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Results
31-Oct-23
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Analysis
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Nippon Life India Asset Management
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AUM jumps 23%
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Nippon Life India Asset
Management has posted strong 19% increase in the net profit to Rs 244.41 crore
in the quarter ended September 2023 (Q2FY2024). The income from operation of
Nippon Life India Asset Management increased 19.88% to Rs 397.48 crore in
Q2FY2024. Overall OPM has increased to 60.73% in Q2FY2024 from 58.36% in
Q2FY2023, leading to 24.74% rise in operating profit to Rs 241.39 crore. Other
expenditure as a percentage of total income moved up to 19.17% from 18.56% in
Q2FY2024. The staff cost as a percentage of total income declined to 20.10%
from 23.07% in Q2FY2024.
Other income declined 4.91%
to Rs 77.88 crore. Interest cost increased 113.92% to Rs 1.69 crore. Depreciation
moved up 1.55% to Rs 7.19 crore. PBT moved up 16.01% to Rs 310.39 crore.
The effective tax rate
declined to 21.31% in Q2FY2024 compared to 22.99% in Q2FY2023. .Provision for
tax was expense of Rs 66.14 crore, compared to Rs 61.51 crore. Profit after tax
rose 18.54% to Rs 244.25 crore.
Profit attributable to non-controlling
interest was nil in both the periods. The share of profit of associate
companies increased 433.33% to Rs 0.16 crore. Finally, Net profit attributable
to owners moved up 18.61% to Rs 244.41 crore.
Book value of
the company stood at Rs 57.1 per share end September 2023.
The company has
also declared an interim dividend of Rs 5.50/- per equity share.
Business highlights:
NAM India’s assets under
management stood at Rs 4.35 trillion end September 2023.
NIMF’s average assets under
management stood at Rs 3.51 trillion for Q2FY2024 - an increase of 23.0% YoY
and 11.8% QoQ.
The share of Equity Assets
rose to 46.8% of NIMF’s AUM as against 43.5% end September 2022
NIMF has one of the largest
retail assets in the Industry, at Rs 109900 crore. Retail assets contributed 30%
to NIMF’s AUM vs Industry average of 26%
High Networth Individual
(HNI) AUM at Rs 99500 crore - up by Rs 29300 crore YoY, +14.1% QoQ & market
share growth of 32 bps QoQ
Individual AUM (Retail +
HNI) was Rs 209400 crore - an increase of 14.0% QoQ. This segment contributed
58% to NIMF’s AUM
NIMF’s AUM from ‘Beyond the
Top 30 cities’ (B-30) stood at Rs 71900 crore - an increase of 13.9% QoQ. This
segment forms 19.9% of NIMF’s AUM vis-à-vis 17.5% for the Industry
NIMF’s systematic book rose
by 37.6% QoQ to Rs 4720 crore. This increase resulted in an annualised
systematic book of over Rs 20800 crore.
NIMF is one of the largest
ETF players with AUM of Rs 80800 crore and a market share of 14.02%
Nippon India AIF offers
Category II and Category III Alternative Investment Funds and has a total
commitment of Rs 5780 crore across
various schemes
NIMF has geographical
presence at 265 locations pan India, and is amongst the highest in the industry
Digital purchase transactions rose to 2.55 million
in H1FY24, up from 1.51 million in the same period last year. Digital channel
contributed 56% to total new purchase transactions
Sundeep Sikka, ED & CEO, NAM India, said
“We continue to witness an uptick in overall market share, driven by gains
across most asset classes – with a strong increase in equity market share. We
are humbled to have the trust of 14.6 million unique investors i.e. 1 in every
3 mutual fund investors - highest in the Industry. We will continue to focus on
sustainable profitable growth for shareholders by growing both the Mutual Fund
and non-Mutual Fund businesses.”
Financial Performance H1FY2024
The income from operation of
Nippon Life India Asset Management increased 16.05% to Rs 751.63 crore in
H1FY2024. Overall OPM has increased to 59.05% in H1FY2024 from 57.53% in
H1FY2023, leading to 19.12% rise in operating profit to Rs 443.83 crore. Other
expenditure as a percentage of total income moved up to 19.95% from 18.61% in
H1FY2024. The staff cost as a percentage of total income declined to 21% from
23.87% in H1FY2024.
Other income increased
198.83% to Rs 194.75 crore. Interest cost increased 72.25% to Rs 2.98 crore. Depreciation
moved up 10.01% to Rs 15.28 crore. PBT moved up 46.95% to Rs 620.32 crore.
The effective tax rate declined
to 22.68% in H1FY2024 compared to 24.11% in H1FY2023. Provision for tax was
expense of Rs 140.7 crore, compared to Rs 101.76 crore. Profit after tax rose
49.70% to Rs 479.62 crore. Profit attributable to non-controlling interest was
nil in both the periodsFinally, Net profit attributable to owners rose 49.97%
yoy to Rs 480.13 crore in H1FY2024.
Nippon Life India
Asset Management: Consolidated Results
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2309 (3)
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2209 (3)
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Var %
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2309 (6)
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2209 (6)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Sales
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397.48
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331.57
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20
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751.63
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647.67
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16
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1349.82
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1306.64
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3
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OPM %
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60.7
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57.2
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5904.9%
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5752.8%
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58.9
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60.5
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OP
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241.39
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193.52
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25
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443.83
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372.59
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19
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794.71
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790.72
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1
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Other Income
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77.88
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81.90
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-5
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194.75
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65.17
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199
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166.79
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228.99
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-27
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PBDIT
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319.27
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275.42
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16
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638.58
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437.76
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46
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961.50
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1019.71
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-6
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Interest
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1.69
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0.79
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114
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2.98
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1.73
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72
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3.97
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3.82
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4
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PBDT
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317.58
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274.63
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16
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635.60
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436.03
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46
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957.53
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1015.89
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-6
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Depreciation
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7.19
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7.08
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2
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15.28
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13.89
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10
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29.79
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27.22
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9
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PBT
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310.39
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267.55
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16
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620.32
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422.14
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47
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927.74
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988.67
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-6
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Tax
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66.14
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61.51
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8
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140.70
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101.76
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38
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204.81
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245.30
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-17
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PAT
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244.25
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206.04
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19
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479.62
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320.38
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50
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722.93
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743.37
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-3
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Minority interest
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0.00
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0.00
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-
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0.00
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0.00
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-
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0.00
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0.00
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-
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Profit/Loss of
Associate Company
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0.16
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0.03
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433
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0.51
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-0.23
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LP
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0.40
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0.79
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-49
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PAT
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244.41
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206.07
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19
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480.13
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320.15
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50
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723.33
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744.16
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-3
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EPS (Rs)*
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15.6
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13.2
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15.4
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10.2
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11.6
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11.9
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*EPS is annualized on
latest equity of Rs 624.79 crore, face value of Rs 10 each,
PL: Profit to Loss, LP:
Loss to Profit
Source: Capitaline
Corporate Database
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