HDFC Asset Management Company on Thursday posted profit for the second quarter of FY24 at Rs 436.52 crore, up 20 per cent in comparison to Rs 363.85 crore during the same period last year. It posted revenue from operations at Rs 643.08 crore, up 18.1 per cent as against Rs 544.72 crore during the second quarter of FY23.
While the total income during the quarter under review was at Rs 765.35 crore, total expenses during Q2FY24 by HDFC AMC was at Rs 177.26 crore. The operating profit for the quarter ended September 30, 2023 was Rs 467 crore as compared to Rs 388.90 crore for the quarter ended September 30, 2022.
Quarterly Average Assets Under Management (QAAUM) grew to Rs 524.70 thousand crore in Q2FY24 as compared to Rs 429.30 thousand crore for the quarter ended September 2022. QAAUM, up 8.1 per cent on a sequential basis.
“QAAUM in actively managed equity-oriented funds, i.e., equity oriented QAAUM excluding index funds stood at Rs 286.10 thousand crore for the quarter ended September 30, 2023 with a market share of 12.4 per cent. The AMC is amongst the largest actively managed equity-oriented mutual fund managers in the country,” the firm said in a regulatory filing.
The ratio of equity oriented QAAUM and non-equity oriented QAAUM is ~58:42, compared to the industry ratio of 51:49 for the quarter ended September 30,2023.
A total of 5.86 million systematic transactions with a value of Rs 2,240 crore processed during the month of September 2023, it said.
HDFC AMC further added that total live accounts stood at 13.6 million as on September 30, 2023. Unique customers as identified by PAN or PEKRN now stands at 7.9 million as on September 30, 2023 compared to 40.4 million for the industry, a share of 19.6 per cent.