Incorporated in 1999, HDFC Asset Management Company Limited (HDFC AMC) is Investment Manager to HDFC Mutual Fund, one of the largest mutual funds in the country with closing AUM of Rs 7.76 trillion as on December 31, 2024. The Company offers a comprehensive suite of savings and investment products ranging from mutual funds, including both actively managed and passive options, to portfolio management services and alternative investment opportunities catering to the needs of a large and diverse customer base. HDFC AMC proudly serves a mutual fund customer base of 1.26 Crore unique investors, with a total of 2.21 Crore live accounts. The Company has a vast network of 280 offices, over 95,000 distribution partners and modern digital platforms, enabling it to serve clients across India.
| Result Analysis: HDFC AMC (CMP: Rs.3,713) | Result Update: Q3FY25 |
| Stock Details | |
| Market Cap. (Cr.) | 79,380 |
| Equity (Cr.) | 106.88 |
| Face Value | 5 |
| 52 Wk. high/low | 4862 / 3419 |
| BSE Code | 541729 |
| NSE Code | HDFCAMC |
| Book Value (Rs) | 317.84 |
| Sector | Finance & Investments |
| Key Ratios | |
| ROCE (%): | 37.69 |
| ROE (%): | 29.47 |
| TTM EPS: | 110.52 |
| P/BV: | 11.68 |
| TTM P/E: | 33.75 |
Result Highlights:
- Revenue from operations was ₹9,34.3 Crore and operating profit was ₹7,47.2 Crore for the Quarter ended December 31,2024, an increase of 39% and 51% respectively over the Quarter ended December 31,2023.
- Profit before tax for the quarter ended December 31,2024 was ₹8,40 Crore as compared to ₹6,38.5 Crore for the quarter ended December 31,2023. demonstrating improved operational performance and strategic initiatives driving profitability and operational excellence.
- Profit after tax for the quarter ended December 31,2024 was ₹6,41.5 Crore as compared to ₹4,89.6 Crore for the quarter ended December 31,2023 with the growth rate of 03%.
- In Q3FY25, unique logins for Investors and Partners increased by 28% and 14%, respectively, compared to Q3FY24. This growth highlights enhanced engagement and platform adoption, reflecting the continued efforts to deliver value and optimize user experience for both stakeholder groups.
- As of December 31, 2024, the company is rank among India’s largest mutual fund managers, holding an 11.5% QAAUM market share. The company is also a leading player in actively managed equity mutual funds with a 12.8% market share and the preferred choice for individual investors, commanding a 13.2% market share of the individual monthly average AUM.
- Over 95,000 empaneled distribution partners across MFDs, National Distributors and Banks, serviced through a total of 280 offices of which 196 are in B-30 locations. This includes 25 new offices inaugurated on 2nd January 2025. The contribution of B-30 locations to the total monthly average AUM for December 2024 is 19.3%.
- QAAUM in actively managed equity-oriented funds (equity oriented QAAUM) excluding index funds stood at ₹478200 Crore for the quarter ended December 31,2024 with a market share of 12.8%. The AMC is amongst the largest actively managed equity-oriented mutual fund managers in the country.
Financial Performance:
Shareholding Pattern:
| Particulars (In %) | Q3FY25 | Q3FY24 |
| Promoters Group | 52.48 | 52.55 |
| FIIs | 21.32 | 17.99 |
| DIIs | 17.04 | 19.50 |
| Public | 9.15 | 9.96 |
Outlook:
The company has demonstrated strong growth for the quarter ended December 31, 2024, with a 39% increase in revenue to ₹934.3 Crore and a 51% rise in operating profit to ₹747.2 Crore. Profit after tax grew 31.03% to ₹641.5 Crore, reflecting improved operational performance. The company also continues to lead the market, holding an 11.5% QAAUM market share and 12.8% share in actively managed equity mutual funds. With over 95,000 empaneled distribution partners, including a strong presence in B-30 locations, and growing user engagement, the outlook remains positive. The company is well-positioned for sustained growth, driven by its strategic initiatives and robust market presence, offering promising value creation for investors.
Results:
| Particulars (In Rs. Cr.) | Q3FY25 | Q2FY25 | Q3FY24 | QoQ % | YoY % | FY24 | FY23 | YoY % |
| Sales | 934.63 | 887.21 | 671.32 | 5.3 | 39.2 | 2584.37 | 2166.81 | 19.3 |
| Other Income | 93.09 | 170.98 | 142.86 | -45.6 | -34.8 | 579.02 | 315.81 | 83.3 |
| Total Income | 1027.72 | 1058.19 | 814.18 | -2.9 | 26.2 | 3163.39 | 2482.62 | 27.4 |
| Total Expenditure | 170.75 | 183.77 | 162.1 | -7.1 | 2.1 | 626.95 | 549.53 | 14.1 |
| EBIDT | 856.97 | 874.42 | 652.08 | -2.0 | 24.1 | 2536.44 | 1933.09 | 31.2 |
| Interest | 2.23 | 2.27 | 2.16 | -1.8 | 3.2 | 9.09 | 9.69 | -6.2 |
| EBTD | 854.74 | 872.15 | 649.92 | -2.0 | 20.9 | 2527.35 | 1923.4 | 31.4 |
| Depreciation | 14.89 | 13.74 | 13.09 | 8.4 | 13.8 | 52.33 | 53.34 | -1.9 |
| EBT | 839.85 | 858.41 | 636.83 | -2.2 | 7.1 | 2475.02 | 1870.06 | 32.3 |
| Tax | 198.49 | 281.8 | 148.91 | -29.6 | 58.3 | 532.33 | 446.69 | 19.2 |
| PAT | 641.36 | 576.61 | 487.92 | 11.2 | -51.2 | 1942.69 | 1423.37 | 36.5 |
| Segment Closing AUM (%) | Q3FY25 | Q2FY25 | Q3FY24 | |||
| HDFC MF | Industry | HDFC MF | Industry | HDFC MF | Industry | |
| Equity-oriented | 66 | 58.7 | 67.7 | 59.4 | 63.8 | 55.4 |
| Debt-oriented | 20.2 | 17.8 | 20 | 17.1 | 23.3 | 19.7 |
| Liquid | 9.9 | 8.1 | 8.6 | 7.6 | 9.6 | 8.9 |
| Others | 4 | 15.4 | 3.7 | 15.9 | 3.4 | 15.9 |
Total AUM by Multi – channel Distribution Network:
| Particulars (%) | Q3FY25 | Q2FY25 | Q3FY24 |
| HDFC Bank | 5.7 | 6 | 6 |
| Banks | 10.6 | 11.1 | 11 |
| MFDs | 26.6 | 27.8 | 29.3 |
| National Distributors | 21.3 | 21.3 | 20.9 |
| Direct | 41.4 | 39.8 | 38.8 |
Source: Company website, EWL Research
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