UTI AMC Profit Soars 3-Fold in Dec Quarter | Rs 186 Crore
Jan 29, 2024 19:52
UTI Asset Management Company (AMC) reported a significant jump in profit after tax to Rs 186 crore in the December quarter, driven by increased revenue and expanding financialization of savings.
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Jan 29 (PTI) UTI Asset Management Company (AMC) on Monday posted a three-fold jump in profit after tax to Rs 186 crore in the December quarter.
The company's profit after tax (PAT) was Rs 60.43 crore in the year-ago period, UTI AMC said in a regulatory filing.
Its total revenue from operations surged 52 per cent to Rs 449 crore during the quarter under review from Rs 295 crore in the October-December period of FY23.
For the quarter ended December 31, 2023, the total assets base of the company stood at Rs 17.6 lakh crore. This includes UTI Mutual Fund's average assets under management (AUM) of Rs 2.73 lakh crore.
"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.
"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.
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