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Informist, Monday, Oct. 28, 2024

--Aditya Birla Sun Life AMC Jul-Sept PAT INR 2.41 bln vs 1.76 bln year ago 

--Aditya Birla Sun Life AMC Jul-Sept PAT INR 2.41 bln vs INR 1.76 bln yr ago 

--Aditya Birla Sun Life AMC Apr-Sept PAT INR 4.75 bln vs INR 3.59 bln yr ago 

--Aditya Birla Sun Life AMC Jul-Sept revenue INR 4.18 bln vs INR 3.29 bln 

--Aditya Birla Sun Life AMC Apr-Sept revenue INR 7.98 bln vs INR 6.35 bln 

By Ashna Mariam George

MUMBAI – Aditya Birla Sun Life AMC Ltd. reported a 36.8% on-year increase in its net profit for the quarter ended September, driven by growth in total income and overall assets under management. The company's net profit for Jul-Sept was INR 2.41 billion, exceeding analysts' expectation of INR 2.17 billion. Sequentially, the profit rose marginally by 3.3%.

The asset management company's total income grew 33.4% on year to INR 5.13 billion for the quarter under review. Revenue from operations rose about 26.9% on year to INR 4.18 billion in Jul-Sept. Growth in equity assets under management drove the revenue growth for the company. The company's equity quarterly average assets under management rose 39% on year to INR 1.81 trillion in the reporting quarter.

The revised long-term capital gains tax introduced in the Union Budget for 2024-25 (Apr-Mar) slightly weighed on the company's bottom line. The new tax structure introduced in the Budget increased the company's deferred tax liability by INR 160 million, thereby resulting in an additional charge on the profit after tax for the quarter, the company said in its financial results. The tax outgo for the September quarter was INR 927.5 million, up 58% on year.

On the expenses front, the company's fees and commission expense rose 46.4% on year to INR 120.5 million. The fund house's total expenditure for the September quarter rose 19.8% on year to INR 1.79 billion.  

For the quarter ended September, the company processed systematic investment and transfer plan flows worth INR 14.25 billion, up 47% on year. The fund house registered 1.16 million new systematic investment and transfer plan registrations for the quarter, which was 443% higher than last year.

For the half year ended September, the company reported a net profit of INR 4.75 billion, up 32.3% on year. The fund house's revenue from operations for Apr-Sept rose 25.7% on year to INR 7.98 billion.

The company released its quarterly earnings after market hours. Ahead of the earnings, shares of the company closed 3.1% higher at INR 758.35 on the National Stock Exchange.  End

Edited by Ashish Shirke

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