Q3 FY24 saw a 20% YoY surge in the asset management company’s ( HDFC AMC) consolidated revenue, reaching Rs 671.3 crore from Rs 559.6 crore in the preceding year.
HDFC Asset Management Company on January 11 reported a consolidated net profit of Rs 488 crore for the quarter ended December 2023.
Net profit rose 32.2 percent year-on-year from Rs 369.2 crore last fiscal quarter.
In the interim, consolidated revenue rose 20 percent YoY to Rs 671.3 crore against Rs 559.6 crore in the year-ago period, HDFC AMC said in an exchange filing.
After announcing the results, the stock saw a sharp uptick on the NSE. At 2:45 pm, the stock quoted Rs 3,457.45, up 1.7 percent from the previous close.
The AMC closed the quarter with assets under management worth Rs 5.75 lakh crore.
Simultaneously, Quarterly Average Assets Under Management (QAAUM) came in at Rs 5.51 lakh crore.
The company’s operating profit from the core asset management business rose 25 percent to Rs 496.1 crore.
The company has also made total Investments of Rs 6469.5 crore as of December 31, 2023.
Out of which about 90 percent is invested in mutual funds primarily on account of the regulatory mandate. 6.1 percent is in debentures and tax-free bonds, and about 3 percent on AIFs and other equity.
Out of the investments made in mutual funds, 90 percent is in liquid and debt funds.
While 7.7 percent is in equity-oriented funds and the rest is in arbitrage funds.
