 "HDFC AMC profit jumps 37% to Rs 1,943 crore in FY24, revenue up 19%")
HDFC Asset Management Company (AMC) on Friday reported a 37 per cent jump in net profit at Rs 1,943 crore for the financial year 2023-2024 (FY24). The revenue from operations soared 19 per cent to Rs 2,167 crore. The surge in revenue from operations along with an 83 per cent rise in other income led to a 27 per cent growth in total income at Rs 3,163 crore.
For the fourth quarter, the net profit rose 44 per cent year-on-year (Y-o-Y) to Rs 541 crore. Revenue from operation went up 28 per cent to Rs 695 crore. Total income surged 33 per cent to Rs 851 crore during the quarter.
HDFC Mutual Fund is the third largest fund house in India, with average quarterly assets under management (AUM) of Rs 6.1 trillion in Q4. According to the AMC, HDFC MF's AUM market share in Q4 stood at 11.3 per cent. In the actively managed fund space, the AUM share was 12.8 per cent in the same period.
The AMC said that the fund house had 16.6 million active accounts at the end of the quarter with the number of unique investors at 9.6 million. The figure is 22 per cent of the total MF investor count of 44.6 million.
The HDFC AMC share declined 1.85 per cent on Friday to close at Rs 3,702.
"7.74 million Systematic transactions with a value of Rs 29.3 billion (Rs 2,930 crore) processed during March 2024. Over 85,000 empanelled distribution partners across MFDs, National Distributors and Banks, serviced through a total of 254 branches of which 174 are in B-30 locations. The contribution of B-30 locations to our total monthly average AUM is 19.1 per cent," the AMC said in a release.