NIMF Achieves Remarkable Growth (Image Source: iStockphoto)
Nippon Life India Asset Management, the asset manager of Nippon India Mutual Fund (NIMF), unveiled its outstanding financial performance for the quarter ended March 31, 2024. Marking a significant milestone, NIMF reported its highest-ever annual operating profit and profit after tax, showcasing remarkable growth in various key metrics.
Record-Breaking Financial Performance
NIMF reported a staggering operating profit of INR 9.58 billion for FY24, marking a remarkable 26 per cent year-on-year increase. Similarly, the profit after tax soared to INR 11.07 billion, reflecting an impressive 53 per cent year-on-year growth. The dividend payout for FY24 stood at INR 16.50 per share, encompassing the proposed final dividend of INR 11.00 per share, equivalent to approximately 99 per cent of the profit after tax.
Exceptional Quarterly Results
In Q4 FY24, NIMF achieved its highest-ever quarterly operating profit and profit after tax, showcasing a robust performance. The operating profit surged by 41% year-on-year and 12 per cent quarter-on-quarter, reaching INR 2.82 billion. Likewise, the profit after tax witnessed a substantial increase of 73 per cent year-on-year and 21 per cent quarter-on-quarter, amounting to INR 3.43 billion.
Market Share Growth and Segment Performance
NIMF demonstrated remarkable market share gains across all segments, with the equity market share rising to 6.76 per cent. The mutual fund’s quarterly systematic flows experienced a significant surge of 118 oer cent year-on-year and 18 per cent quarter-on-quarter, reaching INR 70.1 billion. NIMF also boasts the largest base of investors in the industry, with overall unique investors at 16.5 million, contributing to a market share of 37 per cent.
