UTI AMC's profit after tax soars 59% to Rs 86 cr in March quarter

UTI Asset Management Company (AMC) on Wednesday reported 59 per cent jump in profit after tax (PAT) at Rs 86 crore for the three months ended March 2023.

In comparison, the company posted a PAT of Rs 54 crore for the same quarter a year ago, UTI AMC said in a regulatory filing.

Total income grew marginally to Rs 309 crore in the quarter under review from Rs 305 crore in January-March 2021-22.

The company's board recommended a final dividend of Rs 22 per share for FY23 as against Rs 21 per share for FY22. The final dividend for FY23 is subject to approval of shareholders.

As of March 2023, UTI AMC's assets under management stood at Rs 15.56 lakh crore.

"As the brand UTI is completing six decades of being a front runner in promoting the development of the financial sector, we remain steadfast in our commitment towards our stakeholders. Our focus on offering innovative and customized solutions that cater to the diverse needs of our investors has been instrumental in our success over the years," Imtaiyazur Rahman, MD and CEO at UTI AMC said.

In entire 2022-23, PAT declined 18 per cent year-on-year to Rs 437 crore, and total income dropped three per cent to Rs 1,290 crore.