HDFC Asset Management Company has reported a two per cent increase in net profit at ₹376 crore in the March quarter, as against ₹369 crore in the same period of the previous year, on the back of lower costs.
The fund house has declared a dividend of ₹48 an equity share for the financial year ended March, subject to shareholder approval.
Revenue from operations was down three per cent at ₹541 crore (₹560 crore) in the March quarter, while other income slipped to ₹100 crore (₹103 crore) in the quarter under review.
Total expenses dipped to ₹146 crore (₹162 crore).
The fund house’s assets under management increased 7 per cent to ₹4.37 lakh crore (₹4.08 lakh crore). Its equity assets rose to ₹2.32 lakh crore (₹1.99 lakh crore), while its debt was down 6 per cent at ₹1.23 lakh crore (₹1.31 lakh crore).
Liquid funds assets dropped to ₹54,800 crore (₹55,000 crore). Inflows through the Systematic Investment Plan jumped to ₹1,710 crore in the March quarter, against ₹1,230 crore in the same period last year.
HDFC AMC’s net profit for the financial year ended March was up two per cent at ₹1,424 crore on income of ₹2,483 crore (₹2,433 crore). It has an investment of ₹6,079 crore in various mutual fund schemes.
Its return on equity has been falling consistently and hit 24 per cent in FY’23, against 35 per cent in FY’19, even while the dividend pay-out yield increased to 72 per cent from 66 per cent in FY ’19.