ICICI Direct: Nippon Life India AMC Posts Steady Q2; Retail, Digital Focus Support Performance
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ICICI Direct Report
Nippon Life India Asset Management Ltd. posted modest profit after tax growth of 6% YoY to Rs 145 crore on a consolidated basis as cost rationalisation and healthy growth in other income compensated for a decline in revenues.
Overall asset under management declined on a yearly basis but saw some improvement sequentially.
Mutual fund AUM fell marginally by 1% YoY on account of approximately 10% YoY reduction in equity AUM while debt and liquid AUM showed growth of 2% and 20% YoY, respectively.
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