Nippon Life India Asset Management on Tuesday reported a 13 percent rise in profit after tax to Rs 198 crore in the March quarter.

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The company had posted a profit after tax (PAT) of Rs 175 crore in the year-ago period, Nippon Life India Asset Management (NAM India) said in a regulatory filing.

Its total income increased to Rs 388 crore in the quarter under review from Rs 372 crore in the January-March period of the financial year 2021-22.

In addition, the company's board of directors has approved the appointment of former Sebi chief U K Sinha as an independent director and chairman of its board with effect from May 1.

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Sinha has actively contributed to the financial sector reforms in the country and is credited with starting the micro pension movement in India.

Under his leadership, Sebi introduced significant developmental changes in the areas of Foreign Portfolio Investors (FPIs), Alternative Investment Funds (AIFs), Real Estate Investment Trusts (REITs), infrastructure investment trusts (InvITs), and corporate governance.

The company's dividend payout for FY23 was Rs 11.5 per share. This included a proposed final dividend of Rs 7.5 apiece. NAM India is the asset manager of Nippon India Mutual Fund (NIMF).

As on March 2023, NAM India's assets under management stood at Rs 3.63 lakh crore, including NIMF's asset base of Rs 2.93 lakh crore.

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"We exhibited strong growth in various segments, particularly in individual AUM - both retail and high net-worth individuals, systematic investments, business from Beyond 30 (B-30) cities," Sundeep Sikka, ED and CEO of NAM India, said.

Further, he said that the company has 1.35 crore investors, which is the highest in the industry. For the entire financial year 2022-23 (FY23), NAM India posted a profit after tax of Rs 723 crore and revenue from operations of Rs 1,350 crore.

First Published:Apr 25, 2023 11:50 PM IST