UTI AMC has reported 82% increase in net profit at Rs.494 crore for the financial year 2021. In FY 2019-20, the AMC posted profit after tax (PAT) of Rs 272 crore.
"UTI AMC has registered an increase in its AUM in this challenging environment and will continue to strive for growing its business in future. The mega vaccination drive across the country is a positive development which can help in the economic recovery," said CEO Imtaiyazur Rahman.
Earlier, HDFC AMC and Nippon India Life AMC have also reported a rise in FY 2021 profits. While HDFC AMC's net profit grew by 5% to Rs 1,325 crore, Nippon Life India AMC posted its highest-ever yearly profit of Rs 680 crore, an increase of 64%.
For the quarter ended March 31, 2021, UTI AMC reported a consolidated profit of Rs 134 crore. It had reported loss of Rs 27.58 crore in the corresponding period a year ago.
Revenue from operations more than doubled to Rs 289.24 crore from Rs 136.32 crore in the January-March period.
The board of the company recommended a final dividend of Rs 17 per equity share for the financial year 2021.
Other highlights of the result (FY 2021):
AUM reaches Rs 1.77 lakh crore
Gross inflows through SIP at Rs 3,192 crore
Total live folios at 1.1 crore
