UTI AMC Ltd’s FY 2024 Net Profit Up By 75% – Share Price Rises ~2.91%

On April 25, 2024, UTI Asset Management Company Limited released its financial results for the fiscal year 2024 and Q4 FY 2024. The company reported a consolidated net profit of ₹766 crore for FY 2023‐24, which is up by 75% compared to the previous year, i.e., FY 2023.

Financial Highlights for FY 2024

UTI Asset Management Company’s revenue from operations stood at ₹1,737 crore, up 37% from FY 2022‐23. The core revenue from operations for FY 2023‐24, consisting of the sale of services, amounted to ₹1,182 crore, up 5% as against FY 2022‐23.

The company’s Profit after tax stood at ₹766 crore for FY 2024, up 75% from FY 2023. The core profit after tax for the financial year (excluding M2M Gains, income from the sale of investments and other non‐operating income) was ₹345 crore, up 8% compared to FY 22‐23.

In FY 2024, the total Assets Under Management (AUM) for UTI Asset Management Company Group was ₹18,48,330 crore.

Financial Highlights for Q4 FY2024

In the quarter ended March FY 2024, the revenue from operations was ₹416 crore, up by 37% YoY and down by 7% QoQ. The quarterly profit after tax stood at ₹163 crore in Q4 FY 2024, up by 90% YoY and down by 12% QoQ.

Commenting on the financial performance, the Managing Director and Chief Executive Officer of UTI AMC, Mr Imtaiyazur Rahman, said, “We have always remained steadfast in our commitment towards our stakeholders and investors. There has been a significant improvement in financial literacy amongst investors, and the growth in the number of SIP investors in the mutual fund industry in the last year is a testament to this.”

He further added, “The measures taken by the regulators have fostered confidence, further contributing to the rising participation of investors in mutual funds. We believe that it is an opportune time for the mutual fund industry as we collectively march towards the national mission of Vikasit Bharat. UTI will strive to partner in this growth through financial inclusivity and investor awareness.”

The Company’s Board of Directors has proposed a final dividend of ₹24 per equity share and an additional special dividend of ₹23 per equity share, taking the final dividend to ₹47 per equity share for FY 2024. The same is subject to shareholders’ approval at the next Annual General Meeting.

On April 26, 2024, the share price of UTI Asset Management Company Limited opened at ₹975.00, up by ~2.91%, compared to the previous close. The stock touched the day’s high at ₹1,005.00, as of 11:59 AM on the NSE.

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