UTI AMC's profit declines 8% to Rs 183 crore in September quarter

UTI AMC is the investment manager of UTI Mutual Fund

UTI Asset Management Company on Wednesday reported an 8 per cent decline in profit after tax to Rs 183 crore in the September quarter. It had posted a profit after tax of Rs 200 crore in the same quarter of the preceding fiscal, according to a regulatory filing.

The company's total revenue from operations dropped 7 per cent to Rs 404 crore during the quarter under review. In the year-ago period, the same was at Rs 435 crore. For the quarter ended September 30, 2023, UTI Mutual Fund's average assets under management stood at Rs 2.67 lakh crore and it had a market share of 5.68 per cent.

Imtaiyazur Rahman, Chief Executive Officer of UTI AMC, said the Indian mutual fund industry has constantly worked towards building financial literacy in the country for creating awareness about various products and in enabling investors to make informed investment decisions.

"With our growing geographical and digital reach in the country and our expertise in investment management combined with a large suite of products, UTI is well placed to capitalise on the opportunities offered by the markets," he added.

UTI Mutual Fund’s (UTI MF’s) total market share for the Q2FY 24 stood at 5.68 percent. For the quarter ended September 30, 2023, UTI MF’s average assets under management was Rs 2,66,813 crore.

For the first quarter of FY 2023-24, gross inflow mobilized through SIP stood as Rs 1,648 crore. SIP AUM as of September 30, 2023 stood at Rs 26,541 crore, witnessing an increase of 6.5 percent as compared to June 30, 2023.

During this quarter, digital purchase transactions increased by 9.43 percent as against quarter ended June 30, 2023, to 31.09 lakh transactions. Digital channel contributed 41.8 percent to total new purchase transactions, the company said.