Reliance Nippon AMC Q2 net profit up 25 pc to Rs 122 cr
Reliance Nippon Life Asset Management (RNAM) today posted a 25 per cent surge in net profit to Rs 122 crore for the three months ended September of the current fiscal.
In comparison, the company had a net profit of Rs 98 crore in July-September 2016, Anil Ambani-led Reliance Group's firm said in a regulatory filing to the stock exchanges.
The company's total revenues rose to Rs 436 crore for the second quarter of the current fiscal from Rs 361 crore in the year-ago period.
RNAM, which successfully concluded its Rs 1,542 crore initial public offer in October, made its stock market debut earlier this month.
It is the only listed asset management company (AMC) in India.
RNAM, jointly owned by Japan's Nippon Life and Reliance Capital, is the asset manager to Reliance Mutual Fund with more than 11 per cent market share.
It has an asset base of over Rs 3.81 lakh crore, including Rs 2.31 lakh crore for mutual funds.
The fund had an assets base of Rs 47,124 crore from outside the top-15 cities category at the end of September this year, a 15 per cent rise from the year-ago period.
Further, it manages Rs 63,651 crore in retail assets.
"Our Prime Minister's initiatives of demonetisation and 'Digital India' have provided an excellent platform to increase financial penetration in India. Reliance Mutual Fund has also participated with AUM growth at 25 per cent since October 2016.
"In this period, Reliance MF has added over 7 lakh New SIPs (Systematic Investment Plans) -- one of the highest in the industry. Our focus continues on profitable growth, while creating value and wealth for all stakeholders", Reliance Nippon Life AMC CEO Sundeep Sikka said.
Shares of the company settled 0.58 per cent higher at Rs 285.95 apiece on the BSE today.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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