NAM India Q1 Results: Profit doubles to Rs 236 crore

Nippon Life India Asset Management (NAM India) on Thursday said its profit after tax has doubled to Rs 235.7 crore in the June quarter. The company had reported a Profit After Tax (PAT) of Rs 114.1 crore in the year-ago period, NAM India said in a regulatory filing.

Its revenue from operations rose 12 per cent to Rs 351.4 crore during the quarter under review from Rs 316.6 crore in the April-June quarter of the preceding financial year (2022-23).

"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," Sundeep Sikka, ED and CEO of NAM India, said.

NAM India is the asset manager of Nippon India Mutual Fund (NIMF).

As on June 30, 2023, NAM India's assets under management were at Rs 4 lakh crore, including NIMF's assets base of Rs 3.14 lakh crore.

Shares of Nippon Life India Asset Management settled 1.67 per cent higher at Rs 316.90 apiece on the BSE.