 "Major asset management companies report muted results in second quarter")
Two of the top asset management companies in India HDFC AMC and Nippon Life AMC have reported muted results for the second quarter (Q2) of financial year 2023. The revenues from operations has remained flat for HDFC AMC at Rs 544 crore and has increased 1 per cent for Nippon Life AMC to Rs 332 crore.
The net profit surged 6 per cent for HDFC AMC to Rs 364 crore in the previous quarter compared to Rs 344 crore during the same period of the last financial year. Nippon Life AMC’s net profit declined 4 per cent to Rs 206 crore.
Their performances in Q2 are much better to that of the previous quarter. While Nippon Life’s Q1 profit was down 37 per cent, HDFC AMC's profit declined 9 per cent.
In exchange filings, both the AMCs reported a growth in their assets under management (AUM) in Q2 FY 2023 compared to the same quarter of FY 2022. HDFC AMC's AUM stood at Rs 4.29 trillion during the quarter under review as compared to Rs 4.38 trillion in the year ago period.
Nippon Life AMC's AUM was up 7 per cent to Rs 2.8 trillion in Q2 FY 2023 from Rs 2.65 trillion a year ago.
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