Reliance Nippon Life Q1 profit rises 13 pc to Rs 125 cr

Reliance Nippon Life Asset Management (RNAM), asset manager of Reliance Mutual Fund, on Monday reported an increase of 12.91 per cent in consolidated profit at Rs 125.40 crore for the quarter ended June 30, 2019.

The company reported a profit of Rs 111.06 crore in the similar quarter a year ago, according to a BSE filing.

Total income, however, fell to Rs 360.41 crore from Rs 424.46 crore in the quarter ended June 30, 2018.

As on June 30, 2019, RNAM's assets under management stood at Rs 4,30,661 crore, an increase of 6 per cent from the year-ago period.

The company's mutual fund assets under management stood at Rs 2,22,576 crore, it said.

Its equity assets, including ETF were at Rs 1,15,746 crore, a growth of 19 per cent.

"We continue to build on our core strengths of growing retail assets, SIP book and beyond top 30 cities AUM. In line with our strategy of getting higher flows from international markets into India, we launched the first Indian ETF to be offered in Australia," said Sundeep Sikka, ED & CEO, RNAM.

Also, RNAM is in advanced stages to launch Indo-Japan emerging Technology and Innovation fund which will increase foreign inflows into fast growing Indian startups, he added.

Sikka further said despite near-term challenges, the company has been able to deliver steady growth in profitability during the quarter.

The company has about 32 lakh SIP folios, with annualised book of Rs 10,300 crore as in June 2019.