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Results
22-Jul-22
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Analysis
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HDFC Asset Management Company
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Slow revenue growth and dip in other income hits bottomline, QAAUM market share eases
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HDFC Asset Management Company has
posted 9% decline in the net profit to Rs 314.19 crore in the quarter ended
June 2022 (Q1FY2023). The operating profit of the company rose 2% to Rs 389.65 crore.
The revenues rose 3% at Rs 521.58 crore, while other income plunged 89% to Rs 11.32
crore in Q1FY2023.
The employee expenses declined 7% to
Rs 77.99 crore, while fees and commission expenses increased 11% to Rs 1.41 crore.
The other expense moved up 26% to Rs 55.02 crore. The depreciation was flat at Rs
13.50 crore crore in Q1FY2023 from Rs 13.51 crore in Q1FY2022.
The profit before tax declined 17% to
Rs 384.98 crore. The effective tax was lower at 18.39% in Q1FY2023 from 25.89% in
Q1FY2022. The net profit declined 9% to Rs 314.19 crore in Q1FY2023.
The book value of the company stood at
Rs 274.0 per share end June 2022.
Business highlights
QAAUM of Rs 415300 crore for Q1FY2023
compared to Rs 416900 crore for Q1FY2022. QAAUM market share was 11.0% for Q1FY2023
down from 11.3% in Q4FY2022.
Amongst
India’s largest Actively Managed Equity Mutual Fund managers with QAAUM market
share of 11.5% for Q1FY2023.
One of
the most preferred choices of individual investors, with a market share of
12.6% of the individual monthly average AUM for June 2022.
QAAUM
in actively managed equity-oriented funds i.e. equity oriented QAAUM excluding
index funds stood at Rs 196800 crore for
Q1FY2023 with a market share of 11.5%. The AMC is amongst the largest actively
managed equity-oriented mutual fund managers in the country.
The
ratio of equity oriented AUM to non-equity oriented closing AUM is 51:49
compared to the industry ratio of 48:52 end June 2022.
3.73
million Systematic transactions with a value of Rs 1280 crore processed during
the month of June 2022.
Over
80,000 empaneled distribution partners across MFDs, National Distributors and
Banks, serviced through a total of 228 branches of which 150 are in B-30
locations. The contribution of B-30 locations to our total monthly average AUM
is 16.9%.
End
June 2022, 62.1% of the company’s total monthly average AUM is contributed by
individual investors compared to 55.1% for the industry.
Market
share of 12.6% of the individual monthly average AUM in the industry, making
the company one of the most preferred choices of individual investors.
Total
Live Accounts stood at 10.2 million end June 2022. Unique customers as
identified by PAN or PEKRN now stands at 6.0 million end June 2022 compared to
35.3 million for the industry, a market share of 17%.
Financial performance
FY2022
HDFC Asset Management
Company has reported sharp 5% growth in the net profit to Rs 1393.13 crore in
the year ended March 2022 (FY2022). The operating profit of the company rose 9%
to Rs 1599.94 crore. The revenues increased 14% to Rs 2115.36 crore, while
other income declined 9% to Rs 317.84 crore in FY2022.
The employee expenses surged
38% to Rs 312.20 crore, while fees and commission expenses dipped 5% to Rs 5.41
crore. The other expense moved up 25% to Rs 206.45 crore. The depreciation
declined to Rs 53.85 crore crore in FY2022 from Rs 55.41 crore in FY2021.
The profit before tax rose
6% to Rs 1855.29 crore. The effective tax was higher at 24.91% in FY2022 from
24.20% in FY2021. The net profit moved up 5% to Rs 1393.13 crore in FY2022.
HDFC Asset Management Company:
Results
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2206 (3)
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2106 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Sales
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521.58
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507.08
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3
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2115.36
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1852.53
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14
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OPM %
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74.7%
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75.1%
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75.6%
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79.0%
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OP
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389.65
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380.95
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2
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1599.94
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1464.10
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9
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Other Income
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11.32
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100.91
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-89
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317.84
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349.21
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-9
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PBDIT
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400.97
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481.86
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-17
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1917.78
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1813.31
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6
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Interest
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2.49
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2.23
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12
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8.64
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8.95
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-3
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PBDT
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398.48
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479.63
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-17
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1909.14
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1804.36
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6
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Depreciation
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13.50
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13.51
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0
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53.85
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55.41
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-3
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PBT before EO
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384.98
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466.12
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-17
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1855.29
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1748.95
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6
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EO
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0.00
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0.00
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-
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0.00
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0.00
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-
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PBT after EO
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384.98
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466.12
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-17
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1855.29
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1748.95
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6
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Tax
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70.79
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120.67
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-41
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462.16
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423.19
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9
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PAT
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314.19
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345.45
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-9
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1393.13
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1325.76
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5
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EPS (Rs)*
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58.9
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64.8
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65.3
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62.2
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*EPS is annualized on latest
equity of Rs 106.65 crore, face value of Rs 5 each
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Figures in Rs crore
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Source: Capitaline Corporate
Database
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