Business Standard

Nippon Life Q4 results: AMC reports 73% rise in profit, revenue rise 34%

Shares of the company closed at Rs 586, with a gain of Rs 24, or 4.3 per cent


Illustration: Ajay Mohanty

Abhishek Kumar

Listen to This Article

Nippon Life India Asset Management on Wednesday reported a 73 per cent year-on-year (YoY) rise in fourth quarter (Q4) profit at Rs 343 crore. The net profit for the financial year 2023-24 (FY24) stood at Rs 1,106 crore, 53 per cent higher than the FY23 profit.

The revenue from operations rose 34 per cent in Q4 to Rs 468 crore. For the whole financial year, it went up 22 per cent to Rs 1,643 crore. Total income surged 45 per cent YoY for the quarter and 34 per cent for FY 2024.

In a release, the company said its assets under management (AUM) stood at Rs 5.24 trillion at the end of the financial year 2024. For the quarter ended March 31, 2024, the Nippon India Mutual Fund's average AUM was Rs 4.31 trillion, up 47 per cent YoY, the asset manager said.

According to the company, retail investors have a 30 per cent share in its MF AUM. "NIMF's AUM from ‘Beyond the Top 30 cities’ (B-30) stood at Rs 86,200 crore ($10.3 billion) - an increase of 9 per cent QoQ. This forms 19.5 per cent of NIMF’s AUM vs 17.9 per cent for the industry," it stated.

Shares of the company closed at Rs 586, with a gain of Rs 24, or 4.3 per cent.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 24 2024 | 5:44 PM IST

Explore News