HDFC AMC Q1 PAT drops 9% YoY; Prashant Jain quits as CIO

HDFC Asset Management Company reported 9% fall in net profit to Rs 314.19 crore on a 12.4% decline in total income to Rs 532.90 crore in Q1 FY23 over Q1 FY22.

Total expenses during the quarter rose 4.3% YoY to Rs 147.92 crore due to an increase in other expenses (up 26.9% YoY).

Profit before tax in Q1 FY23 stood at Rs 384.98 crore, down by 17.4% from Rs 466.12 crore in Q1 FY22.

Separately, HDFC AMC informed that Prashant Jain, chief investment officer (CIO) of the company after 19 years, has decided to move on and has tendered his resignation to the company.

The board has approved the appointment of Chirag Setalvad as head-Equities and Shobhit Mehrotra as head-Fixed income. Both, Setalvad and Mehrotra will be reporting to Navneet Munot, managing director & CEO of the company.

HDFC Asset Management Company (HDFC AMC) is the investment manager of HDFC Mutual Fund, one of the largest mutual funds in the country. The AMC has a diversified asset class mix across equity and fixed income/others. It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors, and national distributors.

The scrip shed 0.90% to currently trade at Rs 1907.80 on the BSE.

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