HDFC Asset Management Company on Monday reported a 26% year-on-year jump in consolidated net profit for the quarter ended June 30, 2024, at Rs 604 crore versus Rs 477 crore in the corresponding period of the previous financial year. The revenue from operations for the reporting quarter stood at Rs 775 crore, up 35% YoY from Rs 575 crore reported by the company in Q1FY24.
The consolidated profit after tax (PAT) was higher by nearly 12% on a quarter-on-quarter basis. The revenue was also up 12% on a sequential basis versus Rs 695 crore reported in the year-ago period.
HDFC AMC also reported revenue from other income at Rs 173 crore. Total expenses for the reported quarter stood at Rs 196 crore versus 172 crore in Q4FY24 and Rs 161 crore in Q1FY24.
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The earnings were announced during market hours and the stock hit its 52-week-high of Rs 4,296.40. Around 3 pm on Monday, the HDFC AMC shares were trading at Rs 4,223.50, up by Rs 54.55 or 1.31%.
During the period ended June 30, 2024, the company had declared and paid an interim dividend of Rs 70 per equity share for the year ended March 31, 2024.
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HDFC AMC shares have delivered 77% returns over the last 12 months versus 25% returns by Nifty in the same period. Its returns so far this year stand to the tune of 31% versus 13% by the broader index.
The stock is also trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 3,914 and 3,451, respectively, according to data revealed by Trendlyne.
