- 22 Apr 2024
- ICICI Securities
HDFC AMC reported healthy performance with ~6% QoQ growth in AUM at ₹ 6 lakh crore
HDFCAMC - 3716 Change: -49.05 (-1.30 %)News: HDFC AMC reported healthy performance with ~6% QoQ growth in AUM at ₹ 6 lakh crore, with market share broadly steady at 11.4%. Equity AUM continued to contribute substantial proportion of the AUM at ₹ 3.75 lakh crore, with market share at 12.8%. SIP inflow continued to witness robust traction at 11.4% QoQ to ₹ 2930 crore in Q4FY24. Operational performance remained in-line with AUM trajectory. Revenue came at ₹851 crore; up 5% QoQ while PAT growth got reported at 10% QoQ to ₹ 541 crore.
Views: Yield on AUM remained broadly steady at ~46 bps on closing basis, while profitability seems to improve at 36 bps. However, the same was led by growth in AUM and decline in tax rate during the quarter. Maintained market share and industry growth remains tailwinds aiding valuation.
Impact: Neutral