Nippon Life India Asset Management Q2 profit after tax jumps 47% to Rs 213 cr

Nippon Life India Asset Management Ltd (NAM India) on Tuesday reported a 47 per cent jump in profit after tax to Rs 213.19 crore for the three months ended September.

In comparison, the company had posted a profit after tax of Rs 145.23 crore in the same quarter of the preceding fiscal, NAM India said in a filing to the stock exchanges.

See Zee Business Live TV Streaming Below:

Total income rose to Rs 425.08 crore in the second quarter of the current fiscal from Rs 322.36 crore in the year-ago period.

"Q2 was a strong quarter on all important parameters. Higher operating profit (+46 per cent) and wider investor base (+39 per cent) was driven by strong fund performance, robust risk management, and granular distribution network," Sundeep Sikka, ED & CEO of NAM India, said.

In addition, the company's board has approved an interim dividend of Rs 3.50 per share.

NAM India is the asset manager of Nippon India Mutual Fund (NIMF), which is one of the key players in the 45-member strong mutual fund industry.

As on September 30, 2021, NAM India's assets under management was over Rs 4 lakh crore, including NIMF asset base of Rs 2.65 lakh crore.