 "HDFC AMC")
The HDFC Asset Management Company (AMC) on Monday reported a 52 per cent year-on-year (YoY) growth in first quarter (Q1 FY 2024) profit at Rs 478 crore. In the same quarter of FY 2023, the AMC's net profit stood at Rs 314 crore.
Compared to the previous quarter, the profit is up 27 per cent. In Q4 FY 2023, the company had posted a net profit of Rs 376 crore.
The AMC, which runs the third-largest mutual fund in the country, saw its revenue from operations rise 10 per cent YoY to Rs 576 crore. Income from other sources surged from Rs 11 crore to 158 crore, leading to a sharp jump in profits, shows the standalone financial result filed with exchanges.
The operating profit for the quarter was Rs 413 crore, 11 per cent higher than the last year's figure of Rs 374 crore, the AMC said in a press release.
Expenses, excluding taxes, rose 9 per cent YoY to Rs 161 crore.
The assets managed by the HDFC mutual fund rose 17 per cent in the one-year period. In Q1, the average assets under management (AUM) of the MF stood at Rs 4.86 trillion compared to Rs 4.15 trillion in the first quarter of the previous financial year. The AUM of HDFC MF accounts for 11.3 per cent of the industry's total AUM. The number of unique customers of the fund house stood at 7.1 million at the end of the quarter, the AMC said in a press release.
