HDFC Asset Management Company (AMC) on Monday reported 52 percent jump in net profit to Rs 477.5 crore for the quarter ended June. The company's net profit stood at Rs 314.2 crore in the same quarter last year. The total revenue for first quarter of FY24 grew 10.1 percent year-on-year (YoY) to Rs 574.5 crore versus Rs 521.6 crore.
The AMC's revenue from operations during the same period rose 10.15 percent to Rs 574.54 crore from Rs 521.58 crore last year. The company's asset under management for the quarter stood at Rs 4.99 lakh crore.
The company's quarterly average assets under management (QAAUM) stood at Rs 4.85 lakh crore for the quarter ended June 2023 compared to Rs 4.15 lakh crore in the year-ago period, commands 11.3 percent market share in QAAUM of the mutual fund industry.
Over 50.3 lakh systematic transactions with a value of Rs 1890 crore were processed during the month of June, the company said in a release. The total live accounts stood at 1.22 crore as on June. Unique customers as identified by Permanent Account Number (PAN) stands at 71 lakh compared to 3.83 crore for the industry, a market share of 18 percent.
The shares of the company ended 0.10 percent lower at Rs 2,498.15 apiece on the BSE.
In a separate announcement, HDFC AMC on Monday launched HDFC Charity Fund for Cancer Cure. This Fixed Maturity Plan (FMP) (close ended income scheme with tenure 1,196 days) is launched in collaboration with Indian Cancer Society (ICS), HDFC AMC said in a statement.
The captioned new fund offer (NFO) will open on July 28, 2023 and close on August 08, 2023.
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