The shares of one of India’s largest Mutual Fund providers gained 5.6 percent to a 52-week high price of Rs 2,910 a share after the company reported strong September quarter financial results.
At 12:20 p.m., HDFC Asset Management Company Ltd shares were trading at Rs 2,893.05 per share, up Rs 137.80 or 4.93 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 61,705 crore.
The HDFC AMC reported an 18 percent increase in revenue year on year, from Rs 544 crore in Q2FY24 to Rs 643 crore in the corresponding quarter of the previous year, Q2FY23. During the same period, net profit increased by 20 percent from Rs 364 crore to Rs 437 crore.
In comparison to the previous quarter,operational revenue increased 12 percent from Rs 574 crores in Q1FY24 to Rs 643 crore in Q2FY24, Further net profit declined by 8 percent from Rs 477 crore to Rs 437 crore. According to the company’s exchange filing.
The company’s Quarterly Average Assets Under Management (QAAUM) stood at Rs 5.24 lakh crore compared to Rs 4.85 lakh crore in Q1FY24, commanding a 12.4 percent market share in QAAUM of the mutual fund industry.
HDFC AMC made 5.86 million Systematic transactions with a value of ₹22.4 billion processed during the month of September 2023.
HDFC AMC shares have delivered returns of 61 percent in six months and 51 percent in a year.
According to the recent shareholding pattern, the company promoters hold 52.55 percent of the company, Domestic institutional investors hold 20.66 percent and retail investors hold a 10.67 percent stake.
HDFC Asset Management Company Limited manages mutual funds. The company offers asset management services to HDFC Mutual Fund and alternative investment funds, as well as portfolio management and advisory services to clients.
Written by Omkar Chitnis
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