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Reliance Nippon Life Asset Management posts 2 per cent growth in profit

In comparison, the company had a net profit of Rs 102.44 crore in July-September quarter of 2017-18, RNAM said in a regulatory filing to the stock exchanges.


Devdiscourse News Desk New Delhi
Updated: 31-10-2018 16:00 IST
Reliance Nippon Life Asset Management posts 2 per cent growth in profit

Further, the company's mutual fund assets base also climbed 6 per cent to over Rs 2.45 lakh crore during the period under review. (Image Credit: Twitter)

Reliance Nippon Life Asset Management (RNAM) Wednesday reported a 12 per cent growth in consolidated net profit at Rs 114.43 crore in the three months ended September 30, 2018.

In comparison, the company had a net profit of Rs 102.44 crore in July-September quarter of 2017-18, RNAM said in a regulatory filing to the stock exchanges.

The company's total revenue rose to Rs 391.11 crore in the second quarter ended September 30, 2018, from Rs 386.79 crore in the same period last fiscal.

RNAM's assets under management (AUM) increased by 6 per cent to Rs 4.05 lakh crore as on September 30, 2018, across mutual funds, pension funds, managed accounts and offshore funds.

Further, the company's mutual fund assets base also climbed 6 per cent to over Rs 2.45 lakh crore during the period under review.

"We continue to deliver on our strategy of deeper retail penetration and garnering higher flows from 'beyond Top 30 cities' with focus on profitable growth," RNAM Chief Executive Officer Sundeep Sikka said adding SIP (Systematic Investment Plan) flows continue to remain strong, indicating the evolving behaviour of retail investors.

"We have strengthened our physical and digital distribution network and are well geared for robust growth in the coming quarters," Sikka added.

As on September 30, this year, the company has about 29 lakh SIP folios, with an annualised book of Rs 10,200 crore.

(With inputs from agencies.)

COUNTRY : India