Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Q2 FY2019-20 Earnings Presentation
63 slides from Hdfc Asset Management's earnings presentation, Nov 11, 2019
Slide 1: Exchange filing cover letter
-- HDFC MUTUAL FUND BHAROSA APNO KA Ref/No/HDFCAMC/SE/2019-20/73 Date-November 11,2019 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot C/l, Block G, Sir PJ Towers, Bandra Kurla Complex, Bandra (East) Dalai Street, Mumbai-400051 Mumbai-400001 Kind Attn: Head - Listing Depart
Slide 2: HDFC Asset Management Company Limited Q2 FY19-20
HDFC Asset Management Company Limited Q2 FY19-20 1
Slide 3: Background and Opportunity
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Slide 4: India – the third largest in household savings globally
India – the third largest in household savings globally 2,000 4,840 billion 39.00 (Bar out of scale) Annual Net Household Savings in USD bn 36.1 Savings Household Savings Rate (%) 34.00 1,500 1,413 29.00 HOUSEHOLD SAVINGS (USD BILLION) 24.00 HOUSEHOLD SAVINGS RATE 1,000 19.00 17.2 500 467 15.5 15.1
Slide 5: Indian Household Savings pattern
Indian Household Savings pattern High Savings Culture… ..Shift to Financial Assets.. Growing Household Savings (INR Tn) (1) % of Gross Household Savings(1) 100% 80% 18.1 47% 50% 49% 60% 59% 55% 55% 60% 15.6 13.2 14.5 15.0 14.5 14.2 40% 18.7 53% 50% 51% 15.0 14.4 20% 40% 41% 45% 45% 10.6 11.9 12.6 9.
Slide 6: Mutual Fund AUM Growth – India v World
Mutual Fund AUM Growth – India v World 5 year CAGR growth in MF AUM 30.0% 26.8% 25.2% 25.0% 20.0% 15.0% 12.2% 11.0% 9.7% 10.0% 8.9% 7.0% 6.3% 5.7% 5.5% 4.7% 4.4% 5.0% 3.8% 3.7% 2.9% 2.7% 2.7% 2.0% 1.0% 0.0% -0.3% -0.5% -1.4% -5.0% -4.0% Source: IIFA (as of 31 March 2019) 5
Slide 7: AUM as % of GDP, Market Cap
AUM as % of GDP, Market Cap AUM as % of GDP Equity AUM as % of Market Cap 140% 137% 100% 90% 120% 80% 103% 72% 100% 70% 60% 80% 75% 50% 65% 50% 48% 59% 60% 55% World Average 55% 40% World Average 36% 42% 32% 32% 31% 40% 36% 30% 27% 29% 20% 20% 20% 18% 13% 11% 11% 9% 10% 7% 7% 6% 6% 5% 4% 0% 0% UK S.
Slide 8: Global vs Indian AUM, Market Cap, GDP
Global vs Indian AUM, Market Cap, GDP USD Trillion India World India Share (%) Mutual Fund Assets 0.37 50.4 0.73% Equity-oriented 0.13 25.2 0.53% Market Cap 2.08 69.4 3.00% Equity AUM as % of MCap 6.4% 36.3% GDP 2.72 84.74 3.21% AUM as % of GDP 13.5% 55.1% • India’s share of global GDP and Market Ca
Slide 9: The Opportunity
The Opportunity India Population: 1,320 mm The opportunity size GDP Rs 168 Trillion 1,050mm 440mm Bank Account PAN Card Holders Holders Gross Household Savings (21.9%) Rs 36.8 Trillion as of 31 Mar 2018 as of 31 Mar 2019 Financial Savings (51%) Rs 18.7 Trillion 59 mm 20mm Income Tax Mutual Return fi
Slide 10: Mutual Fund Industry and HDFC AMC
Mutual Fund Industry and HDFC AMC
Slide 11: Industry - AUM and Net Sales
Industry - AUM and Net Sales 25% 34% 35% 36% 43% 42% 43% 43% 43% 23.8 24.3 24.5 2.3 22.0 1.9 2.1 21.4 Mar-14 to Sep-19 CAGR: 0.8 1.5 Overall: 22%; Equity: 36%; Debt:8%; Liquid: 26% 4.4 4.7 4.7 17.5 3.4 3.9 0.5 3.1 12.3 7.3 7.0 7.1 8.0 7.3 10.8 0.2 AUM (₹ trn) 0.2 2.0 8.3 1.6 7.6 0.2 1.3 5.8 5.3 4.7
