UTI Asset Management Company Ltd rose 3% to Rs 724 in early trade, a day after reporting a 59% rise in net profit to Rs 86 crore in the third quarter of FY23, from Rs 54 crore a year earlier.

The fund house has declared a dividend of Rs 22 per share. Operating income in the January-March period rose slightly to Rs 309 crore from Rs 305 crore, while overall expenses fell to Rs 191 crore from Rs 208 crore a year earlier.

Assets under management rose 15% to Rs 15.56 lakh crore. Portfolio management services accounted for 67% of AUM at Rs 10.53 lakh crore, followed by MF business and retirement solutions services at 16% and 15% at Rs 2.39 lakh crore and Rs 2.41 lakh crore, respectively.

UTI AMC shares have returned 34.25% since their listing on October 12, 2020, but have underperformed the benchmark Nifty this year.

Since the beginning of 2023, the stock has lost 20.59%, while the Nifty has lost 1.25%.

The stock was trading at Rs 673.15 at 10:28 am on the National Stock Exchange, up 1.07%.