Results     22-Jul-22
Analysis
HDFC Asset Management Company
Slow revenue growth and dip in other income hits bottomline, QAAUM market share eases
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

 

2206 (3)

2106 (3)

Var %

2203 (12)

2103 (12)

Var %

Sales

521.58

507.08

3

2115.36

1852.53

14

OPM %

74.7%

75.1%

 

75.6%

79.0%

 

OP

389.65

380.95

2

1599.94

1464.10

9

Other Income

11.32

100.91

-89

317.84

349.21

-9

PBDIT

400.97

481.86

-17

1917.78

1813.31

6

Interest

2.49

2.23

12

8.64

8.95

-3

PBDT

398.48

479.63

-17

1909.14

1804.36

6

Depreciation

13.50

13.51

0

53.85

55.41

-3

PBT before EO

384.98

466.12

-17

1855.29

1748.95

6

EO

0.00

0.00

-

0.00

0.00

-

PBT after EO

384.98

466.12

-17

1855.29

1748.95

6

Tax

70.79

120.67

-41

462.16

423.19

9

PAT

314.19

345.45

-9

1393.13

1325.76

5

EPS (Rs)*

58.9

64.8

 

65.3

62.2

 

*EPS is annualized on latest equity of Rs 106.65 crore, face value of Rs 5 each

Figures in Rs crore

Source: Capitaline Corporate Database



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