HDFC AMC profit rises 25% to ₹205.26 crore in June quarter

New Delhi: HDFC Asset Management Company, the country’s second-largest mutual fund house, on Tuesday reported a 25% surge in net profit at₹205.26 crore for three months ended 30 June this year.

In comparison, the fund house had a net profit of ₹ 164.57 crore in the April-June quarter of 2017-18, HDFC AMC said in a regulatory filing to the stock exchanges.

The company’s total revenues rose to ₹ 501.15 crore during the period under review from ₹ 417 crore in the quarter ended 30 June 2017. Further, the firm’s total expenses shot up by 12% from the year-ago period to ₹ 206.5 crore in the three months ended 30 June 2018.

The fund house got listed on the stock exchanges earlier this month.

HDFC AMC is the second-largest fund house in the country in terms of total assets under management after ICICI Prudential Mutual Fund. The fund house’s assets under management increased by 22% to ₹ 3.01 lakh crore at the end of 30 June 2018 from ₹ 2.47 lakh crore in the year-ago period.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation and Standard Life Investments.