Nippon Life India Asset Management Q3 PAT up 18% to Rs 205 crore

Nippon Life India Asset Management Ltd (NAM India) on Monday reported an 18 per cent increase in the profit after tax (PAT) to Rs 205 crore for three months ended December 2022.

In comparison, the company had a PAT of Rs 174 crore in the year-ago period, NAM India said in a statement.

Also, the company's total income increased to Rs 416 crore in the quarter under review from Rs 369 crore in the third quarter that ended December 2021.

"While Q3 was a volatile quarter with a positive bias from a macro standpoint, we grew our assets in the desired segments and increased profitability, driven by emphasis on 'investors' interest', aided by superior fund performance, strong risk management and granular distribution base," Sundeep Sikka, CEO at NAM India, said.

Nippon Life India Asset Management is an asset manager of Nippon India Mutual Fund (NIMF).

As on December 2022, NAM India's assets under management were Rs 3.6 lakh crore, which include Nippon India Mutual Fund asset base of Rs 2.93 lakh crore.