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HDFC Asset Management Company has reported an eight per cent drop in its September quarter net profit at ₹338 crore against ₹368 crore logged in the same period last year, on the back of lower-income. Revenue from operations was down eight per cent at ₹456 crore (₹498 crore).
Though the fund house doubled other income to ₹114 crore (₹51 crore), it could not match last year’s profit as the overall tax outgo was higher at ₹125 crore (₹59 crore).
Shares price of the company has fallen 1.65 per cent in early trade to quote at ₹2,319.35.
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