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Our Bureau The Nippon Life Asset Management Company (formerly Reliance Nippon Life Asset Management Limited) on Friday posted a sharp drop of 97.5 per cent in net profit at ₹3.72 crore as against ₹149.32 crore it had reported in the year-ago period. Total income fell 58.5 per cent to ₹152.09 crore (₹397.49 crore).
For the financial year ended March 2020, the AMC has posted net profit of ₹415.25 crore as against ₹486.09 crore reported in FY19. Total income slipped ₹1,193.21 crore (₹1,649.92 crore).
The board has recommended a final dividend of ₹2 a share of ₹10 each for the financial year ended March 31, 2020.
The company is in the business of providing asset management services to the schemes of Nippon India Mutual Fund and portfolio management service to the clients. The primary segment is identified as asset management services. As such, the companys financial statements/results are largely reflective of the asset management business and accordingly there are no separate reportable segments as per Ind AS 108 Operating Segment, it said.
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