HDFC AMC reports 9% decline in profit to Rs 314 cr in June quarter

HDFC Asset Management Company (AMC) on Friday reported a 9 per cent decline in profit after tax at Rs 314.2 crore in the three months ended June 2022.

In comparison, the asset management firm had posted a Profit After Tax (PAT) of Rs 345.4 crore in the year-ago period, HDFC AMC said in a regulatory filing.

The company's revenue from operations rose 3 per cent to Rs 521.6 crore in the first quarter of FY23 from Rs 507.1 crore in the same quarter preceding fiscal.

Its Average Asset Under Management (AAUM) stood at Rs 4.15 lakh crore for the June quarter. The same was Rs 4.17 lakh crore for the corresponding period last year.

HDFC AMC, investment manager to 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.