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Synopsis
HDFC Asset Management Company (AMC) on Wednesday reported a 5 per cent increase in profit after tax at Rs 369.26 crore for three months ended December 31.
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HDFC Asset Management Company (AMC) on Wednesday reported a 5 per cent increase in profit after tax at Rs 369.26 crore for three months ended December 31. In comparison, it had posted a profit after tax (PAT) of Rs 352.55 crore in the year-ago period,
HDFC AMC said in a regulatory filing to stock exchanges.
Total income grew to Rs 594.91 crore in the quarter under review from Rs 591.99 crore in the three months ended December 31, 2019.
The company s average asset under management (AAUM) surged 10 per cent to Rs 4.06 lakh crore as of December 31, 2020 from Rs 3.69 lakh crore as on December 31, 2019.
Read more about HDFC Asset Management Company standalone net profit rises 4.74% in the December 2020 quarter on Business Standard. Sales decline 8.17% to Rs 481.86 crore
HDFC Asset Management Company (AMC) s net profit rose 4.73% to Rs 369.26 crore on 8.16% decrease in revenue from operations to Rs 481.86 crore in Q3 December 2020 over Q3 December 2019.
Other income surged 68.08% to Rs 113.05 crore in in Q3 FY21 over Q3 FY20. Profit before tax (PBT) gained 3.55% to Rs 482.62 crore in Q3 December 2020 as against Rs 466.03 crore in Q3 December 2019. Total tax expense for the quarter declined 0.10% to Rs 113.36 crore as against Rs 113.48 crore in Q3 December 2019. The Q3 result was declared after market hours today, 20 January 2021.
Total expense during the quarter declined 11% year-on-year (Y-o-Y) to Rs 112.20 crore. The operating profit of the company for the quarter ended 31 December 2020 was Rs 369.70 crore. While this is 7% lower than the operating profit of Rs 398.70 crore for the quarter ended 31 December 2019, it is 6% higher than the operating profit of Rs 349.10 crore for the quarter ended 30 September 2020.
At meeting held on 20 January 2021The Board of HDFC Asset Management Company at its meeting held on 20 January 2021 approved the appointment of Navneet Munot (DIN: 05247228) as the Managing Director and Chief Executive Officer of the Company, effective from 16 February 2021 upto 30 June 2024, subject to approval of the shareholders of the Company. The Board also appointed Rushad Abadan (DIN: 08035538) as an Additional Director (Non-Executive Non-Independent) on the Board of Directors of the Company, liable to retire by rotation, effective from 21 January 2021.
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