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UTI AMC Q2 PAT decline 12% to Rs 119 cr

Capital Market 

UTI Asset Management Company (UTI AMC) reported 12.03% fall in consolidated net profit to Rs 118.61 crore on 13.81% rise in total income to Rs 287.01 crore in Q2 FY21 over Q2 FY20.

Profit before tax (PBT) increased 16.48% to Rs 146.66 crore in Q2 September 2020 from Rs 125.92 crore in Q2 September 2019.

Operating expenses during the quarter rose 11.5% year-on-year (YoY) to Rs 140 crore.

The fund house's market share stood at 5.62% as on 30 September 2020 as against 5.43% as on 30 June 2020 and 6% as on 30 September 2019.

The company's Quarterly Average Assets Under Management (QAAUM) stood at Rs 1,55,190 crore as of 30 September 2020.

Imtaiyazur Rahman, Chief Executive Officer, UTI AMC said, The COVID-19 pandemic has had an impact on the way people perceive investment in MF and even as business activity in most economies gradually resumes, we, at UTI AMC, have fully adapted to the New Normal, and have seamlessly executed our operations in the last few months.

Post the COVID-related events in July and August 2020, UTI AMC saw improvement in investor flows and growth in AUM and witnessed a growth rate of 16.10% as against the industry growth rate of 12.07%, during the last quarter. The HY FY21 saw a rise of 3% in profits, driven by better investor stickiness, strength in the retail segment, and cost efficiencies.

UTI Asset Management Company (UTI AMC) is Investment Manager to UTI Mutual Fund. It has a countrywide network of branches along with a diversified distribution network.

The scrip gained 0.32% to Rs 500.15 on the BSE today. It traded in the range of 490 and 511.90 so far during the day.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 29 2020. 15:31 IST
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