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.
The company s outperformance over its peers is fully priced in at the current valuations, Kotak said in a note as it slashed the stock s fair value to Rs 3,750, a 1.5% climbdown from Tuesday s closing price of Rs 3,811.
If the IPO happens in 2024, it could be one of the biggest public issues of the year and the first from the HDFC Group after the merger of HDFC Bank and HDFC.
This uptrend reflects an increasing number of participants either initiating new positions or expanding the size of their existing positions within the futures market.