Reliance Nippon records 34 pc jump in profit at Rs 151 crore
Mumbai (Maharashtra) [India], Apr 29 (ANI): Reliance Nippon Life Asset Management (RNAM) on Monday reported 34 per cent jump in its net profit at Rs 151 crore during the fourth quarter of 2018-19.
ANI
Apr 29, 2019 16:57 IST
Mumbai (Maharashtra) [India], Apr 29 (ANI): Reliance Nippon Life Asset Management (RNAM) on Monday reported 34 per cent jump in its net profit at Rs 151 crore during the fourth quarter of 2018-19.
For the entire fiscal (April 2018 to March 2019), the net profit moved up 7 per cent at Rs 486 crore, the Anil Ambani-led company said adding the company recorded one online purchase transaction processed every 30 seconds.
RNAM’s assets under management at the end of fiscal 2019 were Rs 422,149 crore, marking an increase of 7 per cent year-on-year.
The mutual fund MF assets under management totalled Rs 233,617 crore while retail assets were Rs 89,911 crore. Equity assets saw 13 per cent jump to reach Rs 108,043 crore.
Total income in Q4 FY 19 was Rs 397 crore and Rs 1,650 crore in the entire fiscal.
RNAM's Executive Director and CEO Sundeep Sikka said: “The mutual fund industry remains underpenetrated and presents huge untapped potential. The industry faced multiple headwinds during the year due to regulatory changes, market volatility and credit events. However, post elections, we expect much stronger growth."
The company's focus continues to be on retail assets. "In FY19, retail assets demonstrated highest growth in the industry and we continue to be the leader in this segment, driven by our unparalleled reach and strong distributor network,” he said.
The board declared second interim dividend of Rs 3 per share. Earlier on January 22, it had declared first interim dividend of Rs 3 per share.
RNAM is one of the largest asset managers in India, managing (directly and indirectly) assets across mutual funds, pension funds, managed accounts, alternative investments and offshore funds. (ANI)
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