Reliance Nippon AMC Q4 net profit up 35% to Rs162 crore
For the full fiscal year ended on 31 March 2018, Reliance Nippon AMC’s net profit stood at Rs522 crore, a surge of 30% from the preceding financial year
New Delhi: Reliance Nippon Life Asset Management (RNAM) on Wednesday reported a 35% jump in its net profit to Rs162 crore in the January-March quarter of 2017-18.
In comparison, the company had posted a net profit of Rs120 crore in the year-ago period, Anil Ambani-led Reliance Group’s firm said in a regulatory fling to the stock exchanges.
The company’s total revenues increased to Rs514 crore during the quarter under review from Rs406 crore in the three months ended 31 March 2017. RNAM, which made its stock market debut in November last year, is the only listed asset management company (AMC) in India.
Besides, the company has proposed a total dividend of Rs6 per share for the last fiscal. RNAM, jointly owned by Japan’s Nippon Life and Reliance Capital, is the asset manager to Reliance Mutual Fund. RNAM, which manages mutual funds, pension funds, and offshore funds among others, has an asset base of over Rs3.96 lakh crore. This includes Rs 2.45 trillion for mutual funds.
For the full fiscal year ended on 31 March 2018, the company’s net profit stood at Rs522 crore, a surge of 30% from the preceding financial year. The firm’s revenues grew 26% to Rs1,815 crore in 2017-18. “With record profits this year, our focus remains on sustained profitable growth and increasing ROE (return on equity). We continue to remain bullish on the industry, and will be investing in expanding geographical reach as well as increasing our digital footprint. The fact that post demonetisation, the industry has seen lot of retail inflows and the highest market share has come to us, shows our execution capability and confidence of investors in the company,” RNAM CEO Sundeep Sikka said.
Reliance Mutual Fund has an asset base of Rs51,260 crore from ‘outside the top 15 cities’ as on March 2018, an increase of 25% from the preceding fiscal. It has added 81.7 lakh investor folios in the gone by fiscal. Post-demonetisation, the fund house has added Rs29,293 crore to its kitty. It has added 120 new locations in the past fiscal, taking its total presence to 282 across the country.
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.
- Women journalists attacked in Sabarimala despite police presence
- Huawei just launched a smartphone that can wirelessly charge other phones. Here’s how it works
- UK PM met Ratan Tata as JLR warns on Brexit, diesel: Report
- Gold prices surge to 2-year high on festive demand
- Man Booker Prize 2018: A year of surprises