Anil Ambani-led Reliance Nippon Life Asset Management (RNMA) on Monday posted a 7 per cent year-on-year (yoy) rise in consolidated net profit at Rs 486.09 crore for the financial year 2018-19.
"The company had clocked a consolidated net profit of Rs 455.74 crore in the previous year," RNMA said in a filing to the Bombay Stock Exchange.
Total income slipped by 5.64 per cent to Rs 1,649.92 crore in FY19 from Rs 1,748.62 crore in FY18, RNAM, asset manager of Reliance Mutual Fund.
For the fourth quarter ended March 31, 2019, the company's net profit jumped 34.16 per cent to Rs 151.08 crore as compared to Rs 112.61 crore in the same quarter a year ago. Total income fell by 9.70 per cent to Rs 397.49 crore from Rs 440.19 crore in Q4FY18.
As on March 31, 2019, the company's assets under management stood at Rs 4,22,149 crore, registering a growth of 7 per cent year-on-year. The mutual fund AUM was Rs 2,33,617 crore while retail assets reported at Rs 89,911 crore. Equity assets grew 13 per cent to Rs 108,043 crore.
During the year, RNAM successfully raised Rs 27,000 crore via two Further Fund Offers (FFO) of CPSE ETF with participation across all investor categories, out of which Rs 10,000 crore was raised in March 2019 as part of Further Fund Offer 4 of CPSE ETF.
FY19, digital purchase transactions including new SIP rose to 10.85 lakh - a yoy increase of 47 per cent.
Commenting on earnings numbers, Sundeep Sikka, ED and CEO, RNMA said, "Mutual Fund Industry remains underpenetrated and presents huge untapped potential. The industry faced multiple headwinds during the year due to regulatory changes, market volatility and credit events. However, post elections, we expect much stronger growth."
Formerly known as Reliance Capital Asset Management, the company said it will continue to focus on retail assets. The company has added highest retail assets of Rs 16,696 crore in the industry since March 2018, it said.
"Our focus continues to be on Retail Assets. In FY19, retail assets demonstrated the highest growth in the industry and we continue to be the leader in this segment, driven by our unparalleled reach and strong distributor network," Sundeep Sikka said.
The company's board has declared an interim dividend of Rs 3 per equity share for 2018-19 and has fixed the record date as May 10, 2019.
Edited by Chitranjan Kumar