NAM India Q2 Profit Surges 47% to Rs 360 cr

New Delhi, Oct 24 (PTI) Nippon Life India Asset Management (NAM India) on Thursday reported a 47 per cent year-on-year jump in its consolidated profit after tax to Rs 360.1 crore for three months ended September 2024.

The company had posted a profit after tax (PAT) of Rs 244.4 crore in the year-ago period.

It's revenue from operations rose 44 per cent to Rs 571.3 crore for the July-September quarter of the current financial year (FY25) from Rs 397.5 crore in the same period preceding fiscal, NAM India said in a stock exchange filing.

The company said it's board of directors have approved an interim dividend of Rs 8 per share.

As on September 30, 2024, NAM India's assets under management stood at Rs 6.54 lakh crore. This includes Nippon India Mutual Fund's asset base of Rs 5.49 lakh crore.

NAM India is the asset manager of Nippon India Mutual Fund's scheme.

"The trend in overall market share gains sustained, including equity aided by increasing systematic flows," Sundeep Sikka, ED and CEO of NAM India, said.

On a standalone basis, NAM India logged a PAT of Rs 344 crore in the second quarter ended September 30, 2024, an increase of 46 per cent on year-on-year basis. Revenue from operations grew 43 per cent year-on-year to Rs 527 crore.