UTI AMC Q3 results: Net profit jumps 3-fold to ₹186 crore

UTI Asset Management Company (AMC) on Monday posted a three-fold jump in profit after tax to ₹186 crore in the December quarter.

The company's profit after tax (PAT) was ₹60.43 crore in the year-ago period, UTI AMC said in a regulatory filing.

Its total revenue from operations surged 52% to ₹449 crore during the quarter under review from ₹295 crore in the October-December period of FY23.

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For the quarter ended December 31, 2023, the total assets base of the company stood at ₹17.6 lakh crore. This includes UTI Mutual Fund's average assets under management (AUM) of ₹2.73 lakh crore.

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"The increasing financial literacy and rising incomes in the nation, combined with the upward trend in returns from Indian markets, have significantly contributed to the expanding financialisation of savings.

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"However, a substantial portion of the population remains untapped in terms of investment participation," Imtaiyazur Rahman, Managing Director and Chief Executive Officer of UTI AMC, said.