Nippon India Asset Management Company has reported that its net profit in the March quarter was up five per cent at ₹175 crore against ₹167 crore logged in the same period last year, on the back of lower expenses.
The fund house income increased three per cent at ₹373 crore (₹362 crore). Its expenses were down four per cent at ₹138 crore (₹144 crore). The board has announced a final dividend of ₹7.50 per share.
The average quarterly asset under management of the fund house was up 24 per cent at ₹2.83 lakh crore (₹2.29 lakh crore), while equity ETF and other ETF asset increased to ₹38,800 crore (₹27,800 crore) and ₹17,000 crore (₹9,500 crore).
Fixed income asset was up at ₹73,200 crore (₹70,100 crore), while liquid asset increased to ₹35,200 crore (₹28,300 crore).
Inflow through systematic investment plan in the March quarter was up at ₹2,130 crore (₹1,700 crore). Asset under SIP increased 30 per cent to ₹51,400 crore.
Contrasting trends
Sundeep Sikka, ED & CEO, NAM India, said the March quarter was characterised by contrasting trends with geopolitical concern and higher inflation leading to volatile global markets, while investors’ inclination towards long-term value creation resulted in greater and stable flows in mutual funds.
The strong asset growth, operating efficiencies and accelerated client acquisitions are driven by focus on providing sustainable and differentiated solutions, he said.