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As on Jul 16, 2019 12:00 AM Your results on : Corporate Results    
HDFC Asset Management Company
16-Jul-2019 (17:33)
HDFC Asset Management Company has reported sharp 42% jump in the net profit to Rs 291.79 crore in the quarter ended June 2019 (Q1FY2020). The operating profit of the company galloped 47% to Rs 393.44 crore. The company has continued to improve revenue growth to 7% at Rs 504.39 crore, while other income maintained strong growth at 61% to Rs 48.36 crore in Q1FY2020.

The employee expenses rose at moderate pace of 5% to Rs 56.68 crore, while fees and commission expenses dipped 86% to Rs 11.36 crore, as SEBI Circular dated 22 October 2018 has prohibited payment of upfront commission & mandated a full trail model for distributor commission. The other expense also dipped 39% to Rs 40.62 crore, as it is further mandated that all scheme related expenses, (barring a few minor exceptions) including distributor commission, shall have to be paid by the schemes of the MF & not by the AMC.

The depreciation jumped to Rs 11.88 crore crore in Q1FY2020 from Rs 2.60 crore in Q1FY2019. The profit before tax jumped 46% to Rs 429.92 crore. The effective tax was higher at 32.1% in Q1FY2020 from 30.3% in Q1FY2019. The net profit jumped 42% to Rs 291.79 crore in Q1FY2020.

The book value of the company stood at Rs 158.2 per share end June 2019.

Business highlights:

The assets under management of the company have surged 18% to Rs 356700 crore end June 2019 over June 2018. The company is India's largest mutual fund manager with total AUM market share of 14.7% end June 2019.

The AMC is the largest actively managed equity-oriented mutual fund manager in the country. AUM in actively managed equity oriented funds i.e. equity oriented total AUM excluding arbitrage funds and index funds grew at improved pace of 15% to Rs 168900 crore end June 2019 with a market share of 16.2%.

The company has remained most preferred choice of individual investors, with a market share of 15.7% of the individual monthly average AUM as of June 2019.

The ratio of equity oriented assets and non-equity oriented assets is 48:52 compared to the industry ratio of 43:57.

The company has processed 3.43 million Systematic transactions with a value of Rs 1270 crore during the month of June 2019.

The company has over 75,000 empanelled distribution partners across IFAs, National Distributors and Banks, serviced through a total of 211 branches of which 135 are in B-30 locations.

The contribution of B-30 locations to total monthly average AUM is 13.8%.

The number of live individual accounts increased 10% from 8.36 million end June 2018 to 9.20 million end June 2019.

As of June 30, 2019, 59.2% of the company's total monthly average AUM is contributed by individual investors compared to 54.3% for the industry.

Unique customers as identified by PAN or PEKRN now stands at 5.4 million as on 30th June 2019 compared to 19.6 million for the industry, a market share of 28%.

Notes:

During the quarter, the Company decided to provide liquidity arrangement to certain Fixed Maturity Plans (FMPs) of HDFC Mutual Fund, to deal with the illiquidity faced by such FMPs due to their exposure to certain Non Convertible Debentures (NCDs). The liquidity arrangement entailed acquisition of such NCDs by the Company from these FMPs. Consequently, during the quarter, the Company has purchased such NCDs amounting to Rs 426.45 crore at the prevailing valuation yields I prices provided by independent rating agencies. These NCDs are secured by a pledge of certain listed equity shares. These NCDs are classified as financial assets at fair value through profit and loss and have been appropriately valued at quarter end. Subsequently, under the same arrangement, the Company has additionally purchased NCDs amounting to Rs 33.26 crore on 1 July 2019.

HDFC Asset Management Company: Financials

1906 (3)1806 (3)Var %1903 (12)1803 (12)Var %
Sales504.39471.2371915.181756.779
OPM %78.0%56.7%63.0%54.3%
OP393.44267.28471205.95954.5926
Other Income48.3629.9661181.60113.0061
PBDT441.80297.24491387.551067.5930
Depreciation11.882.6035712.859.3637
PBT429.92294.64461374.701058.2330
Tax138.1389.3855444.10346.9428
PAT291.79205.2642930.60711.2931
EPS (Rs)*54.9038.6243.7833.46
*EPS is annualized on latest equity of Rs 106.30 crore, face value of Rs 5 each

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