Now Reading: HDFC AMC, ICICI Prudential AMC, HDFC Life report Q2 results
-
01
HDFC AMC, ICICI Prudential AMC, HDFC Life report Q2 results
HDFC Asset Management Company reported a net profit of Rs 749 crore for the September quarter, a 4% rise year-on-year but a 10.5% drop from the preceding quarter. Revenue increased 14% to Rs 1,170 crore, though other income fell. The fund house reversed an income tax provision of Rs 47 crore, giving an additional credit to net profit. CNBC-TV18 reported the results beat analyst estimates on revenue, EBITDA and net profit. Shares rose over 5% on Thursday, 15 October.
ICICI Prudential Asset Management Company reported an operating revenue of Rs 1,670 crore for the September quarter, up 18% year-on-year. Net profit stood at Rs 890 crore, up 6% year-on-year but down 8% sequentially. The board approved the acquisition of ICICI Securities' portfolio management service business. HDFC Life Insurance reported a standalone net profit of Rs 508 crore for the September quarter, up 13.6% year-on-year, with net premium income rising 15.7% to Rs 21,727 crore.
Indian Opinion Analysis
The coverage of HDFC AMC's results diverges in framing. Business Standard, NDTV Profit and The Hindu Business Line emphasise the year-on-year profit increase and revenue growth, while CNBC-TV18 leads with the beat on analyst estimates and the stock price rise, and NDTV Profit leads with the sequential profit decline. The drop in other income is noted by all but given varying weight. The coverage of ICICI Prudential AMC and HDFC Life is uniform straight reporting, with no discernible slant. The key difference is whether the story is presented as a beat or a decline.
Coverage: 5 sources, 5 neutral
Sources (5): cnbctv18.com (neutral report), business-standard.com (neutral report), ndtvprofit.com (neutral report), thehindubusinessline.com (neutral report), thehindubusinessline.com (2) (neutral report)
This brief was synthesised by AI from the 5 sources linked above, so one read covers every framing they carry. Methodology and corrections.