Slide 12: Individual / Institutional MAAUM, SIP Flows, B-15/B30
Individual / Institutional MAAUM, SIP Flows, B-15/B30 MAAUM of Individual Investors(1)(2)(3) SIP Flows(1) MAAUM of B-15/B-30(1)(2) 39.2 41.4 47.2 54.8 70.9 77.5 82.1 83.4 85.2 10.1 13.5 21.1 24.4 26.2 27.4 28.4 16% 16% 16% 17% 19% 15% 15% 15% 16% (MAAUM in ₹ tn) B15 B30 (SIP contribution in ₹ bn) 81
Slide 13: HDFC AMC at a glance
HDFC AMC at a glance 45% Equity-Oriented Assets Assets Under Management(1) 55% Non-Equity Oriented Assets ₹ 1,651 bn ₹ 2011 bn ₹ 3,662 bn US$ 23.3 bn US$ 28.4 bn US$ 51.7 bn 9.4 mm ₹ 110 bn Live Accounts(1) PMS & SMA AUM(1) (3) 213 Branches(1)(2); 80k+ Empaneled 1,217 Employees(1) Distribution Partn
Slide 14: Total AUM and Market Share
Total AUM and Market Share Total AUM(1) ₹ billion Market Share in Total AUM(2) YoY 25% HDFC MF, Sep-2019 14.9% 3,567 3,662 3,439 2,920 2,926 June-2019 HDFC MF, Sep-2018 2,306 HDFC MF, 14.7% 13.3% 1,656 1,506 1,089 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Sep-18 Mar-19 Jun-19 Sep-19 ____________________ (1
Slide 15: Actively Managed Equity-oriented AUM and Market Share
Actively Managed Equity-oriented AUM and Market Share #1 Market Share in Actively Managed Equity-oriented Actively Managed Equity-oriented AUM(1) AUM(2) ₹ billion YoY 11 % HDFC MF Sep-2019 15.8% 1,643 1,689 1,637 1,449 1,476 957 June-2019 Sep-2018 HDFC MF HDFC MF 675 16.2% 16.0% 629 406 Mar-14 Mar-1
Slide 16: AUM by Segment – HDFC AMC and Industry
AUM by Segment – HDFC AMC and Industry HDFC AMC MF AUM by Segment (1)(3) Industry AUM by Segment(2)(3) Sep-2019 Sep-2019 Others Others 1.8% 9.4% Liquid 26.6% Liquid 19.0% Equity Equity 42.5% 45.1% Debt Debt 26.6% 29.1% June-2019 Sep-2018 June-2019 Sep-2018 Others Others Others Others 1.4% 1.5% 8.5%
Slide 17: Individual Investors – no of Accounts & MAAUM
Individual Investors – no of Accounts & MAAUM Number of Live Individual Accounts (in millions) (1) Individual MAAUM % of Total(1) YoY 10% YoY 9% 624 931 945 1,350 1,863 1,985 2,167 2,214 2,180 9.20 9.39 64.5% 9.03 63.0% 8.62 62.2% 8.05 59.2% 57.4% 56.3% 56.0% 54.6% 54.1% 52.8% 6.15 5.55 5.14 4.44 Ma
Slide 18: Most Preferred Choice of Individual Investors
Most Preferred Choice of Individual Investors Individual Assets Market Share (Sep-19) Individual Assets Market Share (June-19) Individual Assets Market Share (Sep-18) 15.1% 15.6% 15.7% 14.0% 13.6% 13.6% 10.4% 9.8% 9.4% 9.1% 9.9% 8.9% 8.7% 8.6% 7.8% HDFC ICICI Pru SBI ABSL MF Nippon HDFC ICICI Pru SB
Slide 19: Unique Investors
Unique Investors Unique Investors- HDFC AMC vs MF Industry 25.0 28% 28% 28% (Unique Investors in million) 19.6 20.0 20.0 18.4 15.0 10.0 5.1 5.4 5.5 5.0 0.0 Sep’18 June'19 Sep'19 HDFC Mutual Fund Mutual Fund Industry HDFC MF share in Mutual Fund Industry Source: CAMS. Note: Unique Investors as identi
Slide 20: Systematic Transactions
Systematic Transactions Quality Long-term Inflows Through Systematic Transactions Strong Growth in Systematic Transactions (₹ bn) Long Tenure SIP Book(1) 3.47 12.7 12.8 79.5% 11.8 67.2% 11.5 11.5 6.8 Over 5 Years Over 10 Years 4.7 4.9 1.23 3.1 Strong and growing “Order Book” to provide predictable f
Slide 21: Multi-channel Distribution Network
