BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
HDFC Asset Management Company Ltd. reported an in-line performance for Q1 FY22, with revenue and profit after tax coming in 1% and 4% higher than our estimates, respectively.
Revenue growth was strong at 23% YoY, driven by 17% YoY growth in assets under management along with higher equity contribution at 42.6% as of June 2021 compared to 37% as of June 2020.
With cumulative mutual fund industry-level net flows being negative over the preceding 12 months, the increase in equity contribution came on the back of a robust market performance, thus providing fillip to HDFC AMC’s revenue.
We keep our AUM growth assumption unchanged at 12% per annum over FY22-23E.
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