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HDFC Asset Management Company Ltd. reported an in-line performance for Q1 FY22, with revenue and profit after tax coming in 1% and 4% higher than our estimates, respectively.
Revenue growth was strong at 23% YoY, driven by 17% YoY growth in assets under management along with higher equity contribution at 42.6% as of June 2021 compared to 37% as of June 2020.
With cumulative mutual fund industry-level net flows being negative over the preceding 12 months, the increase in equity contribution came on the back of a robust market performance, thus providing fillip to HDFC AMC’s revenue.
We keep our AUM growth assumption unchanged at 12% per annum over FY22-23E.
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