Nippon Life Q1 Review - Further Market Share Gains Likely: Nirmal Bang
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Nirmal Bang Report
Nippon Life India Asset Management Ltd. reported revenue of Rs 3,023 million for Q1 FY22, up 29.7% YoY and 0.1% QoQ (3.6% below our estimate).
Nippon Life's YoY revenue growth was driven primarily by healthy mutual fund assets under management growth of 33.5% YoY (up 5.1% QoQ).
Quarterly average assets under management market share improved by 13 basis points QoQ to 7.25%.
Equity AAUM (including exchange-traded funds) grew by 48% YoY and 6.9% QoQ. Debt AAUM (excluding liquid) was down 14.1% YoY (up 5.7% QoQ).
To some extent, the decline in debt AUM indicates normalisation of risk aversion seen last year.
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