Multi-channel Distribution Network Well Diversified Distribution Channel Total AUM (Sep-19) Equity-oriented AUM (Sep-19) HDFC Bank 7.2% HDFC Bank 10.0% Banks, 13.0% Direct 20.0% Banks, 16.1% Direct 42.5% IFAs 27.3% National Distributors IFAs National Distributors 22.8% 41.1% 17.3% June-2019 HDFC Ban
Slide 22: Geographic Spread
Geographic Spread Total MAAUM by T30 and B30 cities(1) #2 Player in B-30 Markets(1) B 30, SBI MF, 12.7% 19.1% Others, 37.3% HDFC MF, 12.5% ICICI Pru MF, 11.2% Nippon UTI MF, T 30, MF, 9.8% 10.1% 87.3% Network of 213 branches with 137 in B-30 cities(2) c. 80k+ empaneled distribution partners ________
Slide 23: Strong Digital Presence
Strong Digital Presence Supported by Integrated Online Platform Electronic and Physical Transaction as % of Total Transactions 32.8% 35.8% 30.7% {•} 69.9% Digitization Across Functions 67.2% 64.2% 69.3% 30.1% FY15 FY19 H1FY19 H1FY20 Electronic Physical Strong online presence - dedicated separate dig
Slide 24: Financials
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Slide 25: Financials Summary – Half Yearly Earnings
Financials Summary – Half Yearly Earnings (₹ mm) Particulars HYE FY20 HYE FY19 Change Income Revenue from Operations 10,024 9,516 5% Other Income 994 648 53% Total Income 11,018 10,164 8% Expenses Finance Costs 46 - - Fees and Commission Expenses 122 1,574 -92% Impairment on Financial Instruments -
Slide 26: Financials Summary – Quarterly Earnings
Financials Summary – Quarterly Earnings (₹ mm) Particulars Q2 FY20 Q2 FY19 Change Income Revenue from Operations 4,980 4,804 4% Other Income 510 349 46% Total Income 5,490 5,153 7% Expenses Finance Costs 23 - - Fees and Commission Expenses 8 735 -99% Impairment on Financial Instruments - 212 - Emplo
Slide 27: Notes
NOTES 1. The Company has elected to exercise the option of a lower tax rate provided under Section 115BAA of the Income-tax Act, 1961, as introduced by the Taxation Laws (Amendment) Ordinance, 2019 dated September 20, 2019. Accordingly, the Company has recognised provision for income tax for the hal
Slide 28: Operating Profit Margin
Operating Profit Margin Operating Revenue Operating Expenses PBT&OI (bps of AAUM) 63 59 54 29 22 13 37 41 34 YE FY18 YE FY19 HYE FY 20 As per Ind AS ____________________ Based on internal computations 27
Slide 29: Statement of Assets and Liabilities
Statement of Assets and Liabilities (₹ mm) As at As at Particulars September March 31, 30, 2019 2019 Assets Financial Assets 33,843 30,978 Non Financial Assets 2,805 1,260 Total Assets 36,648 32,238 Liabilities And Equity Liabilities Financial Liabilities 2,057 1,130 Non-Financial Liabilities 459 40
Slide 30: Return On Equity and Dividend Payout Ratio
Return On Equity and Dividend Payout Ratio Return on Equity(1) FY15 HYE 20 FY16 FY17 FY18 FY19* (annualized) 41.1% 42.1% 42.8% 40.3% 35.0% 40.7% *Return on Equity has reduced in FY 19 due to substantial increase in average networth Return on Equity from FY15 to FY18 was under Previous GAAP whereas f
Slide 31: Thank You
‘ASSET MANAGEMENT COMPANY LIMITED Thank You ASSET MANAGEMENT COMPANY LIMITED 30
