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Nippon Life India Asset Management reported a multi-fold rise in its net profit for the quarter-ended March at ₹167 crore against ₹4 crore logged in the same period last year.
Revenue from operations rose to ₹302 crore versus ₹274 crore on a year-on-year basis. The fund house's revenue in the previous March quarter was impacted by the Covid pandemic. Nippon Life has proposed a final divided of ₹5 per share.
‘Highest-ever profit’
Sundeep Sikka, ED & CEO, NAM India, said the fund house has recorded its highest-ever profit driven by robust asset growth and better operating efficiencies. “We remain focused on longer-term returns while expanding our investor-base,” he added.
The average assets under management (AUM) of the fund house was up 12 per cent in the March quarter at ₹2.28 lakh crore (₹2.04 lakh crore).
Average equity AUM in the quarter under review was up 10 per cent at ₹1.21 lakh crore (₹1.10 lakh crore) while debt AUM increased to ₹70,100 crore (₹57,300 crore). Liquid funds' AUM decreased 12 per cent to ₹28,300 crore (₹32,300 crore).
NIMF had launched nine new funds last fiscal and manages assets worth ₹37,000 crore in these funds as of March-end. These funds attracted 1.55 lakh investors through the NFOs. As of March-end, NIMF has one of the largest retail assets in the industry, at ₹64,345 crore (₹44,400 crore), contributing 28 per cent of AUM .
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