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Nippon India AMC's profit declined 37% in the first quarter of FY 2023. The result released by the AMC shows that the company made a profit of Rs. 114 crore compared to Rs. 182 crore during the same period in FY 2022.
Revenues were down 19% during the quarter. The company has reported total income of Rs. 299 crore for Q1 FY 2023 as against Rs. 369 crore a year ago.
All the listed AMCs have reported a decline in Q1 profit. HDFC's profit was down 9%, ABSL's 34% and UTI's 39%.
Nippon India's ED & CEO Sundeep Sikka has cited 'macro headwinds' as the reason behind the slump in revenue and profit.
|
Revenue (Rs crore) |
Profit (Rs crore) |
|
|
Q1 FY 2023 |
299 |
114 |
|
Q1 FY 2022 |
369 |
182 |
|
Change (%) |
-19 |
-37 |
