Reliance Nippon Life Asset posts Rs.114 crore net profit in 2nd quarter; registers 12 pct growth

Reliance Nippon Life Asset Management Limited (RNAM) on Wednesday said it closed the second quarter of the current fiscal with 12 per cent growth in net profit.

In a statement issued in Mumbai, the company said it had posted a net profit of Rs 114 crore for the quarter ended September 30, 2018, up by 12 per cent over previous year corresponding period.

The company had earned Rs 391.11 crore as revenue from operations for the quarter ended September 30, 2018, up from Rs 386.79 crore earned during the corresponding quarter of the previous year.

"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," Sundeep Sikka, Executive Director and CEO was quoted as saying in the statement.

He said the company has strengthened its physical and digital distribution network and is well geared for a robust growth in the coming quarters.