Nippon Life India Asset Management (NAM India) has reported that its net profit in the June quarter was down 37 per cent at ₹114 crore against ₹182 crore logged in the same period last year, largely due to lower revenue.
Total income was down at ₹299 crore (₹369 crore). Income from operations was down at ₹316 crore (₹302 crore). It incurred a loss of ₹17 crore in generating other income, which was at ₹67 crore last year.
The average quarterly asset under management (AUM) increased 7.4 per cent to ₹2.79-lakh crore against ₹2.40-lakh crore. Equity average AUM was up at ₹1.17-lakh crore (₹99,400 crore), while equity ETF increased to ₹40,700 crore (₹29,600 crore) and other ETFs jumped to ₹19,400 crore (₹10,600 crore).
Debt fund average AUM dipped to ₹64,500 crore (₹70,900 crore), while that of liquid funds was down at ₹38,000 crore (₹29,900 crore).
Inflows through systematic investment plan (SIP) increased in June quarter to ₹2,280 crore (₹1,750 crore). SIP asset increased 7 per cent to ₹48,200 crore.
Challenged by macro headwinds
Sundeep Sikka, ED and CEO, NAM India, said domestic economy and the mutual fund industry were impacted in the June quarter due to macro headwinds. “NAM India is humbled to have the faith and trust of over 1.8 crore investors, which is the largest investor base in the MF industry,” he added. Shares of the company was up 2 per cent at ₹290 on Thursday.