Reliance Nippon AMC Q3 profit after tax up 25% at Rs 130 cr

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Reliance Nippon Life Asset Management (RNAM) today reported 25 per cent jump in profit after tax to Rs 130 crore for the December quarter of the current fiscal.

The company’s revenues stood at Rs 470 crore in the October-December quarter of the 2017-18 fiscal, a growth of 31 per cent over the year-ago period, RNAM said in a statement.

Its board has announced maiden interim dividend of Rs 5 per share post listing.

RNAM is the asset manager of Reliance Mutual Fund, which is the third largest player in the 42-member strong mutual fund industry.

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RNAM’s assets under management (AUM) increased by 17 per cent to Rs 3.88 lakh crore as on December 31, 2017, across mutual funds, pension funds, managed accounts and offshore funds.

Further, the company’s mutual fund assets base climbed 24 per cent to over Rs 2.43 lakh crore during the quarter under review. Reliance Mutual Fund has an AUM of Rs 50,815 crore from ‘Outside the Top 15 cities’ category in the third quarter ended December 31, 2017, an increase of 34 per cent from the year-ago period.

RNAM CEO Sundeep Sikka said: “We continue our focus towards profitable growth and get the highest share of money into capital markets from retail investors and foreign investors coming into India.

“We continue our commitment to improve financial inclusion of B15 locations. In this quarter, we have increased our presence in 89 new locations keeping up to our objective in getting continuous flows from smaller cities and towns.”

The company said it has been garnering increasing share of incremental global inflows through its international subsidiaries, tie-ups in Japan and Korea through different funds.