The shares investment management services provider gained up to 11 percent after the company’s net profit and revenue increased by 238 percent and 52 percent respectively in the third quarter.
With a market capitalization of Rs 11,628.32 crore, the shares of UTI Asset Management Company Ltd were trading at Rs 913.85 per share, increasing around 5.34 percent as compared to the previous closing price of Rs 867.55 apiece.
Looking into the company’s Performance, UTI Asset Management Company Ltd’s revenue increased by 11 percent on a quarter-on-quarter basis from Rs. 404 crores in Q2FY24 to Rs. 449 crores in Q3 FY24. Further, revenue increased by 52 percent year on year from Rs. 295 crores in Q3FY23 to Rs.449 crores in Q3FY24.
UTI Asset Management Company Ltd’s net profit increased by 11 percent on a quarter-on-quarter basis from Rs.183 crore in Q2FY24 to Rs. 203 crore in Q3FY24. Further, net profit increased by 238 percent yearly from Rs. 60 crore in Q3FY23 to Rs.203 crore in Q3FY24.
The organization has a well-established presence in 698 districts across India through DAs, MFDs, banks, national distributors, and fintech. The firm partnered with 65,500 MFDs with strong penetration in B30 cities and a significant share.
UTI Retirement Solutions Limited (UTI RSL), a subsidiary of the company, increased its Assets Under Management (AUM) to Rs 2.41 lakh crore, representing a 19.21 percent increase over the fiscal year, and now holds a market share of 26.78 percent in the NPS sector, with plans to expand further.
UTI International Limited, which manages UTI AMC’s overseas operations, has an AUM of Rs 21,703 crore. UTI International’s main equity fund, the India Dynamic Equity Fund, which is based in Ireland, had an AUM of $852 million during the fiscal year.
UTI Asset Management Company Ltd’s primary activities include generating funds for and providing investment management services to UTI Mutual Fund schemes.
Written by:- Abhishek Singh
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