HDFC Asset Management Company on Friday reported a 44% year-on-year jump in consolidated net profit for the quarter ended March 31, 2024, to Rs 540.84 crore versus Rs 376.17 crore in the year-ago period. The revenue from operations for the reported quarter stood at Rs 695.43 crore up 3.60% from Rs 541 crore in the year-ago period.
Sequentially the profit after tax (PAT) was up 11% over Rs 487.92 crore posted by the company in Q3FY2024. Meanwhile, the revenue jumped 3.60% over 671.32 crore reported in the previous quarter.
The company has also recommended a final dividend of Rs 70 per equity share.
The profit before tax for the reported quarter stood at Rs 678.84 crore versus Rs 491.75 crore in the corresponding period of the last financial year.
On the standalone basis, the net for Q4FY2024 stood at Rs 541.09 crore, up from Rs 376.20 crore in the year-ago period. The standalone revenue from operations stood at Rs 695.43, higher from Rs 540.95 in the corresponding quarter of the last financial year.
The result was announced after market hours and the stock ended at Rs 3,708 on the NSE, down by 64.40 or 1.71%.
For the full financial year ended March 31, 2024, the total income stood at Rs 3,162.50 crore while PAT was reported at 1,945.80 million.
The total assets under management as on March 31 stood at Rs 607,300 crore, of which the total equity-oriented closing AUM stood at Rs 397,500 crore.
In the year ended FY24, employee benefit expenses included non-cash charge of Rs 47.1 crore towards an amortised cost of outstanding employee stock options.
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