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HDFC AMC PBT rises 44%, post-tax profit up 79% on corporation tax cut

Firm provides nearly Rs 25 crore on Essel group debentures in books

Jash Kriplani  |  Mumbai 

Q2 company results
Illustration by Ajay Mohanty

Asset Management Company, the country's largest fund house, today reported a 44 per cent YoY rise in profit before tax, or PBT, at Rs 427 crore.

The company profit after tax (PAT) rose by as much as 79 per cent for quarter ended September on the back of the recent reduction in corporation tax rates.

Meanwhile, the company also took a provision of close to Rs 25 crore on its balance-sheet exposure to Essel group firms' non-convertible debentures.

As of September 30, the company managed assets worth Rs 3.6 trillion, up 25 per cent over period a year ago. The company's industry market share stood at 14.9 per cent.

In the individual investor segment, the company held market share of 15.6 per cent. It sourced 12.7 per cent of its assets from beyond the top-30 cities, also known as B30.

AMC's stock closed 3.3 per cent down, at Rs 2,900.55, on the Bombay Stock Exchange on Friday. The stock has gained over 92 per cent on a year-to-date basis.

First Published: Fri, October 25 2019. 20:04 IST
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