HDFC Asset Management Co. reported a 26.6% increase in its net profit on a yearly basis, for the first quarter of fiscal 2025.
The asset management company reported a bottom line of Rs 604 crore in the April-June quarter, as compared with Rs 477 crore registered during the same period last year, according to its stock exchange notification issued on Monday. That compares with the Rs 573.48-crore analysts' estimate by Bloomberg.
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Total income of HDFC AMC rose 29.5% year-on-year to Rs 949 crore in comparison to Rs 733 crore reported in the same period last year. The company's average asset under management rose 38% to Rs 6.71 lakh crore as of June 2024 as against Rs 4.86 lakh crore a year ago.
Shares of HDFC AMC rose on Monday and closed 0.67% higher at Rs 4,197 apiece, as compared with a 0.35% gain in the country's benchmark NSE Nifty 50. The stock had risen as much as 3.06% during the trading session to hit an all-time high of Rs 4,296.40. The scrip has risen 76.05% year-to-date.
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