UTI AMC reports 60% jump in Q4 net profit to Rs 86 cr on lower expenses

UTI Asset Management Company (AMC) reported a 60 per cent year-on-year (YoY) jump in profits at Rs 86 crore in the fourth quarter of financial year (FY) 2023. The rise in profits is due lower expenses and a significant decline in tax outgo.

The revenue from operations remained flat at Rs 301 crore for the quarter under review.

For the whole of FY 2023, net profit was down 18 per cent at Rs 440 crore. Revenue from operations declined 4 per cent to Rs 1,267 crore.

UTI Mutual Fund was managing an average of Rs 2.4 trillion during the fourth quarter. The fund house ranks eight in the assets under management (AUM) rankings.