Slide 32: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute an offer or invitation to sell or the recommendation or solicitation of an offer or invitation to purchase any securities (“Securities”) of HDFC Asset Management Company Limited (the “Company”) in India, the United
Slide 33: HDFC Asset Management Company Limited Q2 FY19-20 (USD)
HDFC Asset Management Company Limited Q2 FY19-20 1
Slide 34: Background and Opportunity
Background and Opportunity
Slide 35: India – the third largest in household savings globally
India – the third largest in household savings globally 2,000 4,840 billion 39.00 (Bar out of scale) Annual Net Household Savings in USD bn 36.1 Savings Household Savings Rate (%) 34.00 1,500 1,413 29.00 HOUSEHOLD SAVINGS (USD BILLION) 24.00 HOUSEHOLD SAVINGS RATE 1,000 19.00 17.2 500 467 15.5 15.1
Slide 36: Indian Household Savings pattern
Indian Household Savings pattern High Savings Culture… ..Shift to Financial Assets.. Growing Household Savings (USD Bn) (1) % of Gross Household Savings(1) 500 100% 400 255 80% 47% 50% 49% 60% 59% 55% 55% 300 186 205 205 220 212 60% 201 200 40% 264 100 177 211 203 53% 50% 51% 150 168 41% 45% 45% 132
Slide 37: Mutual Fund AUM Growth – India v World
Mutual Fund AUM Growth – India v World 5 year CAGR growth in MF AUM 30.0% 26.8% 25.2% 25.0% 20.0% 15.0% 12.2% 11.0% 9.7% 10.0% 8.9% 7.0% 6.3% 5.7% 5.5% 4.7% 4.4% 5.0% 3.8% 3.7% 2.9% 2.7% 2.7% 2.0% 1.0% 0.0% -0.3% -0.5% -1.4% -5.0% -4.0% Source: IIFA (as of 31 March 2019) 5
Slide 38: AUM as % of GDP, Market Cap
AUM as % of GDP, Market Cap AUM as % of GDP Equity AUM as % of Market Cap 140% 137% 100% 90% 120% 80% 103% 72% 100% 70% 60% 80% 75% 50% 65% 50% 48% 59% 60% 55% World Average 55% 40% World Average 36% 42% 32% 32% 31% 40% 36% 30% 27% 29% 20% 20% 20% 18% 13% 11% 11% 9% 10% 7% 7% 6% 6% 5% 4% 0% 0% Austr
Slide 39: Global vs Indian AUM, Market Cap, GDP
Global vs Indian AUM, Market Cap, GDP USD Trillion India World India Share (%) Mutual Fund Assets 0.37 50.4 0.73% Equity-oriented 0.13 25.2 0.53% Market Cap 2.08 69.4 3.00% Equity AUM as % of MCap 6.4% 36.3% GDP 2.72 84.74 3.21% AUM as % of GDP 13.5% 55.1% • India’s share of global GDP and Market Ca
Slide 40: The Opportunity
The Opportunity India Population: 1,320 mm The opportunity size GDP USD 2,717 billion 1,050mm 440mm Bank Account PAN Card Holders Holders Gross Household Savings (21.9%) USD 595 billion as of 31 Mar 2018 as of 31 Mar 2019 Financial Savings (51%) USD 303 billion 59 mm 20mm Income Tax Mutual Return fi
Slide 41: Mutual Fund Industry and HDFC AMC
Mutual Fund Industry and HDFC AMC
Slide 42: Industry - AUM and Net Sales
Industry - AUM and Net Sales 25% 34% 35% 36% 43% 42% 43% 43% 43% 335.8 342.2 345.8 32.4 Mar-14 to Sep-19 CAGR: 27.2 302.0 311.1 29.0 Overall: 22%; Equity: 36%; Debt:8%; Liquid: 26% 11.3 21.4 247.6 61.6 65.9 65.8 48.0 55.7 7.3 44.3 174.0 103.0 99.1 100.6 AUM (USD bn) 152.8 3.4 112.9 103.5 2.4 28.1 11
Slide 43: Individual / Institutional MAAUM, SIP Flows, B-15/B30
Individual / Institutional MAAUM, SIP Flows, B-15/B30 MAAUM of Individual Investors(1)(2)(3) SIP Flows(1) MAAUM of B-15/B-30(1)(2) 39.2 41.4 47.2 54.8 70.9 77.5 82.1 83.4 85.2 10.1 13.5 21.1 24.4 26.2 27.4 28.4 16% 16% 16% 17% 19% 15% 15% 15% 16% (MAAUM in USD bn) (SIP contribution in USD mm) B15 B3
