HDFC AMC Posts 32% Surge In Q3 Profit, Records 20% Growth In Sales
On Thursday, HDFC AMC announced a consolidated profit after tax (PAT) of Rs 487.92 crore for the December quarter, reflecting a significant increase of 32.17 per cent compared to Rs 369.16 crore in the same quarter last year.
The rise in the bottom line was attributed to a substantial 38 per cent year-on-year increase in other income, reaching Rs 142.4 crore, compared to Rs 103.40 crore in the corresponding period.
Sales for the quarter witnessed a robust growth of 19.97 per cent year-on-year, totaling Rs 671.32 crore for the third quarter, as opposed to Rs 559.56 crore in the previous year. While feeds and commission expenses experienced a 33 per cent decline, employee benefit expenses saw a 14 per cent year-on-year increase. Finance costs for the quarter decreased by 8 per cent, according to HDFC AMC.
As of the end of the September quarter, HDFC AMC reported assets under management (AUM) of approximately Rs 5,75,000 crore. Notably, actively managed equity-oriented AUM stood at Rs 3,16,600 crore, and debt average assets amounted to Rs 1,35,300 crore. PMS AUM was reported at Rs 1,800 crore. The AMC claimed a 12.6 per cent market share in equity assets, 13.2 per cent in debt assets and 11.5 per cent in liquid assets.
HDFC AMC disclosed having 87 lakh unique investors and 1.49 crore live accounts. The company also highlighted the shareholder approval for the re-appointment of Sashidhar Jagdishan as MD & CEO. Following the quarterly earnings announcement, HDFC AMC's shares experienced a 1.58 per cent surge, reaching a high of Rs 3,471.70 on the BSE, and achieving a 52-week high of Rs 3,490.
