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Shares of Nippon Life India Asset Management advanced as much as 6 per cent on Tuesday after the company reported a 24.3 per cent jump in its consolidated net profit to Rs 156.12 crores for the June quarter. The company had posted a profit after tax of Rs 125.4 crores in the year-ago period.
The scrip traded at Rs 277 apiece on the BSE, up 2.5 per cent from its previous close, while the benchmark Sensex advanced 1 per cent to 38,292.36.
Total Income fell 6.7 per cent to Rs 336.18 crore in Q1FY21 versus Rs 360.41 crores in Q1FY20. Consolidated profit before tax (PBT) jumped 10.6 per cent to Rs 199.67 crores in April-June quarter as against Rs 180.54 crores in the same quarter of the preceding fiscal.
Nippon Life India Asset Management’s assets under management stood at Rs 2.73 trillion in the period under review. The company added around 2,20,000 investor folios in the first quarter of FY21. Revenue of the company declined 28.29 per cent y-o-y and 15 per cent sequentially to Rs 233.12 crores in the June quarter.