Slide 44: HDFC AMC at a glance
HDFC AMC at a glance 45% Equity-Oriented Assets Assets Under Management(1) 55% Non-Equity Oriented Assets ₹ 1,651 bn ₹ 2011 bn ₹ 3,662 bn US$ 23.3 bn US$ 28.4 bn US$ 51.7 bn 9.4 mm USD 1.5 bn Live Accounts(1) PMS & SMA AUM(1) (3) 213 Branches(1)(2); 80k+ Empaneled 1,217 Employees(1) Distribution Par
Slide 45: Total AUM and Market Share
Total AUM and Market Share Total AUM(1) USD billion Market Share in Total AUM(2) HDFC MF, YoY 25% Sep-2019 14.9% 50.3 51.7 48.5 41.2 41.3 June-2019 Sep-2018 HDFC MF, HDFC MF, 32.5 14.7% 13.3% 21.2 23.4 15.4 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Sep-18 Mar-19 Jun-19 Sep-19 ____________________ (1) Sourc
Slide 46: Actively Managed Equity-oriented AUM and Market Share
Actively Managed Equity-oriented AUM and Market Share #1 Market Share in Actively Managed Equity-oriented Actively Managed Equity-oriented AUM(1) AUM(2) USD billion HDFC MF YoY 11 % Sep-2019 15.8% 23.2 23.8 23.1 20.4 20.8 June-2019 Sep-2018 13.5 HDFC MF HDFC MF 16.2% 16.0% 9.5 8.9 5.7 Mar-14 Mar-15
Slide 47: AUM by Segment – HDFC AMC and Industry
AUM by Segment – HDFC AMC and Industry HDFC AMC MF AUM by Segment (1)(3) Industry AUM by Segment(2)(3) Sep-2019 Sep-2019 Others Others 1.8% 9.4% Liquid 26.6% Liquid 19.0% Equity Equity 42.5% 45.1% Debt Debt 26.6% 29.1% June-2019 Sep-2018 June-2019 Sep-2018 Others Others Others Others 1.4% 1.5% 8.5%
Slide 48: Individual Investors – no of Accounts & MAAUM
Individual Investors – no of Accounts & MAAUM Number of Live Individual Accounts (in millions) (1) Individual MAAUM % of Total(1) YoY 10% YoY 9% 8.8 13.1 13.3 19.0 26.3 28.0 30.6 31.2 30.8 9.20 9.39 64.5% 9.03 63.0% 8.62 62.2% 8.05 59.2% 57.4% 56.3% 56.0% 54.6% 54.1% 52.8% 6.15 5.55 5.14 4.44 Mar-14
Slide 49: Most Preferred Choice of Individual Investors
Most Preferred Choice of Individual Investors Individual Assets Market Share (Sep-19) Individual Assets Market Share (June-19) Individual Assets Market Share (Sep-18) 15.1% 15.6% 15.7% 14.0% 13.6% 13.6% 10.4% 9.8% 9.4% 9.1% 9.9% 8.9% 8.7% 8.6% 7.8% HDFC ICICI Pru SBI ABSL MF Nippon HDFC ICICI Pru SB
Slide 50: Unique Investors
Unique Investors Unique Investors- HDFC AMC vs MF Industry 25.0 28% 28% 28% (Unique Investors in million) 19.6 20.0 20.0 18.4 15.0 10.0 5.1 5.4 5.5 5.0 0.0 Sep’18 June'19 Sep'19 HDFC Mutual Fund Mutual Fund Industry HDFC MF share in Mutual Fund Industry Source: CAMS. Note: Unique Investors as identi
Slide 51: Systematic Transactions
Systematic Transactions Quality Long-term Inflows Through Systematic Transactions Strong Growth in Systematic Transactions (USD mm) Long Tenure SIP Book(1) 3.47 179.2 180.1 79.5% 166.7 67.2% 162.7 161.8 95.5 Over 5 Years Over 10 Years 67.0 68.5 1.23 43.5 Strong and growing “Order Book” to provide pr
Slide 52: Multi-channel Distribution Network
Multi-channel Distribution Network Well Diversified Distribution Channel Total AUM (Sep-19) Equity-oriented AUM (Sep-19) HDFC Bank 7.2% HDFC Bank 10.0% Banks, 13.0% Direct 20.0% Banks, 16.1% Direct 42.5% IFAs 27.3% National Distributors IFAs National Distributors 22.8% 41.1% 17.3% June-2019 HDFC Ban
