Reliance Nippon AMC Q1 net profit rises 3% to Rs 112 cr

Reliance Nippon Life Asset Management (RNAM) today reported nearly 3 per cent rise in net profit after tax to Rs 112 crore in April-June quarter this fiscal.

The company had posted Rs 109 crore net profit after tax in the first quarter last fiscal, RNAM said in a regulatory filing to the stock exchanges.

The company's revenue from operations grew 7 per cent to Rs 394 crore in the three months ended June 30, 2018, from Rs 368 crore in the same period of 2017-18.

RNAM is the asset manager of Reliance Mutual Fund, which is a leading player in the 42-member strong mutual fund industry.

RNAM's assets under management (AUM) increased by 12 per cent to Rs 4.07 lakh crore as on June 30, 2018, across mutual funds, pension funds, managed accounts and offshore funds.

Further, the company's mutual fund assets base climbed 8 per cent to over Rs 2.4 lakh crore during the period under review. Reliance Mutual Fund has an AUM of Rs 39,056 crore from 'Outside the Top 15 cities' category in the June quarter, an increase of 16 per cent from the year-ago period.

"We continue to focus on sustainable profit growth and expanding return on equity. Despite volatile equity markets, systematic investment plan (SIP) flows continue to remain strong indicating the confidence of retail investors.

"With our extensive reach and digital footprint, RNAM is well poised to capture higher share of incremental growth," said the company's CEO Sundeep Sikka said.