The financial numbers for 2023-24 T (FY24) of the four pure-play listed asset management companies (AMCs) have enthused the Street.
All firms listed robust growth in net profit and revenue both during the January-March quarter (Q4) of FY24, as well as in full FY24.
The strong performance comes amid a positive growth environment for the sector, led by tailwinds such as sharp growth in assets under management (AUM) and robust performance in equity offerings.
In FY24, the AUM for the domestic mutual fund (MF) industry grew by 34 per cent the most since 2016-17-to ₹54.1 trillion.
HDFC AMC, the largest of the listed pack, reported a 44 per cent year-on-year (Y-o-Y) growth in Q4 net profit to ₹540 crore on the back of a 29 per cent growth in revenue to ₹695.4 crore.
The country's third-largest AMC in terms of AUM reported a 37 per cent Y-o-Y jump in net profit for FY24 at ₹1,943 crore.
Revenues in Q4 were up 28.6 per cent Y-o-Y to ₹695 crore, although they missed Street estimates due to a fall in revenue yield (revenue as a proportion of assets).
This story is from the April 29, 2024 edition of Business Standard.
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This story is from the April 29, 2024 edition of Business Standard.
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