HDFC AMC net profit up 4% on better earnings
Revenue increased 14% to ₹1,170 crore (₹1,027 crore) and other incomes plunged to ₹71 crore (₹96 crore) in the quarter under review
HDFC Asset Management Company reported a 4% increase in net profit to ₹749 crore in the September quarter, up from ₹718 crore in the same period last year. Revenue grew by 14% to ₹1,170 crore, while expenses rose to ₹265 crore from ₹248 crore due to higher employees' benefits. Other income declined significantly to ₹71 crore, down from ₹96 crore, primarily due to lower financial returns and valuation changes.
The company reversed an income tax provision of Rs 47 crore, adding to the net profit. Asset under management increased by 10% to ₹9.69 lakh crore, with equity-oriented AUM up 14% to ₹6.08 lakh crore. Debt AUM decreased by 13% to ₹1.62 lakh crore, while liquid AUM rose by 10% to ₹86,000 crore. Systematic transactions inflows grew by 6% to ₹4,800 crore, while marginally declining.
The fund house expects to launch SIF category products soon and plans to introduce contra and life cycle funds after SEBI's classification changes.
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