HDFC Asset Management Company on April 25 posted a 9.3 percent rise in standalone profit after tax (PAT) at Rs 376.60 crore for the quarter ended March, compared to Rs 344.55 crore in the corresponding period of the previous fiscal.
Revenue from operations rose 5 percent to Rs 540.95 crore from Rs 516.28 crore in the quarter ended March 31, 2022.
“Further, the Board of Directors… has recommended a dividend of Rs. 48/- per equity share of Rs. 5/- each of the Company, for the financial year ended March 31, 2023, subject to the approval of shareholders at the ensuing Annual General Meeting,” the company said in a regulatory filing.
On a sequential basis, Q4 standalone PAT inched up 2 percent from Rs 369.40 crore in the quarter ended December 2022.
PAT for the full fiscal 2022-23 stood at Rs 1,423.92 crore, up 2.2 percent compared to Rs 1,393.13 crore in FY22. Revenue from operations increased 2.4 percent to Rs 2,166.81 crore as against Rs 2, 115.36 crore in 2021-22.
In a separate filing, HDFC AMC also announced the reappointment of Dhruv Kaji, Jairaj Purandare, Sanjay Bhandarkar, Parag Shah and Roshni Nadar Malhotra as independent directors.
These are subject to the approval of shareholders.
In a note, domestic brokerage Prabhudas Lilladher said the company’s Q4 revenue came in lower than estimates of Rs 560 crore.
Hence, annualised yields at 48 bps also missed estimates.
Operational expenditure was lower than expected at Rs 146.03 crore due to both employee costs and other expenses.
Operating income was largely in-line at Rs395 crore, resulting in similar operating yields at 35 bps.
Other income was above estimates at Rs 96.86 crore
“Better other income and lower tax rate led to PAT being ahead at Rs3.7 bn,” it added.
HDFC AMC is the investment manager of HDFC Mutual Fund, one of the largest mutual fund houses in the country. The stock ended 0.73 percent lower at Rs 1,765.90 on the BSE.