Nippon Life India Asset Management Q3 PAT up 36 pc at Rs 149 cr

Nippon Life India Asset Management on Thursday reported a 36 per cent jump in profit after tax (PAT) at Rs 149 crore for the third quarter ended December 31, 2019.

The company had posted a PAT of Rs 109.62 crore in the year-ago period, Nippon Life India Asset Management said in a regulatory filing to the stock exchanges.

The company's total income dropped to Rs 360.64 crore during the October-December quarter of the current financial year from Rs 403.97 crore in the same period last fiscal.

Nippon Life India Asset Management, formerly known as Reliance Nippon Life Asset Management, said its asset base stood at Rs 3,10,100 crore at the end of December 2019.

"Post rebranding, overall feedback from our customers and distributors has been very positive. This is also reflected in our AUM (assets under management) inflows, we have seen return of several leading corporates, SMEs and HNIs," Nippon Life India Asset Management ED and CEO Sundeep Sikka said.

"We will continue to capitalise on our strong distribution network and make inroads into smaller cities and towns to attract more investments from retail investors for our future growth and part of our profitable growth strategy," he added.

During the quarter, digital purchase transactions rose to 11 lakh, an increase of 38 per cent from the year-ago period. Digital contribute over 40 per cent to total new purchase transactions.