HDFC AMC Hits Record High as Q1 Net Profit Soars 26%

Shares of HDFC Asset Management Company (AMC) hit a record high on Monday after the firm reported a 26% rise in Q1 net profit, climbing to Rs 604 crore from Rs 478 crore last year.

HDFC AMC’s stock rose 3.05% intraday to Rs 4295.20 on BSE, compared to the previous close of Rs 4168.05. The market cap increased to Rs 89,532.19 crore. The stock ended the day 0.57% higher at Rs 4192 on BSE.

A total of 0.17 lakh shares were traded, with a turnover of Rs 7.23 crore on BSE. The stock has surged 121% over two years and 36% over three years. It reached a 52-week low of Rs 2320.20 on July 14, 2023.

HDFC AMC’s relative strength index (RSI) stands at 58.5, indicating the stock is neither overbought nor oversold. The shares are trading above their 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages.

Revenue from operations increased 35% to Rs 775 crore in Q1, up from Rs 575 crore a year ago. Total income rose 29% to Rs 948 crore, compared to Rs 732 crore last year. Consolidated revenue from operations was Rs 775.24 crore in Q1FY24, up 35% from Rs 574.54 crore.

The stock has gained 76.41% in a year and 121% over two years. Return on equity climbed to 29.5% in FY24. Operating profit from core asset management rose 40% to Rs 579.3 crore in Q1, up from Rs 413.3 crore last year.