UTI AMC Reports 9% PAT Growth in Q1 FY2024

UTI Asset Management Company (AMC) announced a nine percent increase in profit after tax (PAT) to Rs 254 crore for the quarter ending June 30, 2024. The company's revenues surged 13 percent to Rs 529 crore. Total assets under management reached Rs 19.36 lakh crore, bolstered by increasing financial awareness and digitization.

UTI Asset Management Company (AMC) on Thursday reported a nine percent growth in profit after tax (PAT) to Rs 254 crore for the three months ending June 30, 2024.

In comparison, the company had posted a PAT of Rs 234 crore in the same quarter last year, UTI AMC disclosed in a regulatory filing with the stock exchanges.

The company's total revenue from operations surged 13 percent to Rs 529 crore during the reviewed quarter, as opposed to Rs 468 crore in the April-June quarter of the previous financial year (2023-24).

As of June 30, 2024, the total assets under management (AUM) for UTI AMC amounted to Rs 19.36 lakh crore, inclusive of the mutual fund's asset base of Rs 3.1 lakh crore.

''The Indian mutual fund industry has seen robust growth recently, ranking among the most attractive investment avenues,'' said Imtaiyazur Rahman, Chief Executive Officer, UTI AMC. ''With the Indian MF industry surpassing Rs 60 lakh crore AUM by the end of June 2024, financial awareness and digitization have played key roles in this unprecedented growth.''

UTI AMC serves as the investment manager for UTI Mutual Fund and operates a nationwide network of branches coupled with a diversified distribution network.

(With inputs from agencies.)