NAM India Q2 PAT up 6 pc at Rs 145 cr

Nippon Life India Asset Management Ltd (NAM India) on Tuesday reported a 6 per cent growth in profit after tax (PAT) at Rs 145 crore for the quarter ended September 30.

Nippon Life India Asset Management Ltd (NAM India) on Tuesday reported a 6 per cent growth in profit after tax (PAT) at Rs 145 crore for the quarter ended September 30. It had posted a PAT of Rs 137 crore in the same quarter of previous fiscal, the asset management company said in a regulatory filing to the stock exchanges.

Total income stood at Rs 322.36 crore in the period under review as compared with Rs 322.60 crore in the quarter ended September 30, 2019. NAM India ED and CEO Sundeep Sikka said the integration process with Nippon Life, which began in October 2019, is now complete.

"We have successfully established the Nippon India Mutual Fund brand in India, especially in smaller cities and towns, both amongst institutional and retail investors. The new brand has also received positive feedback from our 77,000 plus distributors," he added. NAM India is the asset manager of Nippon India Mutual Fund (NIMF).

For the quarter ended September 30, 2020, NAM India's assets under management stood at Rs 2,76,774 crore, including NIMF's assets of Rs 2 lakh crore. During the first half of the ongoing financial year 2020-21, NAM India's PAT rose 15 per cent to Rs 301 crore.

"In H1, profit improved by 15 per cent driven by steady growth in assets, and gains from superior cost optimisation initiatives," Sikka said..

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