NAM India Reports 41% Profit Surge in Q1 2024

Nippon Life India Asset Management (NAM India) announced a significant 41% increase in profit after tax for the quarter ended June 2024, totaling Rs 332.3 crore. The firm also saw a 43% year-on-year rise in revenue, showcasing strong growth across market shares, especially in the equity sector.

Nippon Life India Asset Management (NAM India) reported a substantial 41% rise in profit after tax, amounting to Rs 332.3 crore for the quarter ending June 2024.

Comparatively, the firm had posted a profit after tax (PAT) of Rs 235.7 crore during the same period last year, according to a regulatory filing. Additionally, NAM India's revenue from operations surged 43% year-on-year to Rs 505 crore, up from Rs 354.2 crore in the June 2023 quarter.

"We continue to see improvement in overall market share across all asset classes, notably in equity markets. We are honored to have the trust of 17.5 million unique investors, representing 1 in every 3 mutual fund investors - the industry's highest investor base," stated Sundeep Sikka, Executive Director and CEO of NAM India.

As of June 2024, NAM India's assets under management stood at Rs 6 lakh crore, which includes Nippon India Mutual Fund's (NIMF) asset base of Rs 4.84 lakh crore.