HDFC AMC, India’s largest asset manager, on Tuesday posted a net profit rise of 42 per cent in the first quarter of FY20 on account of rise in assets under management. The net profit for the first quarter of fiscal year 2019-20 was recorded at Rs 291.79 crore as against Rs 205.26 in the same quarter of the previous year, the company said in a regulatory filing. The total income surged to Rs 552.75 crore as against Rs 501.19 crore in the corresponding period of the previous year. An increase of 18 per cent was seen in assets under management (AUM) to Rs 3,56,700 crore.
HDFC AMC also said that the company provided liquidity arrangement to certain FMPs of HDFC MF in Q1FY20. It was done to infuse liquidity into such FMPs due to their exposure to certain non-convertible debentures (NCDs). The company purchased NCDs to the tune of Rs 426.45 crore at the existing valuation yields or prices provided by independent rating agencies.
An increase of 10 per cent was reported in the number of live individual accounts from 8.36 million as of June 30, 2018 to 9.20 million, as of June 30, 2019. The unique customers as identified by PAN or PEKRN now stands at 5.4 million as on 30th June 2019 compared to 19.6 million for the industry, a market share of 28 per cent.
HDFC Asset management, posted a 61 per cent jump in net profit for the quarter ended March 31 2019 from the previous year on stronger inflows and rising margins. The company’s net profit for the fourth quarter was Rs 276.3 crore as against Rs 171.9 crore in the same period last year
The shares were trading at Rs 2,003, up 68.20, or 3.52 per cent on NSE at the time of reporting.