UTI AMC Sees Impressive Profit Surge Amidst Expanding Market Reach

UTI Asset Management Company reported a 31% increase in profit after tax, reaching Rs 239 crore for the quarter ending September 2024. Revenue grew 33% year-on-year, driven by expanding investor confidence, with significant contributions from smaller cities. Total assets reached Rs 20.16 lakh crore.

UTI Asset Management Company has announced a substantial 31% increase in its profit after tax, amounting to Rs 239 crore for the quarter ending September 30, 2024. This reflects a significant rise from the Rs 183 crore recorded in the same quarter of the previous fiscal year, according to a regulatory filing by the company.

The company's revenue from operations also saw considerable growth, climbing 33% to Rs 538 crore in the July-September quarter of the 2024 financial year, compared to Rs 404 crore during the same period last year. The total asset base of UTI Asset Management Company now stands at Rs 20.16 lakh crore, with UTI Mutual Fund accounting for over Rs 3.42 lakh crore.

Imtaiyazur Rahman, CEO of UTI AMC, highlighted the robust expansion of the Indian mutual fund industry, noting an average assets under management (AUM) of Rs 66.22 lakh crore. Rahman emphasized the significant role of smaller cities, which contribute over 50% of new investor folios, underscoring the growing reach and impact of mutual funds in fostering financial inclusion.

(With inputs from agencies.)