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HDFC AMC Reports 52% Surge In Q1 Net Profit
The company's operating profit for the quarter reached Rs 4,133 million, marking an impressive 11 per cent increase compared to the same period in the previous year
Photo Credit : Shutterstock
HDFC Asset Management Company (HDFC AMC), one of India's largest mutual fund managers, has reported its financial results for the quarter ended 30 June 2023, showcasing a robust performance. The company's operating profit for the quarter reached Rs 4,133 million, marking an impressive 11 per cent increase compared to the same period in the previous year.
HDFC AMC has continued to solidify its position in the mutual fund industry, boasting a Quarter Average Assets Under Management (QAAUM) of Rs 4,857 billion, with an 11.3 per cent market share. The company's actively managed equity-oriented funds also witnessed significant growth, reaching a QAAUM of Rs 2,488 billion, representing a market share of 12.1 per cent.
As a preferred choice among individual investors, HDFC AMC captured a market share of 13.0 per cent of the individual monthly average AUM in the industry. The company's total live accounts stood at 12.2 million as of 30 June 2023, with a market share of 18 per cent for unique customers identified by PAN or PEKRN.
The financial highlights for the quarter indicate a remarkable profit before tax of Rs 5,713 million, reflecting substantial growth primarily driven by other income. The profit after tax stood at Rs 4,775 million, signifying a notable improvement compared to the same quarter in the previous year.
HDFC AMC's success can be attributed to its comprehensive suite of savings and investment products, catering to the diverse needs of its large customer base. With a vast network of 229 branches, over 75,000 distribution partners, and modern digital platforms, the company is well-positioned to serve clients across India.
As of 30 June 2023, HDFC Mutual Fund, managed by HDFC AMC, reported a closing AUM of Rs 5 trillion, solidifying its position as one of the largest mutual funds in the country.
The company's strong financial performance reflects its continued growth and success in navigating the dynamic financial market, making it a leading player in the mutual fund industry. With its customer-centric approach and diverse investment offerings, HDFC AMC continues to be a preferred choice among investors seeking reliable and rewarding investment solutions.