HDFC Asset Management Company (AMC) reported a 44% jump in profit after tax at Rs 541.1 crore in the quarter ended March 2024, driven by strong growth in assets under management.
New Delhi, Apr 19 (PTI) HDFC Asset Management Company (AMC) on Friday reported a 44 per cent jump in profit after tax at Rs 541.1 crore in three months ended March 2024.
In comparison, the company posted a profit after tax (PAT) of Rs 376.1 crore in the year-ago period, the fund house said in a regulatory filing to the stock exchanges.
The firm's total income surged by 33 per cent Year-on-Year (YoY) to Rs 851 crore in the quarter under review from Rs 637.8 crore in the January-March quarter of the financial year 2022-23 (FY23).
Additionally, the company's expenses grew 18 per cent YoY to Rs 172 crore in the fourth quarter ended March 2024.
The company's average asset under management (AAUM) stood at Rs 6.13 lakh crore as of March 2024 as against Rs 4.5 lakh crore a year earlier.
For the full financial year 2023-24 (FY24), the fund house's PAT surged by 37 per cent year-on-year to Rs 1,946 crore and total income rose 27 per cent YoY to Rs 3,162.5 crore.
HDFC AMC is an investment manager for HDFC Mutual Fund, one of the leading mutual funds in the country.
Shares of HDFC AMC settled 1.73 per cent lower at Rs 3,707.15 apiece on the BSE.
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