HDFC AMC PBT rises 44%, post-tax profit up 79% on corporation tax cut

Firm provides nearly Rs 25 crore on Essel group debentures in books

HDFC Asset Management Company, the country's largest fund house, today reported a 44 per cent YoY rise in profit before tax, or PBT, at Rs 427 crore. 

The company profit after tax (PAT) rose by as much as 79 per cent for quarter ended September on the back of the recent reduction in corporation tax rates.

Meanwhile, the company also took a provision of close to Rs 25 crore on its balance-sheet exposure to Essel group firms' non-convertible debentures. 

As of September 30, the company managed assets worth Rs 3.6 trillion, up 25 per cent over period a year ago. The company's industry