Nippon AMC Q1 results: Net profit rises 107% to Rs 236 crore

Nippon India Mutual Fund on Thursday said its net income more than doubled (107 per cent) to Rs 236 core for the June 2023 quarter, primarily driven by the gains from a robust capital market.

The city-based company, in a statement, said its income rose to Rs 471 crore from Rs 388 crore a year ago. Assets under management grew 12 per cent to Rs 4.04 lakh crore, making it the fourth largest fund house in terms of AUM.

Its customer base rose to a new peak at 14.1 million, which is more than a third of the total customer base of the industry, and this had its SIP flows scaling a new high of Rs 1,220 crore, a growth of 52 per cent.

Its chief executive Sundeep Sikka said the company saw improvement in overall market share, driven by gains across asset classes, barring liquid funds. Equity market share, which had been stable over the past few quarters, has now started to improve.

One in every 3 mutual fund investors is with us, which is the highest in the 43-player industry.

Assets under management stood at Rs 4.04 lakh crore, and for the June quarter, the average AUM was Rs 3.14 lakh crore. Of this, the share of equity assets rose to 44.5 per cent from 41.8 per cent, and the retail assets stood at Rs 96,500 crore, which Sikka claimed is one of the highest.

Retail assets contributed 30 per cent of the total AUM against the industry average of 25 per cent. High networth individual's AUM rose to Rs 87,200 crore, up by Rs 24,600 crore.

AUM from beyond the top 30 cities (B-30) stood at Rs 63,100 crore, an increase of 13.4 per cent, and forms 19.3 per cent of the total AUM. ETF AUM rose to Rs 73,800 crore or a market share of 13.86 per cent.

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