New Delhi: Reliance Nippon Life Asset Management (RNAM) Wednesday reported a 12% growth in consolidated net profit at Rs114.43 crore in the three months ended 30 September 2018.

In comparison, the company had a net profit of Rs102.44 crore in July-September quarter of 2017-18, RNAM said in a regulatory filing to the stock exchanges.

The company’s total revenue rose to 391.11 crore in the second quarter ended September 30, 2018 from 386.79 crore in the same period last fiscal.

RNAM’s assets under management (AUM) increased by 6% to 4.05 lakh crore as on September 30, 2018, across mutual funds, pension funds, managed accounts and offshore funds.

Further, the company’s mutual fund assets base also climbed 6% to over 2.45 lakh crore during the period under review. “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," RNAM Chief Executive Officer Sundeep Sikka said adding SIP (Systematic Investment Plan) flows continue to remain strong, indicating the evolving behavior of retail investors.

“We have strengthened our physical and digital distribution network and are well geared for robust growth in the coming quarters," Sikka added.

As on September 30, this year, the company has about 29 lakh SIP folios, with annualised book of Rs10,200 crore.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed)

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