HDFC AMC Q3 Results Review - Long-Duration Debt Fund Outflows Continue: Yes Securities
Revenue from operations at Rs 5,596 mn was up 2.7%/1.8% QoQ/YoY, compared with growth/de-growth in QAAUM of 3.6%/-0.5% QoQ/YoY.
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Yes Securities Report
HDFC Asset Management Company Ltd. stated that the rate of outflows have declined in comparison to the September quarter. They added that the net outflows from debt funds have to be viewed in the context of net inflows into the debt index funds and ETFs, which have seen a net inflow of Rs 10 billion.
In general, bank deposit rates are moving up and there is resultant pressure on debt fund inflows. As the downward bias in the bond yield starts, management expects net inflow into longer dated debt funds to happen.
There has been about 10% rise in employee cost in nine months over nine month, excluding the impact of employee stock ownership plan cost. Rise in other opex is explained by expenses related to the launch of the business cycle fund and the new passive funds.
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