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Hdfc-Asset-Management-Company HDFC Asset Management Company Limited Board of Directors Ms. Roshni Nadar Malhotra Independent Director Deepak S. Parekh (DIN: 02346621) Non-Executive Director and Chairman (DIN: 00009078) Mr. Shashi Kant Sharma Additional Independent Director Keki Mistry (DIN: 03281847) Non-Executive Director (DIN: 00008886) Mr. Milind Barve Managing Director Renu S. Karnad (DIN: 00087839) Non-Executive Director (DIN: 00008064) Auditors M/s. BSR & Co. LLP N. Keith Skeoch Chartered Accountants Non-Executive Director (DIN: 00165850) Key Managerial Personnel Mr. Piyush Surana James Aird Chief Financial Officer Non-Executive Director (ICAI Membership No.: 72979) (DIN: 01057384) Ms. Sylvia Furtado Mr. Dhruv Kaji Company Secretary Independent Director (Membership No.: A17976) (DIN: 00192559) Bankers Mr. Jairaj Purandare HDFC Bank Ltd. Independent Director (DIN: 00159886) Registered Office HDFC House, 2nd Floor, Mr. Sanjay Bhandarkar H. T. Parekh Marg, Independent Director 165-166, Backbay Reclamation, (DIN: 01260274) Churchgate, Mumbai 400 020. Tel. No. : 022-6631 6333 Mr. Parag Shah Fax No. : 022-6658 0203 Independent Director CIN : L65991MH1999PLC123027 (DIN: 00374944) Website: www.hdfcfund.com For complete Annual Report of HDFC Asset Management Company Limited (HDFC AMC), please refer their website at https://www.hdfcfund.com/about-us/financial/annual-reports Page referred at certain sections appearing in this Report is as per HDFC AMC’s Annual Report. 319 Twenty First Annual Report 2019-20 Directors’ Report To the Members Your Directors have pleasure in presenting the Twenty-First Annual Report together with the Audited Accounts of your Company for the financial year ended March 31, 2020. Financial Results The financial performance of your Company for the financial year ended March 31, 2020 is summarised as below: ` (in Crore) For the year ended For the year ended FINANCIAL RESULTS March 31, 2020 March 31, 2019 Profit before Tax 1,653.05 1,374.70 Less: Provision for Tax (Net of Deferred Tax) 390.64 444.10 Profit after Tax 1,262.41 930.60 Add / (Less): Other Comprehensive Income (Net of Tax) (3.08) (0.40) Total Comprehensive Income (A) 1,259.33 930.20 Balance of Retained earnings carried forward from previous year 2,190.37 1,567.67 Less: Interim Equity Dividend Paid - 255.09 Less: Tax on Interim Equity Dividend Paid - 52.43 Less: Final Equity Dividend Paid for earlier year 255.11 - Less: Tax on Final Equity Dividend Paid for earlier year 52.44 - Add / (Less): Other Adjustments (8.63) 0.02 Total (B) 1,874.19 1,260.17 Balance of Retained Earnings Carried to Balance Sheet (A+B) 3,133.52 2,190.37 For the year ended March 31, 2020, your Company posted a The Dividend Distribution Policy of the Company is placed net profit of` 1,262.41 Crore as against ` 930.60 Crore in the on the Company’s website at https://www.hdfcfund. previous year. Appropriations from the net profit have been com/about-us/governance/codes-policies. and the same effected as per the summary given above. is annexed as Annexure I in terms of Regulation 43A of Securities and Exchange Board of India (Listing Obligations For a detailed analysis of the financial performance of your and Disclosure Requirements) Regulations, 2015 (“SEBI Company for the year under review, refer to report on Listing Regulations”). Management Discussion and Analysis. Your Company does not have any subsidiary or an Management Discussion and Analysis Report, associate company or a joint venture company during the Report of the Directors on Corporate Governance year under review. and Business Responsibility Report In accordance with the SEBI Listing Regulations, the Dividend Management Discussion and Analysis Report, the Report Your Directors recommend payment of dividend for the of the Directors on Corporate Governance and Business financial year ended March 31, 2020 of` 28/- per equity share Responsibility Report form part of this report. (560%) of face value of ` 5/- each as against ` 24/- (480%) per equity share of face value of ` 5/- each for the previous year. Transfer to General Reserves There was no amount transferred to the General Reserves The dividend pay-out ratio for the proposed final dividend of your Company for the FY 19-20. for the year ended March 31, 2020 is 47.20%. The dividend recommended is in accordance with the Capital Structure principles and criteria as set out in the Dividend Distribution During the year, your Company issued and allotted 2,30,115 Policy which has been approved by the Board of Directors. equity shares of ` 5/- each of the Company to eligible 320 HDFC Asset Management Company Limited employees on exercise of stock options granted under Company processed ` 1,130 Crore through systematic Employee Stock Option Schemes of the Company. transactions in the month of March 2020. These monthly flows provide a strong and stable “order book” provide Consequently, the issued, subscribed