HDFC Asset Management Company Ltd Share Price – NSE  /  BSE

Finance, Mid Cap

The key equity indices traded with decent gains in morning trade. The Nifty traded above the 22,200 level. PSU bank shares witnessed bargain hunting after declining in the past five trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 228.03 points or 0.32% to 73,320.54. The Nifty 50 index added 91.10 points or 0.41% to 22,238.10.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.64% and the S&P BSE Small-Cap index added 1.11%.

The market breadth was strong. On the BSE, 2,531 shares rose and 980 shares fell. A total of 206 shares were unchanged.

Results Today :

Reliance Industries (up 0.37%), Aarti Surfactants (up 1.49%), Aditya Birla Money (up 2.77%), Mahindra Logistics (down 0.66%), Rallis India (up 0.23%), Tejas Networks (up 1.74%), Tamilnad Mercantile Bank (up 2.82%), Hatsun Agro Product (up 0.37%), Kesoram Industries (up 1.31%), K P Energy (up 4.52%), Rajratan Global Wire (up 0.84%), and Trident Lifeline (up 1.25%) will announce their quarterly earnings later in the day.

Economy:

The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 show that Net collections are at Rs. 19.58 lakh crore, compared to Rs. 16.64 lakh crore in the preceding Financial Year i.e. FY 2022-23, representing an increase of 17.70%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023- 24 were fixed at Rs. 18.23 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs. 19.45 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%.

Meanwhile, India’s foreign exchange (forex) reserves declined $5.401 billion to $643.162 billion during the week ended April 12, according to the latest RBI data. In the previous reporting week, overall reserves had risen $2.88 billion to a new high of $648.562 billion.

For the week ended April 12, the foreign currency assets, a major component of the reserves, decreased by $6.513 billion to $564.653 billion, according to the data released on April 19.

Gold reserves continued their rise and increased by $1.241 billion to $55.798 billion during the week. The special drawing rights (SDRs) were down $93 million to $18.077 billion, the RBI said.

India’s reserve position with the IMF was also down by $35 million to $4.634 billion in the reporting week, the central bank data showed.

Buzzing Index:

The Nifty PSU Bank index gained 1.64% to 7,007.10. The index fell 4.89% in the past five trading sessions.

Canara Bank (up 3.14%), Punjab National Bank (up 2.38%), Union Bank of India (up 2.13%), Punjab & Sind Bank (up 1.78%), Central Bank of India (up 1.69%), Bank of India (up 1.62%), Bank of Maharashtra (up 1.3%), Indian Bank (up 1.3%), Bank of Baroda (up 1.17%) and Indian Overseas Bank (up 1.14%) advanced.

Stocks in Spotlight:

HDFC Asset Management Company (HDFC AMC) shed 0.93%. The asset management company’s standalone net profit jumped 43.83% to Rs 541.09 crore on 33.4% rise in total income to Rs 850.89 crore in Q4 FY24 over Q4 FY23.

Indian Renewable Energy Development Agency (IREDA) jumped 6.93% after the company’s net profit jumped 33% to Rs 337.38 crore in Q4 FY24 as compared with Rs 253.62 crore in Q4 FY23. Revenue from operations increased 33.6% to Rs 1,339.77 crore in Q4 FY24 as compared with Rs 1,002.67 crore posted in corresponding quarter last year.

Zydus Lifesciences rose 2.01% after the company announced the launch launch of Mirabegron Extended-Release Tablets in the US market, following the receipt of final approval from the United States Food and Drug Administration for the same.

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Net profit of HDFC Asset Management Company rose 43.78% to Rs 540.84 crore in the quarter ended March 2024 as against Rs 376.17 crore during the previous quarter ended March 2023. Sales rose 28.56% to Rs 695.43 crore in the quarter ended March 2024 as against Rs 540.95 crore during the previous quarter ended March 2023.

For the full year,net profit rose 36.49% to Rs 1942.69 crore in the year ended March 2024 as against Rs 1423.37 crore during the previous year ended March 2023. Sales rose 19.27% to Rs 2584.37 crore in the year ended March 2024 as against Rs 2166.81 crore during the previous year ended March 2023.

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Revenue from operations in Q4 FY24 stood at Rs 695.43 crore, registering a growth of 28.56% year on year.

Operating profit climbed 32.62% YoY to Rs 523.6 crore in the quarter ended 31 March 2024.

For Q4 FY24, profit before tax was at Rs 679.09 crore, up 38.09% from Rs 491.78 crore posted in same quarter last year.

QAAUM (quarterly average assets under management) of Rs 6,12,900 crore for the quarter ended March 2024, up 36.26% form Rs 4,49,800 crore in the same period a year ago, 11.3% market share in QAAUM of the mutual fund industry.

QAAUM in actively managed equity-oriented funds i.e. equity oriented QAAUM excluding index funds stood at Rs 3,65,000 crore for the quarter ended 31 March 2024 with a market share of 12.8%. The AMC stated that it is amongst the largest actively managed equity-oriented mutual fund managers in the country.

The ratio of equity oriented AUM and non-equity oriented QAAUM was around 63:37, compared to the industry ratio of 54:46 as on 31 March 2024.

71% of the company’s total monthly average AUM is contributed by individual investors compared to 61% for the industry.

The company said that 7.74 million systematic transactions with a value of Rs 29,300 crore processed during the month of March 2024.

As on 31 March 2024, total live accounts stood at 16.6 million, unique customers as identified by PAN or PEKRN stands at 9.6 million compared to 44.6 million for the industry, a share of 22%.

On full year basis, the company's net profit increased 36.66% to Rs 1,945.88 crore on 27.38% rise in total income to Rs 3,162.43 crore in FY24 over FY23.

Meanwhile, the board of directors recommended a dividend of Rs 70 per equity share for the financial year ended 31 March 2024, subject to approval of shareholders.

HDFC Asset Management Company (HDFC AMC) is the investment manager of HDFC Mutual Fund, one of the largest mutual funds in the country. The AMC has a diversified asset class mix across equity and fixed income/others. It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors, and national distributors.

The scrip declined 1.73% to close at Rs 3,707.15 on the BSE.

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HDFC Asset Management Company announced that the Board of Directors of the Company at its meeting held on 19 April 2024, inter alia, have recommended the final dividend of Rs 70 per equity Share (i.e. 1400%) , subject to the approval of the shareholders.

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