HDFC AMC Q1 Review - Overall Inflows To Support Earnings: ICICI Securities
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ICICI Securities Report
HDFC Asset Management Company Ltd.’s Q1 FY22 result was lower-than expectations due to higher employee costs and continued absence of yield improvement despite higher equity mix.
The market share of equity/debt and unique investors/systematic transfer plan did not improve on a QoQ basis.
Business levers ahead include:
building on the performance, which can improve flows as indicated by HDFC AMC's management;
new product pipeline; and
possible industry momentum given the net inflows and increase in systematic investment plan witnessed in April 2021 – June 2021 at aggregate level.
However, fruition of these levers might take some time and gain in flow share might come at higher cost.
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