HDFC AMC reports 14% surge in profit after tax to Rs 345.45 crore in Q1

HDFC Asset Management Company (AMC) on Friday reported over 14 per cent surge in profit after tax to Rs 345.45 crore for the three months ended June 30.

The asset management firm had posted a profit after tax (PAT) of Rs 302.36 crore in the same quarter preceding fiscal, HDFC AMC said in a regulatory filing to the stock exchanges.

The company's total income rose to Rs 607.99 crore in the June quarter, from Rs 491.31 crore in the year-ago period.

The company's average assets under management increased 17 per cent to Rs 4,16,900 crore as of June-end 2021, compared to Rs 3,56,200 crore in June 2020, giving it a market share of 12.6 per cent.

HDFC AMC, investment manager of HDFC Mutual Fund, has a diversified asset class mix across equity and fixed income/others.

It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors and national distributors.