Nippon Life Q1 Review - Improved Market Share, Cost Savings Lead To Performance Pick-Up: Axis Securities
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Axis Securities Report
Nippon Life India Asset Management Ltd.'s Q1 FY22 earnings was marginally above our estimates at Rs 182 crore (estimates Rs 172 crore), up 16.4% /8.9% YoY/QoQ, largely on account of cost savings.
Opex has come down 8% QoQ and was flattish YoY. Revenues were up 29.7% YoY and 0.1% QoQ to Rs 302 crore led by the pick-up in the assets under management growth.
Mutual fund quarterly average assets under management was up 33.5% YoY and 5.2% QoQ to Rs 2,40,400 crore.
Nippon Life’s overall AUM market share rose to 7.25%, an increase of 13 basis points.
Equity/debt/liquid/exchange-traded fund mix stood at 41:30:12:17 in Q1 FY22 versus 38:29:19:14 a year ago.
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