Nippon Life India Asset Management Company has reported that its net profit more than doubled in June quarter to ₹236 crore against ₹114 crore logged in the same period last year due to growth in asset under management.
Income also doubled to ₹471 crore (₹299 crore) during the quarter under review. Overall expenses increased to ₹161 crore (₹145 crore) on higher other expenses and finance cost.
Quarterly average asset under management of the fund house increased 12 per cent to ₹3.14-lakh crore with its market share slipping 0.12 per cent to 7.28 per cent.
The equity asset of the fund house increased to 45 per cent from 42 per cent recorded last year, while ETF was up 24 per cent from 22 per cent. Debt and liquid funds share were down 21 per cent (23 per cent) and 11 per cent (14 per cent), respectively.
Monthly average AUM of beyond-30 was higher at ₹63,100 crore (₹48,400 crore). Flow through systematic investment plan was up sevenper cent in June quarter at ₹3,430 crore (₹3,220 crore).
Sundeep Sikka, ED & CEO, NAM India, said: “We witnessed an improvement in overall market share, driven by gains across asset classes (barring liquid). Equity market share, which had been stable over the past few quarters, has now started to improve.”