Earnings Review
UTI AMC Oct-Dec net profit down 5.2% YoY, misses mkt view
This story was originally published at 19:27 IST on 28 January 2025
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--AMC domestic closing AUM INR 3.41 tln as on Dec 31
--UTI AMC Apr-Dec revenue INR 11.32 bln vs INR 10.10 bln year ago
--UTI AMC Apr-Dec net profit INR 5.30 bln vs INR 4.49 bln year ago
--UTI AMC Oct-Dec revenue INR 3.29 bln vs INR 3.46 bln year ago
--UTI AMC Oct-Dec net profit INR 1.42 bln vs INR 1.50 bln year ago
--Analysts saw UTI AMC Oct-Dec net profit INR 1.48 bln
--UTI AMC Oct-Dec net profit INR 1.42 bln
By Gowri Lakshmi
MUMBAI – UTI Asset Management Co. Ltd posted a 29.2% quarter-on-quarter fall in net profit for the quarter ended December to INR 1.42 billion, against analysts' estimate of INR 1.48 billion, due to a fall in net gain on fair value changes. The fund house's net gain on fair value changes was INR 103.5 million, down 90.0% on year and 89.7% fall on quarter. Year-on-year, the company's net profit was down just 5.2%.
The asset management company also missed analysts' forecast for revenue from operations, which fell 4.9% on year to INR 3.29 billion. Sequentially, the revenue fell by 21%. The company's other income for the quarter was INR 8.2 million, down 46.8% sequentially. However, the other income rose 110.3% on year. Interest income of the fund house was INR 84.1 million, up 4.9% on year and 1.8% sequentially.
The fund house's total expenditure fell by 0.7% on year in Oct-Dec to INR 1.43 billion. The tax outgo was lower by 14.9% at INR 447.2 million, from INR 525.3 million a year ago.
The domestic closing assets under management as on Dec. 31 stood at INR 3.41 trillion, while the total group assets under management of the fund house was at INR 20.77 trillion. The company's quarterly average assets under management were INR 3.52 trillion in Oct-Dec. However, the company's market share declined to 5.14%, from 5.17% a quarter ago and 5.54% a year ago.
Equity assets, both active and passive, contributed 70% to the fund house's total average assets under management, the company said in its press release. Gross inflow mobilised through systematic investment plan for the quarter ended December stood at INR 22.02 billion, up from 20.58 billion a quarter ago.
Assets under management of the systematic investment plan stood at INR 383.66 billion as of Dec. 31, up 29.4% a year ago. The company reported total live folios at 13.2 million at the end of December.
For the nine months ended December, the net profit of the fund house was INR 5.30 billion, up from INR 4.49 billion a year ago. Revenue for the period rose to INR 11.32 billion from INR 10.10 billion a year ago.
The company announced the financial results after market hours on Tuesday. On the National Stock Exchange, shares of the company closed 5.4% lower at INR 1,052. End
Edited by Ashish Shirke
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