Nippon Life India Asset Management has reported that its net profit in the September quarter increased 48 per cent to ₹214 crore against ₹145 crore in the same period last year, largely on an increase in assets under management (AUM) and better margins.
Revenue from operations was up at ₹328 crore (₹259 crore).
Nippon India Alternate Investments Fund has raised ₹4,000 crore across various asset class including equity, real estate, credit, technology and venture capital fund of fund. The Nippon India Digital Innovation Fund has received investment commitments and letter of intent of about $100 million.
Average quarterly AUM was up 32 per cent to ₹2.65-lakh crore against ₹2-lakh crore logged last year. Equity AUM was up 47 per cent to ₹1.45-lakh crore from ₹98,600 crore and that of fixed income increased to ₹1.08-lakh crore (₹93,700 crore). Inflow through systematic investment plan in the quarter under review was down marginally to ₹1,880 crore against ₹1,890 crore but SIP asset under management was up 57 per cent to ₹49,700 crore.
Offshore AUMs
The fund house has offshore AUM of ₹1.17 crore in Singapore, Mauritius, Dubai and Singapore. Of this, it manages assets worth ₹8,700 crore directly and provides advisory service to the remaining ₹3,000 crore. The AIF has received approval from SEZ authorities for setting up an AIF at the GIFT IFSC.
Sundeep Sikka, ED & CEO, NAM (Nippon Life India Asset Management Limited) India, said the profit was driven by strong fund performance, robust risk management and granular distribution network. The fund house continues to focus on profitable growth, strengthening the digital ecosystem and expanding the overall industry size, he said.
Market share increased 21 basis points to 7.33 per cent in the first half of this fiscal. The Board has approved an interim dividend of ₹3.50 per share.