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ICICI Prudential AMC profit rises 6% to ₹889 crore, declares ₹30 dividend
The fund house grew revenue 16% as equity assets rose, but profit fell from the June quarter after a sharp drop in other income.
Key points
- Net profit rose 6.1% to ₹889 crore from a year earlier but fell 7.8% from the June quarter.
- Average mutual fund assets grew 14.4% to ₹11.61 lakh crore, a 13.3% market share.
- The board declared an interim dividend of ₹30 a share, with 21 October as the record date.
ICICI Prudential Asset Management Company’s net profit rose 6.1% to ₹889 crore in July-September from ₹838 crore a year earlier, as revenue from a growing pool of fund assets outweighed a sharp drop in other income, results released on Monday showed.
Revenue from operations rose 16.3% to ₹1,674 crore. Operating profit before tax grew 15.7% to ₹1,181 crore. But profit fell 7.8% from ₹965 crore in the June quarter, because other income shrank to ₹17 crore from ₹181 crore.
The board declared an interim dividend of ₹30 a share. The record date is 21 October.
Assets and investors
The fund house’s quarterly average mutual fund assets grew 14.4% to ₹11.61 lakh crore, giving it a 13.3% share of the industry. Equity and equity-oriented schemes grew 16.3% to ₹6.59 lakh crore, and hybrid equity funds 19.7% to ₹2.29 lakh crore. Debt fund assets fell 9.1%.
The number of unique investors rose to 1.78 crore from 1.55 crore a year ago. Monthly systematic flows, through SIPs and transfer plans, were ₹4,672 crore in September. The company sells through more than 1.18 lakh distributors and 287 offices.
Beyond mutual funds, it manages ₹80,965 crore in alternative assets, including ₹30,791 crore in portfolio management services and ₹24,260 crore in alternative investment funds.
For April-September, profit rose 14.3% to ₹1,854 crore and revenue 16.9% to ₹3,238 crore. Return on equity for the half-year was 77.7%, down from 86.8% a year earlier.
The shares closed 2% lower at ₹2,969.40 on Monday, as the Nifty fell 0.70%.