HDFC Asset Management Company (AMC) reported a 43.8% rise in net profit for the March 2024 quarter. Profit rose to Rs 541 cr in the last quarter against Rs 376.2 cr in the March 2023 quarter. Revenue climbed 28.5% to Rs 695.4 cr in Q4 of the last fiscal compared to Rs 541 cr (YoY). The board of the AMC recommended a dividend of Rs 70 per share. Total income of HDFC AMC rose 33% to Rs 851 crore in the fourth quarter against Rs 638 crore in the March 2023 quarter.
Shares of HDFC Asset Management Company tumbled nearly 3 per cent today after its star fund manager Prashant Jain stepped down from the post of chief investment officer. HDFC Asset Management Company stock fell up to 2.76 per cent to Rs 1,872.05 against the previous close of Rs 1,925.10 on BSE. The stock pared some losses and traded 0.84 per cent lower at Rs 1,908 at 2:25 pm.