Nirmal Bang: HDFC AMC - Q2 Earnings Lifted By Other Income; See Weak Flows In Near Term
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Nirmal Bang Report
HDFC Asset Management Company Ltd. reported net earnings growth of 11.8% QoQ though it was still down 8.2% YoY.
Due to differential effective tax rate across the quarter, we believe that pre-tax profitability would be a better indicator of the quarter’s performance.
The company has reported a profit before tax growth of 8.3% YoY and 21.7% QoQ, which was boosted by unrealized gains of approximately Rs 560 million on Essel Group's non-convertible debentures (classified as under fair value through the profit and loss).
Core operating profit was up 15.5% QoQ but down 6% YoY.
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