Slide 53: Geographic Spread
Geographic Spread Total MAAUM by T30 and B30 cities(1) #2 Player in B-30 Markets(1) B 30, SBI MF, 12.7% 19.1% Others, 37.3% HDFC MF, 12.5% ICICI Pru MF, 11.2% Nippon UTI MF, T 30, MF, 9.8% 10.1% 87.3% Network of 213 branches with 137 in B-30 cities(2) c. 80k+ empaneled distribution partners ________
Slide 54: Strong Digital Presence
Strong Digital Presence Supported by Integrated Online Platform Electronic and Physical Transaction as % of Total Transactions 32.8% 35.8% 30.7% {•} 69.9% Digitization Across Functions 67.2% 64.2% 69.3% 30.1% FY15 FY19 H1FY19 H1FY20 Electronic Physical Strong online presence - dedicated separate dig
Slide 55: Financials
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Slide 56: Financials Summary – Half Yearly Earnings
Financials Summary – Half Yearly Earnings (USD mm) Particulars HYE FY20 HYE FY19 Change Income Revenue from Operations 141.4 134.3 5% Other Income 14.0 9.1 53% Total Income 155.5 143.4 8% Expenses Finance Costs 0.6 - - Fees and Commission Expenses 1.7 22.2 -92% Impairment on Financial Instruments -
Slide 57: Financials Summary – Quarterly Earnings
Financials Summary – Quarterly Earnings (USD mm) Particulars Q2 FY20 Q2 FY19 Change Income Revenue from Operations 70.3 67.8 4% Other Income 7.2 4.9 46% Total Income 77.5 72.7 7% Expenses Finance Costs 0.3 - - Fees and Commission Expenses 0.1 10.4 -99% Impairment on Financial Instruments - 3.0 - Emp
Slide 58: Notes
NOTES 1. The Company has elected to exercise the option of a lower tax rate provided under Section 115BAA of the Income-tax Act, 1961, as introduced by the Taxation Laws (Amendment) Ordinance, 2019 dated September 20, 2019. Accordingly, the Company has recognised provision for income tax for the hal
Slide 59: Operating Profit Margin
Operating Profit Margin Operating Revenue Operating Expenses PBT&OI (bps of AAUM) 63 59 54 29 22 13 37 41 34 YE FY18 YE FY19 HYE FY 20 As per Ind AS ____________________ Based on internal computations 27
Slide 60: Statement of Assets and Liabilities
Statement of Assets and Liabilities (USD mm) As at As at Particulars September March 31, 30, 2019 2019 Assets Financial Assets 477.5 437.1 Non Financial Assets 39.6 17.8 Total Assets 517.2 454.9 Liabilities And Equity Liabilities Financial Liabilities 29.0 16.0 Non-Financial Liabilities 6.5 5.6 Equi
Slide 61: Return On Equity and Dividend Payout Ratio
Return On Equity and Dividend Payout Ratio Return on Equity(1) FY15 HYE 20 FY16 FY17 FY18 FY19* (annualized) 41.1% 42.1% 42.8% 40.3% 35.0% 40.7% *Return on Equity has reduced in FY 19 due to substantial increase in average networth Return on Equity from FY15 to FY18 was under Previous GAAP whereas f
Slide 62: Thank You
ASSET MANAGEMENT COMPANY LIMITED Thank You ASSET MANAGEMENT COMPANY LIMITED 30
Slide 63: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute an offer or invitation to sell or the recommendation or solicitation of an offer or invitation to purchase any securities (“Securities”) of HDFC Asset Management Company Limited (the “Company”) in India, the United
HDFC Asset Management Company — Q2 FY2019-20 Earnings Presentation on 6ix