UTI AMC slides 7% on disappointing December quarter earnings

In Q3, the company's revenue from operation declined 10 per cent YoY at Rs 309 crore, while profit after tax was down 9 per cent YoY at Rs 127 crore.

Shares of UTI Asset Management Company (AMC) dipped 7 per cent to Rs 899 on the BSE in Monday’s intra-day trade after the company reported a weak set of numbers for the December quarter, with revenue from operation declining 10 per cent year-on-year (YoY) to Rs 309 crore. The profit after tax for the quarter was down 9 per cent YoY at Rs 127 crore.

However, UTI Mutual Fund Quarterly Average Assets Under Management (QAAUM) grew 36 per cent YoY at Rs 2.24 trillion during the quarter. Declining yields, coupled with elevated staff costs, continue to drag core profitability