HDFC Asset Management Company has reported 60 per cent rise in March quarter net profit at ₹276 crore against ₹172 crore logged in the same period last year, largely due to lower fees and commission expense.

Total income in the quarter under review was up 9 per cent at ₹547 crore (₹500 crore). The board has declared a final divided of ₹12 per share.

The total fee and commission expense borne by the mutual fund was lower at ₹30 crore (₹100 crore) as SEBI has prohibited payment of upfront commission and mandated a full trail model for distributor commission.

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It has further mandated that all scheme-related expenses, including distributor commission should be paid by the scheme and not by the AMC, it said.

The assets under management (AUM) in the March quarter was up 11 per cent at ₹23.8-lakh crore against ₹21.4-lakh crore logged in the same period last year. Equity assets as a percentage of total assets was stagnant at last year’s level of 43 per cent in the March quarter.

It had processed 33.8 lakh systematic transactions with a value of ₹11,800 crore in March.

Yearly trend

The AUM of the mutual fund was up 18 per cent at ₹3,43,900 crore as of March-end (₹2,92,000 crore). The fund house had 14.5 per cent market share in total AUM of the mutual fund industry.

Equity-oriented AUM, excluding arbitrage funds and index funds, was at ₹1,64,300 crore as on March 31 with a market share of 16.2 per cent.

The contribution from the beyond top-30 locations to the total monthly average AUM was 14.9 per cent. Individual investor accounts increased 12 per cent to 90 lakh (80 lakh) as of March.

On Friday, the shares of the company were up 0.31 per cent at ₹1,610.8 on the BSE.

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