HDFC Asset Management Company Ltd on Thursday recorded net profit for the third quarter of FY24 at Rs 487.92 crore, up 32.2 per cent in comparison to Rs 369.16 crore during the corresponding quarter of FY23. The company posted revenue from operations at Rs 671.32 crore, up 20.0 per cent as against Rs 559.56 crore during the same period last year. While the total income during the quarter was recorded at Rs 814.17 crore, total expenses for Q3FY24 came in at Rs 177.34 crore.
HDFC AMC also announced the appointment of V Srinivasa Rangan as an Additional (Non-Executive Non-Independent) Director of the Company based on the recommendation of the Nomination and Remuneration Committee, with effect from January 12, 2024. V Srinivasa Rangan will be Nominee Director representing HDFC Bank Limited, Promoter of the Company, it said in a regulatory filing.
V Srinivasa Rangan is the executive director (i.e., Whole-time Director) of HDFC Bank Limited. He was the executive director and chief financial officer of erstwhile Housing Development Finance Corporation Limited. He is an expert in finance, accountancy, audit, economics, corporate governance, legal & regulatory compliance, risk management and strategic thinking. He has vast experience in housing finance and real estate sector.
Earlier in September last year, HDFC AMC received approval from the RBI to acquire additional holdings of up to 9.5 per cent in Karur Vysya Bank and DCB Bank. In an exchange filing, Karur Vysya Bank said, “We advised that the Reserve Bank of India vide its letter dated September 20, 2023, has accorded its approval to HDFC Asset Management Company Ltd (HDFC AMC) for acquiring aggregate holding of up to 9.5 per cent of the paid-up share capital or voting rights of The Karur Vysya Bank Ltd. The approval has been granted with reference to the application made by HDFC AMC to RBI.”