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MUMBAI :
Shares of Nippon Life India Asset Management superior as a lot as 6% on Tuesday after the corporate reported a 24.3% soar in its consolidated web revenue to ₹156.12 crore for the June quarter. The firm had posted a revenue after tax of ₹125.four crore within the year-ago interval.
At 1:27 pm, the scrip traded at ₹277 apiece on the BSE, up 2.5% from its earlier shut, whereas the benchmark Sensex superior 1% to 38,292.36.
Total Income fell 6.7% to ₹336.18 crore in Q1FY21 versus ₹360.41 crore in Q1FY20. Consolidated revenue earlier than tax (PBT) jumped 10.6% to ₹199.67 crore in April-June quarter as in opposition to ₹180.54 crore in the identical quarter of the previous fiscal.
Nippon Life India Asset Management’s belongings below administration stood at ₹2.73 trillion within the interval below evaluation. The firm added round 2,20,000 investor folios within the first quarter of FY21. Revenue of the corporate declined 28.29% y-o-y and 15% sequentially to ₹233.12 crore within the June quarter.
The firm has restated its SIP influx numbers, that are considerably decrease than beforehand reported as the popularity of SIP has now shifted to precise receipt foundation in opposition to accrual foundation earlier. The SIP e book of the corporate witnessed a gradual decline to ₹700 crore in Q1FY21 from ₹810 crore in Q1FY20. However, the variety of SIP accounts elevated to three.four mn from 3.2 mn.
“We just like the AMC enterprise because of the restricted credit score danger hooked up, we stay involved concerning the volatility in revenues and profitability within the close to time period. However, we’re assured of the corporate’s liquidity positioning throughout these risky occasions attributable to its wholesome AUM combine, well timed help from banks and strong parentage,” Emkay Global Financial Services said. The brokerage has put ‘hold’ rating to Nippon Life with a target price of ₹280.
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