and paid-up equity predictable flows, with 81% of live systematic investment share capital increased from ` 1,06,28,66,050/- represented plans (SIPs) subscribed for a tenure of more than 5 years. by 21,25,73,210 equity shares of ` 5/- each as on April 1, 2019 to ` 1,06,40,16,625/- represented by 21,28,03,325 equity Your Company also provides portfolio management and shares of ` 5/- each as on March 31, 2020. segregated account services, including discretionary, non-discretionary and advisory services, to high net worth Review of Operations individuals (HNIs), family offices, domestic corporates, Assets under Management (AuM)* of HDFC Mutual Fund trusts, provident funds and domestic and global institutions. ("HDFC MF") at the close of FY 19-20 was ` 3.19 Lakh Crore As on March 31, 2020, the aggregate assets under these as against an AuM of ` 3.44 Lakh Crore at the close of services were at ` 8,530 Crore. FY 18-19, a decrease of 7%. The decline in AUM can be In the wake of Covid-19 pandemic threat, we had primarily attributed to the Coronavirus outbreak and the successfully initiated our Business Continuity Plan. AMFI consequent pandemic. The QAAUM, however, grew by circular issued in this regard has directed all AMCs to keep 8% to ` 3.70 Lakh Crore. HDFC MF is one of India’s largest branches/offices closed and only allow online transaction mutual fund in terms of total AuM with a market share of to continue effective March 23, 2020. All our operations 14.3%. It is also the largest mutual fund in terms of actively continue to work remotely using the existing infrastructure managed equity-oriented funds, with a market share of in place. We have been able to successfully initiate Work 14.7%. The actively managed equity-oriented AuM of HDFC from Home for employees who continue to interact with our MF at the close of FY 19-20 was ` 1.20 Lakh Crore as against customers, partners and service providers remotely. Since ` 1.64 Lakh Crore at the close of FY 18-19, a decrease of our infrastructure is cloud based we could enhance the 27%, which can primarily be attributed to a fall in the equity capacity comfortably to manage the volumes. The current markets due to the Coronavirus pandemic. The actively situation has impacted our sales from walk-in customers, managed equity-oriented QAAUM constituted 43% of the but due to our strong digital presence customers are able to total QAAUM and grew by 2% to ` 1.57 Lakh Crore. make electronic transactions seamlessly. Your Company managed 94 lakh live accounts as on March 31, 2020, predominantly those of individual (retail) unitholders. Schemes Launched The Individual monthly average AUM as a percent of total Other than HDFC FMP 1100D April 2019 (1), a closed-ended monthly average AUM as of March 2020 was 57.2% as against fund, no new scheme was launched during the financial year. 63.0% as of March 2019. Your Company has established a strong and wide network of Investor Service Centres (ISCs) Fundamental Attributes Changed rendering services to its unit holders located at various During the year, merger of certain Plans / Options under locations across the country. Your Company has 221 ISCs HDFC Floating Rate Debt Fund, HDFC Liquid Fund and HDFC as on March 31, 2020. ISCs of Computer Age Management Low Duration Fund was carried out, details of which were Services Ltd. (CAMS), the Registrar and Transfer Agent of announced through an addendum dated April 4, 2019. HDFC MF, are Official Points of Acceptance for transactions of Schemes of HDFC MF. These offices supplement Directors and Key Managerial Personnel the investor-servicing network of your Company. Your Company services unitholders and over 70,000 empanelled Non-Executive Directors In accordance with the provisions of Section 152 of distributors in over 200 cities pan India. the Companies Act, 2013 read with the Companies Your Company is the most preferred choice for retail (Appointment and Qualification of Directors) Rules, 2014 investors, with the highest market share in assets from and the Articles of Association of the Company, Mr. Deepak individual investors at 15.0%. Of the 2.08 Crore unique Parekh (DIN: 00009078) and Mr. James Aird (DIN: 01057384), investors in mutual funds in India (as identified by PAN), we Directors, are liable to retire by rotation at the ensuing enjoy trust of 56 Lakh investors, a market share of 27%. Annual General Meeting (AGM) and being eligible have Your Company’s offering of systematic transactions further offered themselves for re-appointment. enhances its appeal to individual investors looking to invest Necessary proposals for their re-appointment have been periodically in a disciplined and risk-mitigating manner. Your placed for your approval at the ensuing AGM. The brief *For details on Mutual Fund AUM, refer Page 4 & 5 321 Twenty First Annual Report 2019-20 resume of these Directors and other related information at the ensuing AGM.
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