Markets

Reliance Mutual profit up 13% on lower expenses

Our Bureau Mumbai | Updated on July 29, 2019 Published on July 29, 2019

Reliance Nippon Life Asset Management has reported a 13 per cent increase in June quarter net profit at ₹125 crore due to lower operational costs. Revenue from operations was down ₹325 crore from ₹394 crore in the comparable period of the previous year.

Reliance Nippon Life AMC is the holding company of Reliance Mutual Fund.

Fees and commission paid by the fund house slid to ₹25 crore from ₹67 crore earlier, which boosted the profit during the quarter.

The assets under management (AUM) of the fund house was up 6 per cent at ₹4,30,661 crore, while retail investors’ AUM increased 11 per cent to ₹86,302 crore.

Reliance Mutual Fund’s equity assets including ETF was up 19 per cent at ₹1,15,746 crore. The contribution of beyond top 30 cities to AUM was at ₹43,109 crore, accounting for 20 per cent of overall MF AUM, it said.

It had 32 lakh SIP folios with annualised inflow of ₹10,300 crore as of June quarter.

Sundeep Sikka, ED & CEO, Reliance Nippon Life Asset Management, said the fund house is building on its core strengths of growing retail assets, SIP book and AUM of beyond top 30 cities.

In a bid to get higher flows from international markets into India, Reliance Nippoin AMC has launched the first Indian ETF to be offered in Australia and is also in advanced stage of launching Indo-Japan Emerging Technology and Innovation Fund. Despite near-term challenges, the fund house has managed to deliver steady growth in profitability, he added.

Published on July 29, 2019
This article is closed for comments.
Please Email the Editor