 "Nippon India AMC reports 18% YoY profit growth in Q3 to Rs 205 cr")
Nippon Life India Asset Management Company (AMC) has reported a 18 per cent year-on-year jump in profits to Rs 205 crore in the third quarter of Financial Year 2023. The total income rose 5 per cent to Rs 416 crore.
“While Q3 was a volatile quarter with a positive bias from a macro standpoint, we grew our assets in the desired segments and increased profitability," said Sundeep Sikka, ED & CEO, Nippon Life India AMC.
The company's average assets under management (AUM) grew 4 per cent in the December quarter to Rs 2.9 trillion. The individual AUM increased 18 per cent to Rs 1.6 trillion. The AUM from outside of the top 30 cities stood at Rs 56,230 crore at the end of 2022, which is 15 per cent higher than at the end of 2021, the company said in a press release.
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