Reliance Nippon Life Asset net profit drops 17% to Rs 109 crore in Q3

Reliance Nippon Life Asset's revenue from operations declined to Rs 349.85 crore in the December quarter 2018, from Rs 398.98 crore in the year-ago period

Reliance Nippon Life Asset Management (RNAM), asset manager of Reliance Mutual Fund, Tuesday reported 17 per cent decline in consolidated net profit at Rs 109.52 crore in the three months to December 2018.

In comparison, the company logged a net profit of Rs 132.01 crore in October-December 2017, RNAM said in a filing to stock exchanges.

The company's revenue from operations declined to Rs 349.85 crore in the December quarter 2018, from Rs 398.98 crore in the year-ago period.

RNAM's assets under management (AUM) rose seven per cent to over Rs 4.14 trillion as on December 31, 2018 across mutual funds, pension funds, managed accounts and offshore funds.

Overall, the company's mutual fund asset base stood at Rs 2.36 trillion. This includes an AUM of Rs 42,864 crore from 'outside the top 30 cities' category.

The company's board has declared an interim dividend of Rs 3 per share.

"With our value accretive investments in strong physical distribution network and digital space, we are clearly seeing the results of it.

"We are getting higher retail flows across smaller cities and towns and RNAM has emerged as a leader in terms of retail assets. We continue our focus on profitable growth and in state of readiness for incremental growth going forward," said RNAM CEO Sundeep Sikka.

Shares of the company closed at Rs 156.15 a piece on BSE, up 2.29 per cent from the previous close.