Nippon Life India Mutual Fund's profit increased by 19 percent in September quarter, dividend declared

Nippon Life India Asset Management Limited (NAM India), one of India's top asset management companies, said in its financial results that the company's profit increased by 19 percent in the September quarter.

The company's profit has increased by 19 percent to Rs 235 crore in the second quarter of FY 24. The company's profit in the same quarter a year ago was Rs 197 crore.

The company's total income in the September quarter was Rs 440 crore, which was Rs 383 crore in the same quarter a year ago. According to the data received, as of September 30, 2023, the assets under management of NAM India were Rs 4.35 lakh crore.

Apart from releasing the results, the company has also issued a dividend of Rs 5.50 for FY24. Nippon India Mutual Fund is one of the top asset management companies in India. Established as Reliance Mutual Fund in June 1995, it was a joint venture between Reliance Capital of India and Nippon Life Insurance Company of Japan.

In October 2019, Reliance's stake was bought by Nippon and the fund house was renamed as Nippon India Mutual Fund.