Reliance Nippon AMC Q2 net profit up 25% to Rs122 crore
Mumbai: Reliance Nippon Life Asset Management (RNAM), the asset manager for Reliance Mutual Fund, on Monday said September quarter net profit rose 25% from a year earlier on strong revenue growth.
The asset management company said net profit rose to Rs122 crore, while revenue grew 21% to Rs436 crore.
Since October 2016, Reliance Mutual Fund has added over 7,00,000 new SIPs (systematic investment plans) and as at 30 September, its assets under management (AUM) had risen 21% to Rs3.82 trillion, the company said in a statement.
Reliance Mutual Funds managed Rs63,651 crore in retail assets while equity assets were over Rs75,000 crore.
Reliance Nippon Life Asset Management Ltd made its debut on the bourses earlier this month after the country’s third-largest mutual fund manager saw its Rs1,542 crore initial public offering (IPO) subscribed more than 81 times last month.
On Monday, Reliance Nippon Life Asset Management shares closed 0.58% higher at Rs285.95 on the BSE, in an otherwise weak Mumbai market. The BSE benchmark Sensex fell 0.84% to 33,033.56 points.
The company acts as advisor for India-focused equity and fixed income funds in Japan (launched by Nissay Asset Management) and Korea (launched by Samsung Asset Management).
Reliance Group companies have sued HT Media Ltd., Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.