HDFC Asset Management Company on Monday posted its fiscal first quarter profit at Rs 477.41 crore, up 26.9 per cent as against Rs 376.17 crore during the same quarter last year. It posted revenue from operations at Rs 574.54 crore, up 6.2 per cent on-year in comparison to Rs 540.95 crore during the first quarter of FY23.
The company posted total income during the quarter at Rs 732.62 crore, up 14.9 per cent on-year from Rs 637.83 crore a year earlier. The total expenses during the quarter in review stood at Rs 161.36 crore, up 10.5 per cent as against Rs 146.08 crore during Q1FY23. HDFC AMC operates from its 229 branches and 75K+ distribution partners across the country.
Meanwhile, the company also announced an additional investment in Rs 2,50,00,000 equity shares of WOS of Rs 10 each proposed to be made at the face value of Rs 10. “The Company propose to acquire 2,50,00,000 equity shares of Rs 10 each of WOS and continue to hold 100 per cent of the total paid up share capital of WOS,” it said in a regulatory filing. The acquisition is expected to be completed during FY 2023-24.
The acquisition is approved in order to enable the WOS to meet the net worth requirements prescribed for Registered Fund Management Entity (Retail) under the International Financial Services Centres Authority (Fund Management) Regulations, 2022, to provide seed capital, if required, in certain funds to be set up by WOS in Gujarat International Finance Tec-City (GIFT) IFSC and to meet the operating and administrative expenses of the WOS, from time to time, it said in a statement.
WOS had been incorporated in May 2022, for the purpose of undertaking the business of acting as an Investment Manager to the scheme to be launched under Alternative Investment Fund (AIFs); launch scheme under the AIF which may feed into such securities including but not limited to issue in India and/or foreign jurisdictions, Mutual Fund schemes acting as an investment manager to international funds; providing portfolio management services as well as investment advisory services and offer separately managed accounts.