HDFC Asset Management Company Ltd. share price target

As of September 30, 2023, the QAAUM stood at INR 5,247 Bn, reflecting a 22.2% YoY/ 3.0% QoQ growth led by positive market movement in the equity segment and good response for the newly launched funds during the quarter. The company's investor base has seen a healthy expansion by adding 1.8 Mn unique investors in September 2023, taking the base to 7.9 Mn unique investors.

HDFC AMC reported 22-quarter high EBITDA of INR 4.82bn in Q2FY24 driven by 29.6% end-to-end equity AUM growth in H1FY24. Improvement in fund performance is leading to superior business metrics such as gain in equity market share, unique investor share, and gain in flow market share in equity segment across channels.

Higher equity share drove robust QAAUM growth of 22% YoY in Q2; topline growth strong at 18%

As of June 30, 2023, the QAAUM stood at INR 4,857 Bn, reflecting a growth of 17.0% YoY/ 8.0% QoQ led by strong inflows in the equity segment on account of positive market movement as well as improved performance of the funds across all categories.

HDFC AMC reported an EBITDA of INR 4.3bn, up 4% QoQ (highest in last 21 quarters wherein the average EBITDA was ~INR 4bn). There is strong improvement in fund performance which has led to superior business metrics such as gain in equity market share, unique investor share, and gain in flow market share in equity segment across channels.

Q1 AUM growth robust at 17% YoY with debt seeing inflows after several quarters of outflow; revenue and EBITDA impressive