 "Nippon Life Insurance Company, Nippon India Mutual Fund, Reliance Mutual Fund\" renamed as Nippon India Mutual Fund - KAMLESH PEDNEKAR")
Nippon Life India Asset Management (NLIAM) on Tuesday reported a 13 per cent rise in net profit to Rs 198 crore for the fourth quarter ended March 2023. The consolidated profit for fiscal 2022-23 dipped 2.7 per cent to Rs 723 crore.
Revenues from operations rose 3 per cent during the quarter to Rs 348 crore. They rose 3.3 per cent in FY23 to Rs 1,350 crore, shows the latest quarterly and annual results filed with exchanges.
During the quarter, the average assets under management (AUM) for the mutual fund business stood at Rs 2.9 lakh crore, an increase of 3.5 per cent from the same time last year. The share of equity in the total asset rose to 44 per cent from 42 per cent a year ago. “We exhibited strong growth in various segments, particularly in Individual AUM and systematic investments,” said Sundeep Sikka, said executive director & chief operating officer.
