• Source:PTI
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Nippon Life India Asset Management Ltd on Wednesday reported a record quarterly profit after tax of Rs. 343 crore for the quarter ending March, up 73 per cent from the year-ago period. The company had posted a profit after tax of Rs. 198 crore in the year-ago period, the asset management firm said in a stock exchange filing.

Total income during the January-March quarter increased to Rs. 560.57 crore from Rs. 388.03 crore in the year-ago period. Responding to the strong quarterly performance, shares of Nippon Life India Asset Management Ltd. rose 11 per cent to hit a 52-week high of Rs. 623.40 intra-day on the BSE. Further, the company’s board has recommended a final dividend of Rs. 11 per equity share for the financial year ending March 31, 2024.

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With this, the total dividend for 2023-24 will stand at Rs. 16.50 per share, which includes an interim dividend of Rs. 5.50 paid in November 2023. Nippon Life India Asset Management Ltd. is the asset manager for Nippon India Mutual Fund. As of March 31, 2024, Nippon Life India Asset Management Ltd. had assets under management of Rs. 5.24 lakh crore, which includes Nippon India Mutual Fund's asset base of Rs. 4.31 lakh crore.

For the full financial year 2023-24, the company’s profit after tax increased 53 per cent year-on-year to Rs. 1,107 crore, while total income increased 34 per cent year-on-year to Rs. 2,037 crore.

(With PTI Inputs)

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