 "HDFC AMC")
Anand Rathi Wealth reported 34 per cent year-on-year rise in net profit at Rs 58 crore in the second quarter (Q2). Total revenue surged 37 per cent to Rs 189 crore. The company said its equity mutual fund net flows rose 14 per cent to Rs 1,870 crore during the period. This led to a rise in share of equity funds in its overall assets under management from 48 per cent at the end of Q2 FY 2023 to 50 per cent at the end of Q2 FY 2024, the company said.
HDFC AMC Q2 profit up 20% at Rs 437 crore
HDFC Asset Management Company (AMC) on Thursday reported a 20 per cent rise in net profits for the second quarter (Q2). The AMC reported a profit of Rs 437 crore for the quarter compared to Rs 364 crore in the same period last year (Q2 FY 2023).
The rise in profit was in line with the revenue growth. The AMC reported a Rs 643 crore revenue from operations for the quarter ended September. During the same period last year, the company's revenue from operations stood at Rs 545 crore.
In a release, the AMC pegged its market share in the mutual fund business (in terms of assets under management) at 11.2 per cent. Among actively-managed funds, the share rises to 12.4 per cent.
As of September 30, the MF had 13.6 million active investment accounts with 7.9 million unique investors.
Plaza Wires shares soar 49% on debut
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Shares of Plaza Wires gained nearly 50 per cent during their stock market debut on Thursday. Shares of the company ended at Rs 80.2, up Rs 26.2, or 49 per cent over its issue price of Rs 54. The stellar gains follow strong response to the company’s IPO, which saw 161 times more demand than shares on offer and attracted bids worth over Rs 8,000 crore.
Plaza Wires’ Rs 71-crore IPO was the smallest for this financial year. Plaza Wires is a manufacturer of aluminium cables and fast-moving electrical goods. At the IPO price of Rs 54 per share, the company was valued from Rs 236 crore, which has now soared to Rs 351 crore. In FY23, the company reported net profit of Rs 7.5 crore on revenues of Rs 182 crore.
