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BusinessHDFC AMC's profit dips 9% to ₹314.2 crore in Q1; revenue up...

HDFC AMC’s profit dips 9% to ₹314.2 crore in Q1; revenue up 2.9%

HDFC AMC Q1 Result 2022: HDFC Asset Management Company's profit declined by 9% at Rs 314.19 crore in April-June quarter as against Rs 345.45 crore in the corresponding quarter of last fiscal

HDFC Asset Management Company (HDFC AMC) on Friday 22 July announced its first quarter results for the current financial year. The company said that its profit (PAT) in the April-June quarter declined by 9 per cent year-on-year to Rs 314.19 crore. The company’s profit was Rs 345.45 crore in the corresponding quarter of the last financial year.

The company’s revenue grew 2.9 per cent to Rs 521.58 crore in the first quarter. HDFC AMC’s income from other sources in the June quarter was Rs 11.32 crore, which is 89 per cent lower than the income in the corresponding quarter of the previous financial year. However, along with this, the company’s tax cost also declined by 41.3 per cent to Rs 70.8 crore in the June quarter.

During the June quarter, the company paid a final dividend of Rs 42 per share on each share of Rs 5 face value for FY 2022. The dividend amount was approved by the shareholders at the company’s Annual General Meeting (AGM) held on June 29.

Also read- There is a big fall in the shares of Zomato? The lock-in period of 613 crore shares is ending tomorrow, know the details The company’s quarterly average asset under management (QAAUM) stood at Rs 4.15 lakh crore, which is marginally lower than Rs 4.169 lakh crore in the corresponding quarter of last fiscal. With this QAAUM, the company has a total market share of 11 per cent in the mutual fund industry.

Along with the results, the company today also announced the resignation of its Chief Investment Officer Prashant Jain. Moneycontrol had already told in a report about this that Prashant Jain, who was the country’s longest mutual fund manager, has made up his mind to separate from the company.

Apart from this, he is the only fund manager who has been managing a mutual fund scheme since its inception for the last 28 years. Chirag Setalvad has been appointed as the new Chief Investment Officer following Jain’s resignation. Meanwhile, shares of HDFC AMC closed down 1.46% per cent at Rs 1,896.90 on the NSE on Friday.

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