homeearnings NewsHDFC AMC net profit rises 2.6% in third quarter — revenue misses Street estimates

HDFC AMC net profit rises 2.6% in third quarter — revenue misses Street estimates

HDFC AMC net profit rises 2.6% in third quarter — revenue misses Street estimates
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By Anshul  Jan 24, 2023 4:49:49 PM IST (Published)

The revenue from operations stood at Rs 559.56 crore for the quarter, growing 1.8 percent compared to similar period last fiscal. During the quarter, the company's operating profit from core asset management business was flat at Rs 397.4 crore.

HDFC Asset Management Company (AMC) on Tuesday reported 2.6 percent rise in net profit at Rs 3,69.2 crore for the quarter ended December 31, 2022, versus Rs 360 crore year-on-year (YoY). The revenue for the same period was lower than CNBC-TV18's estimates. It stood at Rs 560 crore, up 1.9 percent as against Rs 549.6 crore YoY.

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The revenue from operations stood at Rs 559.56 crore for the quarter, growing 1.8 percent compared to similar period last fiscal. During the quarter, the company's operating profit from core asset management business was flat at Rs 397.4 crore.
The profit before tax stood at Rs 500.8 crore, up by 3 percent from Rs 485.1 crore in Q3 FY22. The quarterly average assets under management came in at Rs 4,44,800 crore as against Rs 4,47,100 crore last year in the same quarter.
The stock ended 2 percent lower at Rs 1,959.80.
HDFC Asset Management Company (HDFC AMC) is the investment manager of HDFC Mutual Fund, one of the largest mutual funds in the country. The AMC has a diversified asset class mix across equity and fixed income/others. In an exchange filing, the company said that it had a market share of 12.8 percent of the individual monthly average AUM in the industry.
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