UTI Asset Management Company has reported that its net profit was down 12 per cent in the September quarter at ₹119 crore against ₹135 crore logged in the same period last year, due to higher cost.

Revenue increased 16 per cent to ₹276 crore (₹239 crore). The fund house’s profit last year was boosted by deferred tax write-back of ₹27 crore.

UTI AMC had declared a final dividend of ₹7 a share for the financial year ended March-end. Operating expenses was up at 11 per cent at ₹140 crore as employees benefit rose to ₹91 crore (₹70 crore).

The average asset under management of UTI was down at ₹1.55 lakh crore against ₹1.54 lakh crore logged in the same period last year. However, when compared to the June quarter, it was up 16 per cent showing a marked improvement in inflow post-ease of Covid lockdown.

Equity and hybrid asset were up at ₹59,800 crore against ₹58,400 crore registered in September 2019.

After a dip in June quarter, systematic investment plan inflow as up at ₹760 crore against ₹748 crore logged in the same period last year.

Imtaiyazur Rahman, Chief Executive Officer, UTI AMC said the Covid- pandemic has had an impact on the way people perceive investment in MF and even as business activity in most economies gradually resumes. UTI AMC, has fully adapted to the “New Normal”, and have seamlessly executed our operations in the last few months, he said.

Post the Covid-related events in July and August, UTI AMC saw improvement in investor flows and growth in AUM and witnessed a growth rate of 16 per cent as against the industry growth rate of 12 per cent, during the last quarter.

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