Reliance Nippon Life Asset Management has reported a 12 per cent rise in net profit in the September quarter at ₹114 crore (₹102 crore) on the back of increase in assets under management. Revenue from operations was up marginally at ₹391 crore (₹389 crore).

The AUM of the fund house was up 6 per cent at ₹4.04 lakh crore with the highest retail asset of ₹83,721 crore with over 81 lakh retail investors. It logged the highest retail asset of ₹20,070 crore during the quarter, said Reliance Mutual Fund in a statement on Wednesday.

Rising SIPs

Equity assets, including exchange-traded funds, were up 25 per cent at over ₹1 lakh crore. It has registered 29 lakh SIPs with annualised book size of ₹10,200 crore.

“We continue to deliver on our strategy of deeper retail penetration and garnering higher flows from beyond Top 30 cities with focus on profitable growth. We have higher share of retail assets which tends to be stickier during volatile periods,” said Sundeep Sikka, ED & CEO, Reliance Nippon Life Asset Management.

SIP flows remain strong, indicating the evolving behaviour of retail investors. The fund house is well geared for robust growth in the coming quarters with both physical and digital distribution networks, he added.

Prestigious mandates

During the quarter, Reliance Mutual Fund received the mandate to handle the funds of Employees’ State Insurance Corporation and became the first fund house to have three other prestigious mandates, including Employees Provident Fund Organisation, Pension Fund Regulatory and Development Authority, and Coal Mines Provident Fund Organisation.

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