Nippon India Mutual Fund PBT down 2% in July-September quarter, net up 20%

Nippon Life Insurance Company, Nippon India Mutual Fund, Reliance Mutual Fund renamed as Nippon India Mutual Fund - KAMLESH PEDNEKAR
Nippon India Mutual Fund (NIMF) on Thursday reported a profit before tax (PBT) of Rs 158 crore for the September quarter of 2019-20. This was down two per cent from the same quarter last year. The company’s net profit was up 20 per cent on a year-on-year (YoY) basis at Rs 136 crore.

Owing to outflows from debt-oriented schemes, the fund house saw its overall asset base shrinking 17 per cent to Rs 2.02 trillion in September quarter. However, it held on to its position in retail and smaller cities. In the retail segment, it has an asset base of Rs 51,895 crore. In beyond top-30 or B30 cities, the fund house manages Rs 39,278 crore worth of assets, which is a fifth of its overall asset base.

Sundeep Sikka, chief executive officer, NIMF, said: "We will continue to focus on the retail segment, B30 cities for sticky pool of assets and a sustainable business model."

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel