AMCs clock robust growth in Q1; HDFC AMC posts 10% rise in revenue

During recent run-up in share prices, positives have been factored in: Analysts

Asset Management Companies (AMCs) demonstrated improved business metrics in the first quarter ended June 2023 (Q1FY24), but a sharp run-up in stocks leaves little room for further upside in the immediate term, say analysts.

During this quarter, HDFC AMC reported a 10 per cent year-on-year (YoY) rise in revenue from operations at Rs 575 crore. Nippon India's revenue from operations went up 12 per cent to Rs 354 crore. Profits grew at a faster pace for both asset managers, thanks to a steep rise in other income. While HDFC AMC's net profit was up 52 per cent YoY to Rs