HDFC Asset Management Company Ltd. for Q1FY23 reports a 9% beat down in Profits

Revenue for Q1 FY23 has increased by 3% YoY to ₹5,216 millions. Profit after Tax fell by 9% YoY to ₹3,142 millions for Q1 FY 2023 mainly due to the fall in Other Income which fell 89% YoY to ₹113 millions for Q1FY23. Total Expenses rose by 4% and Other Expenses rose 27% due to business promotion expense and technology spend.

Profit Before Tax (PBT) fell by 17% YoY to ₹3,850 millions. In this quarter’s investor presentation, management suggested drop in Other Income is the main reason for the drop in profitabilty.

To further compare this quarter’s results to the past, check out this link.