HDFC AMC Q4 Results: Check how Asset Management Company performed

In a major development, HDFC Asset Management Company on Saturday reported a 9 per cent drop in profit-after-tax at Rs 250 crore for the three months ended March 2020. In comparison, it had posted a profit-after-tax of Rs 276.17 crore in the year-ago period, HDFC AMC said in a regulatory filing to the stock exchanges. Its total income declined to Rs 449.62 crore in the fourth quarter ended March 31, 2020 from Rs 547.67 crore in the same period a year ago.

"The board of directors has proposed a final dividend of Rs 28 per equity share for the year ended March 31, 2020, subject to the approval of the shareholders at the ensuing annual general meeting," the company said. The average assets under management of the fund house increased to Rs 3.7 lakh crore as of March 31, 2020 compared to Rs 3.42 lakh crore as on March 31, 2019.

For the entire fiscal 2019-20, the fund house profit-after-tax surged 36 per cent to Rs 1,262.41 crore from Rs 930.6 crore in the preceding fiscal. Its total income rose to Rs 2,143.43 crore for 2019-20 from Rs 2,096.78 crore in the preceding fiscal. 

On May 8, it was reported that HDFC Bank plans to expand the network of its mobile ATM service across the country. The service is currently available in 20 cities, including the National Capital Region (NCR), Mumbai, Bengaluru, Kolkata, Lucknow, Hyderabad, Pune, Indore and Jaipur.

The mobile operations gain significance amid the pandemic as concerns among the people regarding moving out are likely to persist for a longer period of time even after the lockdown is lifted.

With its successful operation across 20 cities, now the private lender wants to roll out the services in 30 more cities.

The list of the cities where the bank plans to roll out its customer-friendly services include both tier-II and tier-III cities.

The new locations include Vadodara, Surat, Kota, Gurgaon, Nashik, Ludhiana, Jammu, Rajkot, Thiruvanthapuram, Trichy, Salem, Kanpur, Agra, Gorakhpur, Karnal, Muzaffarpur, Nagpur, Pondicherry, Siliguri, Mysore, Tirupati, Bhopal and Jamshedpur.

According to the company, all necessary precautions in terms of maintaining social distancing while queuing for the ATM and sanitisation are taken to ensure the safety of staff and customers at the mobile ATMs.

The Indian Banks' Association also has recently come up with strict measures for sanitisation of ATMs as the lockdown restrictions have been eased starting May 4.

ATMs come under essential services as they cater to the common man's need for cash.