HDFC Asset Management Company Q1 profits soar 42% to Rs 292 crore

HDFC AMC is the country largest' mutual fund manager with a market share of 14.7 per cent (of total industry assets under management, or AUM) as on June 30, 2019

HDFC Asset Management Company (AMC) on Tuesday reported a 42 per cent year-on-year increase in June quarter net profit to Rs 292 crore. The asset manager’s total income grew 10 per cent to Rs 553 crore for the period. The bottom-line was boosted by a sharp 41 per cent decline in total expenses to Rs 123 crore from Rs 207 crore for the quarter ended June 2018. The decline was largely on account of drop in fees and commissions paid to distributors. Shares of the company rose 3.1 per cent to end at Rs 1,994. 

HDFC AMC is the country largest’