HDFC Asset Management Company (HDFCAMC) Q3 24/25 earnings summary

Executive summary

• Industry AUM grew 32%–39% YoY to INR 66.9 trillion by December 2023, with equity funds up 40%–51% YoY to INR 39.3 trillion.

• Closing AUM reached ₹7,764 bn as of December 31, 2024, with a 35% YoY growth and 1% sequential increase.

• Market share in QAAUM stood at 11.5% overall and 12.8% excluding ETFs for Q3 FY25.

• Unique investor count rose 45% YoY to 12.6 million; 25 new offices opened, mainly in B30 cities, expanding total branches to 280.

• 95% of transactions are now processed digitally, up from 69% in FY20.

Financial highlights

• Revenue from operations for Q3 FY25 was ₹9,343 mm, up 39% YoY and 5% sequentially.

• Operating profit from core AM business grew 51% YoY to ₹7,472 mm in Q3 FY25.

• Operating margin for Q3 FY25 was 37 bps of AAUM, up from 35 bps in Q2 FY25.

• Profit after tax for Q3 FY25 rose 31% YoY to ₹6,415 mm.

• Return on equity for FY24 was 29.5%; interim dividend of ₹70/share paid in FY25.

Outlook and guidance

• Management remains optimistic about long-term industry growth, citing underpenetration, digital engagement, and investor education.

• No specific guidance on employee expense growth, but cost increases are expected to remain prudent.

• Emphasis on ESG integration and new product launches as regulations evolve.