Stocks

HDFC AMC hits record high on jump in Q1 profit

Reuters Bengaluru | Updated on July 17, 2019 Published on July 17, 2019

 

The shares of HDFC Asset Management Co Ltd was up as much as 6.9 per cent on Wednesday to a record high of ₹2,127.

On Tuesday it had posted 42 per cent jump in its June-quarter profit to ₹292 crore ($42.44 million) against ₹205 crore in a year ago period.

Also read: HDFC AMC Q1 net profit zooms 42 per cent, at ₹292 crore

The total expenses nearly halved from prior year because of a huge drop of 86 per cent in fees and commission expenses. The asset under management jumped 18 per cent, as of June 30.

The stock has an estimated PE of 41.1, well above sector average of 33.96. Up to last close, shares have risen 32.2 per cent this year, while peer Reliance Nippon Life Asset Management is up 43 per cent in the same period.

Published on July 17, 2019
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