HDFC AMC net profit jumps 31% to Rs722 crore in FY18

HDFC AMC has filed draft papers with Sebi to float an IPO. Photo: Pradeep Gaur/Mint

HDFC AMC has filed draft papers with Sebi to float an IPO. Photo: Pradeep Gaur/Mint

New Delhi: Leading mutual fund house HDFC Asset Management Company (AMC) on Tuesday reported a 31% jump in net profit at Rs722.61 crore in 2017-18 compared to Rs550.24 crore in the previous financial year.

The company’s total revenue surged 17.6% year-on-year to Rs1,867.24 crore in 2017-18 financial year. Currently, HDFC AMC manages assets base to the tune of over Rs3 trillion. HDFC AMC is a joint venture between HDFC and Standard Life Investments.

Last month, HDFC AMC had filed draft papers with Securities and Exchange Board of India (Sebi) to float an initial public offering (IPO). Going by the draft papers, the fund house will offer up to 2.54 crore equity shares of through an offer for sale of 85.92 lakh shares by Housing Development Finance Corp. Ltd (HDFC) and up to 1.68 crore shares by Standard Life Investments Ltd.

First Published: Tue, Apr 17 2018. 07 31 PM IST

Source: Livemint