HDFC AMC’s Q1 profit surges 52% to Rs 478 crore; revenue rises 10%

Asset management company HDFC (AMC) on Monday announced a 52 per cent YoY growth in Q1 (Q1FY24) earnings at Rs.478 crore. In the same quarter of the financial year 2023, AMC’s net profit was Rs. 314 crore.

Compared to the previous quarter, profits were up 27 percent. In the fourth quarter of the financial year 2023, the company recorded a net profit of Rs. 376 crore.

AMC, which operates the third largest mutual fund in the country, saw its revenue from operations rise by 10 per cent year-on-year to Rs.576 crore. Income from other sources rose from Rs 11 crore to Rs 158 crore, which led to a sharp jump in profits, shows the standalone financial result filed with the stock exchanges.

AMC said in a press release that operating profit for the quarter was Rs. 413 crore, 11 per cent higher than last year’s figure of Rs. 374 crore.

Expenses, excluding taxes, increased by 9 per cent year-on-year to Rs.161 crore.

The assets managed by the HDFC mutual fund have risen 17 percent in a one-year period. In the first quarter, the average assets under management (AUM) in MF was 4.86 trillion rupees compared to 4.15 trillion rupees in the first quarter of the previous financial year. HDFC MF’s assets under management account for 11.3 percent of the industry’s total assets under management. AMC said in a press release that the fund had 7.1 million unique customers at the end of the quarter.