HDFC AMC's Profit Surge: A Year of Growth and Dividend Promises

HDFC Asset Management Company reported an 18% increase in profit after tax to Rs 638.5 crore for the March quarter. Total income rose by 20.5% to Rs 1,025.5 crore. The company recommended a final dividend of Rs 90 per share for FY 2024, pending shareholder approval.

HDFC Asset Management Company (AMC) has announced a robust 18 percent rise in its profit after tax, reaching Rs 638.5 crore in the March quarter. This marks a significant improvement from the Rs 541 crore recorded in the same period last year, according to a regulatory disclosure.

The asset management firm's total income saw a substantial year-on-year increase of 20.5 percent, climbing to Rs 1,025.5 crore from Rs 851.22 crore in the first quarter of 2023-24. In light of these impressive outcomes, HDFC AMC has recommended a final dividend of Rs 90 per equity share for the financial year ended March 31, 2025, which awaits the shareholders' nod at the upcoming Annual General Meeting (AGM).

Should the dividend receive approval, the distribution will occur within the regulatory timelines set post-AGM. For the financial year 2023-24, HDFC AMC's profit after tax grew by 26.64 percent year-on-year to Rs 2,460 crore, with total income rising by 28 percent to Rs 4,060 crore, solidifying its position as a leading mutual fund manager in India.

(With inputs from agencies.)