HDFC AMC Q4 profit-after-tax drops 9 pc to Rs 250 cr

HDFC Asset Management Company on Saturday reported a 9 per cent drop in profit-after-tax at Rs 250 crore for the three months ended March 2020.

In comparison, it had posted a profit-after-tax of Rs 276.17 crore in the year-ago period, HDFC AMC said in a regulatory filing to the stock exchanges.

Its total income declined to Rs 449.62 crore in the fourth quarter ended March 31, 2020 from Rs 547.67 crore in the same period a year ago.

The board of directors has proposed a final dividend of Rs 28 per equity share for the year ended March 31, 2020, subject to the approval of the shareholders at the ensuing annual general meeting, the company said.

The average assets under management of the fund house increased to Rs 3.7 lakh crore as of March 31, 2020 compared to Rs 3.42 lakh crore as on March 31, 2019.

For the entire fiscal 2019-20, the fund house profit-after-tax surged 36 per cent to Rs 1,262.41 crore from Rs 930.6 crore in the preceding fiscal.

Its total income rose to Rs 2,143.43 crore for 2019-20 from Rs 2,096.78 crore in the preceding fiscal.