Lower operating cost helps HDFC AMC register 5% growth in Q3 profit

Our Bureau Mumbai | Updated on January 20, 2021

HDFC Asset Management Company net profit increased five per cent to ₹369 crore against ₹352 crore logged in the same period last year, mainly on the lower cost of operations.

Revenue was down eight per cent at ₹482 crore (₹525 crore). Total expense incurred in the quarter was down 11 per cent at ₹112 crore (₹126 crore).

The fund house has appointed Navneet Munot as Managing Director and CEO.

The asset under management was up 10 per cent at ₹4.07 lakh crore (₹3.69 lakh crore), mainly due to run-up in the equity market. However, equity asset under management was down five per cent at ₹1.60 lakh crore (₹1.69 lakh crore).

Debt market AUM was up 40 per cent at ₹1.55 lakh crore, and that of liquid schemes was almost stagnant at ₹78,800 crore.

The individual monthly average AUM was down two per cent at ₹2.23 lakh crore as the live personal accounts were dipped four per cent to 9 million as investors booked profit with the sharp run-up in equity markets.

Inflows through systematic investment plan were down 25 per cent at ₹910 crore (₹1,220 crore) as some of the investors who discontinued SIP due to job losses after the Covid pandemic are yet to re-start their savings.

Published on January 20, 2021

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