Nippon Life India Asset Management Achieves 47% Profit Growth in Q2 2024

Nippon Life India Asset Management (NAM India) saw a 47% year-on-year increase in its consolidated profit after tax, reaching Rs 360.1 crore for Q2 2024. Revenue rose 44% to Rs 571.3 crore, with assets under management totaling Rs 6.54 lakh crore. The company announced an interim dividend of Rs 8 per share.

Nippon Life India Asset Management (NAM India) has announced a significant 47% increase in its consolidated profit after tax, reaching Rs 360.1 crore for the quarter ending September 2024. This marks a substantial growth from the Rs 244.4 crore profit seen in the corresponding period last year.

The company's revenue from operations also reported a notable rise, escalating 44% to Rs 571.3 crore for the July-September quarter of FY25, compared to Rs 397.5 crore in the previous year's period. In light of these gains, the board of directors has declared an interim dividend of Rs 8 per share.

As of September 30, 2024, NAM India's assets under management were valued at Rs 6.54 lakh crore, including Rs 5.49 lakh crore from the Nippon India Mutual Fund's asset base. CEO Sundeep Sikka highlighted that the upward trend in market share was supported by increased systematic flows, benefiting overall equity growth.

(With inputs from agencies.)