Nippon Life India Asset Managementâs shares were up by 4.27 per cent after the company reported a 73.2 per cent increase in profit for the fiscal year ended 2024 at â¹342.63 crore compared to â¹197.74 crore during the corresponding period last year. However, the companyâs revenues were down by 25.6 per cent to â¹348.34 crore compared with â¹468.27 crore last year. Sequentially, the companyâs profits were lower by 30.3 per cent compared to â¹284 crore in the previous quarter.
The company reported growth in its assets under management (AUM), reaching â¹5.24-lakh crore($62.8 billion) as of March 31, 2024. For Nippon India Mutual Fund (NIMF), the average AUM stood at â¹4.31-lakh crore ($51.7 billion) for the quarter ended March 31, 2024, marking a 47 per cent increase y-o-y and a 14 per cent increase q-o-q.
The share of equity assets in NIMFâs AUM rose to 49.2 per cent, up from 44.4 per cent as of March 31, 2023. The companyâs retail assets were reported at â¹1,335 billion ($16 billion), contributing 30 per cent to its AUM. Individual AUM stood at â¹2,578 billion ($30.9 billion), up by 10 per cent q-o-q, accounting for 58 per cent of NIMFâs AUM. Additionally, NIMFâs geographical presence expanded to 263 locations pan India, among the highest in the industry.
The shares were up by 4.27 per cent to â¹586 at 3:49 pm on the BSE.
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