Share of HDFC Asset Management Company ended lower in trade today after the firm reported a 8 per cent fall in profit after tax (PAT) for the quarter ended September 2020. The share fell 2.62% to intra day low of Rs 2296.45 against previous close of Rs 2,358 on BSE.
The stock trades higher than 20 day moving averages but lower than 5 day, 50 day, 100 day and 200 day moving averages. The share has lost 25.15% in one year and fallen 27.67% since the beginning of this year.
Total 0.27 lakh shares changed hands amounting to turnover of Rs 6.14 crore on BSE.
Market cap of the firm fell to Rs 49,174 crore on BSE.
Later, the share ended 2.06% or Rs 48.65 lower at Rs 2309 against previous close of Rs 2,358. Net profit for Q2 fell to Rs 338.06 crore against Rs 368.24 crore profit in the year-ago period.
Total income rose to Rs 569.95 crore in the quarter under review from Rs 549.07 crore in the corresponding quarter a year ago. The company's average assets under management (AAUM) stood at Rs 3.75 lakh crore as of September 30, 2020 as against Rs 3.76 lakh crore on September 30, 2019.
The management does not, at this juncture, believe that the impact on the value of the company's assets is likely to be material. However, since the revenue of the company is ultimately dependent on the value of the Assets Under Management (AUM) it manages, changes in market conditions and the trend of flows into mutual funds may have an impact on the operations of the company.