HDFC Asset Management Company, reported a 15 per cent jump in net profit at Rs 205.9 crore for the three months to September. Total revenue of the second-largest mutual fund house, rose 13 per cent to Rs 515 crore, the company said in a statement, adding revenue from operations grew by 12 per cent to Rs 480 crore. Total assets under management stood at Rs 2.93 trillion, a growth of 9 per cent from Rs 2.68 trillion in the corresponding period last year.
The company closed the quarter with a market share of 13.3 per cent. The company went public with a Rs 2,800-crore IPO which was oversubscribed 83.06 times and on the market debut on August 5, it closed the trade with a massive 58 per cent gains over the listing price of Rs 1,100. HDFC MAC is the fourth firm from the HDFC group to go public after the parent, the bank and the life insurance arm.
Actively managed equity AUM –equity oriented total AUM excluding arbitrage funds and index funds grew to Rs 1.47 trllion from Rs 1.23 trillion a year ago, a growth of over 20 per cent and a market share of 16 per cent, making the company largest equity mutual fund manager. As of end September, as much as 64 per cent of its total monthly average AUM was contributed by individuals, compared to 53 per cent for the industry. The company said it has recently won an equity mandate of USD 450 million from a reputed foreign portfolio investor, of which around one-third has got funded recently.