Reliance Nippon Life Asset Management (RNAM) on Monday posted a rise of 34.16 per cent in consolidated net profit at Rs 151.08 crore for the quarter ended March 31, 2019.
The company had logged a profit of Rs 112.61 crore in the same quarter a year ago, according to a BSE filing.
Total income fell to Rs 397.49 crore from Rs 440.19 crore in the March quarter 2018, the asset manager of Reliance Mutual Fund said.
For the entire 2018-19 financial year, the company’s net profit was Rs 486.09 crore, as against Rs 455.74 crore in the previous year.
As on March 31, 2019, RNAM’s assets under management was Rs 4,22,149 crore, an increase of 7 per cent year-on-year (YoY), it added.
“Mutual fund industry remains under-penetrated and presents a huge untapped potential. The industry faced multiple headwinds during the year due to regulatory changes, market volatility and credit events. However, post elections, we expect much stronger growth,” said Sundeep Sikka, Executive Director (ED) & Chief Executive Officer (CEO), RNAM.
He added that the company’s focus continues to be on retail assets. “In FY’19, retail assets demonstrated highest growth in the industry and we continue to be the leader in this segment, driven by our unparalleled reach and strong distributor network,” Sikka commented.
RNAM has geographical presence at 300 locations pan India.
The company’s board has declared an interim dividend of Rs 3 per equity share for 2018-19 and has fixed the record date as May 10, 2019.