Informist, Friday, Apr 26, 2024

--UTI AMC Jan-Mar net profit 1.51 bln rupees
--Analysts saw UTI AMC Jan-Mar net profit at 1.23 bln rupees

--UTI AMC Jan-Mar net profit 1.51 bln rupees vs 983.5 mln

--UTI AMC Jan-Mar revenue 3.27 bln rupees vs 2.63 bln

--UTI AMC to pay 24 rupees/share final dividend

--UTI AMC FY24 revenue 13.37 bln rupees vs 10.92 bln

--UTI AMC FY24 net profit 6.01 bln rupees vs 4.24 bln

MUMBAI – Higher revenue from operations helped UTI Asset Management Co Ltd report a net profit of 1.51 bln rupees for the March quarter, up nearly 54% on year and higher than analysts' expectation of 1.23 bln rupees. On a sequential basis, the company's bottomline rose 0.7%.

The company reported its Jan-Mar earnings late on Thursday. At 0920 IST, shares of the company were up 3.4% at 980 rupees on the National Stock Exchange.

During Jan-Mar, the asset management company's revenue from operations rose over 24% on year to 3.27 bln rupees. However, it was down 5.4% on quarter. The rise in revenue was on account of over 54% on-year growth in net gain on fair value changes at 590 mln rupees.

The company is the investment manager of UTI Mutual Fund. UTI Asset Management Co's subsidiaries are UTI Retirement Solutions Ltd, UTI Capital Pvt Ltd, UTI Venture Funds Management Co Pvt Ltd, UTI International Ltd, and India Infrastructure Development Fund.

Growth in assets under management also supported the company's profit after tax. As of Mar 31, the company's total AUM was 18.48 trln rupees. Equity assets, including active and passive funds, contributed 78% to the asset manager's average assets.

The ratio of equity-oriented quarterly assets and non-equity-oriented assets stood at 78:22, compared with the industry ratio of 70:30, the company said in a press release.

Gross inflows of 67.7 bln rupees were mobilised through systematic investment plans in Jan-Mar, and assets under management of systematic investment plans stood at 307.5 bln rupees as of Mar 31, up 43% on year.

The board of the company has proposed to pay final dividend of 24 rupees per share and additional special dividend of 23 rupees per share, taking the overall final dividend to 47 per share for the financial year ended Mar 31. End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Subhana Shaikh

Edited by Avishek Dutta

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