HDFC AMC Q2 results: Net profit rises 20%, revenue grows 18%

HDFC Asset Management Company (AMC) on Thursday, October 12, reported a 20% increase in net profit for the quarter ending September 2023, at Rs 436.5 crore compared to Rs 363.8 crore in the same period last year. However, on a quarter-on-quarter (QoQ) basis, there was an 8.6% decline from Rs 477.4 crore.

In terms of revenue, HDFC AMC displayed an 18.1% growth, reaching Rs 643.1 crore, compared to Rs 544.7 crore YoY. Sequentially,, the revenue also saw growth, with an 11.9% rise from Rs 574.5 crore.

The company's Quarterly Average Assets Under Management (QAAUM) also grew, reaching Rs 5.24 lakh crore as against Rs 4.85 lakh crore in the previous quarter (Q1FY24). This growth has solidified HDFC AMC's market share in QAAUM, accounting for 12.4% of the mutual fund industry's assets under management.

In terms of the asset mix, HDFC AMC maintained a ratio of 58:42 for equity-oriented QAAUM and non-equity-oriented QAAUM, differing from the industry's average ratio of 51:49 for the quarter ending September 30, 2023.

A total of 58.6 lakh Systematic transactions with a value of Rs 2,240 crore were processed during the month of September 2023, the company said.

At the time of writing this report, HDFC AMC's shares were trading marginally higher at Rs 2,763 apiece on the Bombay Stock Exchange (BSE).