exchange. – HDFC AMC
The stock experienced a significant increase on NSE following the results announcement. The stock was trading at Rs 3,457.45 at 2:45 pm, up 1.7% from the previous close.
The AMC finished the quarter with Rs 5.75 lakh crore in assets under management. Meanwhile, the quarterly average assets under management (QAAUM) were Rs 5.51 lakh crore. Operating profit from the company’s primary asset management division increased by 25% to Rs 496.1 crore. As of December 31, 2023, the company has invested a total of Rs 6469.5 crore. Approximately 90% is invested in mutual funds, owing to the regulatory mandate. 6.1 percent is in debentures and tax-free bonds, and around 3 percent is in AIFs and other stock.
90 percent of mutual fund investments are made in liquid and debt funds. While 7.7 percent is in equity-oriented funds, the balance is in arbitrage funds.
