Following its merger with HDFC Bank, HDFC Asset Management Company (AMC) has reported a year-on-year (YoY) growth of 18.1% and 20% in its top and bottom line respectively for the second quarter of fiscal year 2024. The net profit stood at ₹436.5 crore (₹1 crore = $120,132), marking a sequential drop of 8%, but an increase of 20% YoY.
Revenue for the company rose by 12% to ₹643.1 crore from the last quarter while total income increased by 18% YoY and 4% quarter-on-quarter (QoQ) to ₹765.3 crore. This reflects a consistent increase in both YoY and QoQ income. The operating profit was recorded at ₹467 crore, indicating a 20% YoY growth.
As per data provided by Prabhudas Lilladher, the company's average assets under management (QAAUM) for the quarter were ₹524,000 crore, claiming a market share of 12.4%. The ratio of equity-oriented QAAUM (excluding index funds) to non-equity oriented QAAUM was noted at 58:42, compared to the industry ratio of 51:49. This shows an increase in equity share on a QoQ basis.
In September 2023, HDFC AMC executed approximately 5.86 million systematic transactions valued at ₹2,240 crore and reported total live accounts of 13.6 million, holding a market share of 19.6%. The number of unique customers identified by PAN or PEKRN reached 7.9 million.
For the first half of fiscal year 2024, the company registered a profit after tax of ₹915.1 crore and revenue of ₹1,497.8 crore, indicating a growth in profit and revenue for H1 FY24.
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