Comments
HDFC Asset Management Company has reported a 9 per cent drop in its net profit in the June quarter to ₹314 crore (₹345 crore).
Income was down 12 per cent at ₹533 crore (₹608 crore) as the other income fell 89 per cent to ₹11 crore (₹101 crore). The assets under management was down 5 per cent at ₹3.97-lakh crore against ₹4.19-lakh crore logged last year. Equity-oriented assets increased 6 per cent to ₹1.91-lakh crore (₹1.80-lakh crore) while that of debt was down 23 per cent at ₹1.19-lakh crore. Liquid fund assets were down 5 per cent at ₹63,800 crore (₹66,800 crore).
Inflows through systematic investment plan increased 4 per cent to ₹1,280 crore (₹9,800 crore) while the SIP asset was ₹68,500 crore.
The fund house has reserves of ₹5,036 crore invested largely in mutual funds. Return on equity has been sliding steadily to touch 27 per cent last fiscal against 35 per cent in FY19 as the industry become highly competitive with new players eating into the market of established asset management companies.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.