HDFC AMC net profit up 4% on better earnings
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓HDFC Asset Management Company reported a 4 per cent rise in net profit to ₹749 crore for the September quarter.
- ✓Revenue grew 14 per cent to ₹1,170 crore, helped by higher assets under management.
- ✓The firm also reversed a tax provision of ₹47 crore, which added to the final profit figure.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Line
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
HDFC Asset Management Company has reported that its net profit in the September quarter was up 4 per cent at ₹749 crore against ₹718 crore logged in the same period last year.
Revenue increased 14 per cent to ₹1,170 crore ( ₹1,027 crore). However, other income plunged to ₹71 crore ( ₹96 crore) in the quarter under review.
Other income primarily consists of financial returns and valuation changes from the company's treasury and investment portfolio.
Overall expenses were up at ₹265 crore ( ₹248 crore) as the employees benefit increased to ₹142 crore ( ₹124 crore).
The company has re-assessed its income-tax position in the September quarter and reversed income tax provision of Rs 47 crore, resulting in additional credit to the net profit, it said.
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