NAM India Q1 profit climbs 25 pc to Rs 156 cr

Nippon Life India Asset Management Ltd (NAM India) on Monday reported a 25 per cent jump in its profit after tax to Rs 156 crore for the June quarter. NAM India is the asset manager of Nippon India Mutual Fund (NIMF). "Post the COVID-related events in March and April, NIMF saw improvement in investor flows and growth in AUM, in line with the industry.

Nippon Life India Asset Management Ltd (NAM India) on Monday reported a 25 per cent jump in its profit after tax to Rs 156 crore for the June quarter. The company had posted a profit after tax of Rs 125.6 crore in the year-ago period, NAM India said in a statement.

Total income for the quarter under review dropped to Rs 336.18 crore from Rs 360.41 crore in the April-June period of the preceding fiscal. NAM India is the asset manager of Nippon India Mutual Fund (NIMF).

"Post the COVID-related events in March and April, NIMF saw improvement in investor flows and growth in AUM, in line with the industry. Q1 FY21 saw a rise of 25 per cent in profits, driven by better investor stickiness, strength in the retail segment, and cost efficiencies. "Post transition, our business recovery continues as planned. We have onboarded over 370 institutional investors in the last nine months, and have attracted fresh flows from several HNIs/ family offices," the company's CEO Sundeep Sikka said.

NAM India's asset base stood at Rs 2,73,701 crore at the end of June quarter..