HDFC AMC Q1 results: Profit rises 52% to ₹477 crore

HDFC Asset Management Company reported a 52% jump in profit for the first quarter of FY24 with average assets under management growing to ₹4.86 lakh crore. The company serves a mutual fund customer base of 71 lakh individuals, with a total of 122 lakh live accounts.

According to a regulatory filing the asset management firm reported profit after tax at ₹477.5 crore for three months ended June 2023. It had earlier posted a PAT of ₹314.2 crore in the year-ago period.

Revenue from operations rose 10% to ₹574.5 crore during the last financial quarter - up from ₹521.6 crore in the April-June quarter of the preceding fiscal.

With a market share of 11.3%, HDFC AMC's average assets under management (AAUM) grew to ₹4.86 lakh crore in the first quarter - up from ₹4.15 lakh crore in the year-ago period.

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HDFC AMC is an investment manager for HDFC Mutual Fund, one of the leading mutual funds in the country. It was previously operated as a joint venture between Housing Development Finance Corporation (HDFC) and Abrdn Investment Management. The UK-based promoter however divested its entire 10.20% stake in the firm for ₹4,079 crore through open market transactions last month.HDFC AMC had also undergone changes in control ahead of the merger of HDFC into HDFC Bank.

The company's shares settled marginally lower at Rs2,498.15 apiece on the BSE as the market closed on Monday.

(With inputs from agencies)