This strong growth in profitability was fueled by a 52% year-over-year jump in total revenue to Rs 449 crore during the period under review. Core income for the October-December 2023 quarter stood at Rs 290 crore, up 2% YoY.

UTI AMC’s total expenses declined slightly to Rs 189 crore compared to Rs 190 crore in Q3 FY23.

This resulted in a pre-tax profit of Rs 261 crore, a substantial 153% growth from the previous year's PBT Rs 103 crore.

Assets under management (AUM) as on 31 December 2023 stood at Rs 17,59,150 crore. UTI Mutual Fund’s market share was 5.54% in Q3 FY24.

The ratio of equity oriented QAAUM and non-equity oriented QAAUM is 77:23 compared to the industry ratio of 68:32, for the October-December 2023 quarter.

For the third quarter of FY 2023-24, gross inflow mobilized through SIP stood as Rs 1,695 crore. SIP AUM as of 31 December 2023 stood at Rs 29,659 crore, witnessing an increase of 11.75% as compared to 30 September 2023.

Imtaiyazur Rahman, managing director & chief executive officer, UTI Asset Management Company, said: “The increasing financial literacy and rising incomes in the nation, combined with the upward trend in returns from Indian markets, have significantly contributed to the expanding financialization of savings.”

UTI Asset Management Company (UTI AMC) is investment manager to UTI Mutual Fund. UTI AMC is registered as portfolio manager with SEBI and through its subsidiary it acts as fund manager for AIF, among others. It also has a countrywide network of branches along with a diversified distribution network.