New Delhi, November 15: Reliance Nippon Life Asset Management (RNAM) posted a 25 per cent surge in net profit for the three months ended September of the current fiscal. The net profit stood at Rs 122 crore for the three months. The Anil Ambani-led Reliance Group’s firm in a regulatory filing to the stock exchanges informed that the company had a net profit of Rs 98 crore during the July-September 2016 quarter.
This fiscal, RNAM’s total revenues rose to Rs 436 crore for the second quarter of the current fiscal from Rs 361 crore in the year-ago period. RNAM, which successfully concluded its Rs 1,542 crore initial public offer in October, made its stock market debut earlier this month. RNAM is jointly owned by Japan’s Nippon Life and Reliance Capital. The firm is the asset manager to Reliance Mutual Fund with more than 11 per cent market share as is the only listed asset management company (AMC) in India.
RNAM has an asset base of over Rs 3.81 lakh crore, including Rs 2.31 lakh crore for mutual funds. As per PTI report, the fund had an assets base of Rs 47,124 crore from outside the top-15 cities category at the end of September this year, a 15 per cent rise from the year-ago period. Further, it manages Rs 63,651 crore in retail assets.
Reliance Nippon Life AMC CEO Sundeep Sikka said, “In this period, Reliance MF has added over 7 lakh New SIPs (Systematic Investment Plans)- one of the highest in the industry. Our focus continues on profitable growth, while creating value and wealth for all stakeholders”.