UTI Asset Management Company announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue from operations for the January-March quarter stood at Rs 416 crore, up by 37% YoY and down by 7% QoQ.
- The core revenue from operations for Q4 FY23-24 consisting entirely of sale of services amounted to Rs 318 crore, up by 18% YoY and 10% QoQ.
- Profit before tax for the fourth quarter of FY23-24 was at Rs 218 crore, up by 86% YoY and down by 16% QoQ.
- The quarterly profit after tax stood at Rs 163 crore in Q4 FY23-24, up by 90% YoY and down by 12% QoQ.
- The core profit after tax for the fourth quarter (excluding M2M gains, income from sale of investments and other non-operating income) was Rs 97 crore, up by 70% YoY and 22% QoQ.
FY24 Financial Highlights:
- Revenue from operations for the financial year 2023-24 stood at Rs 1,737 crore, up 37% from FY22-23.
- The core revenue from operations for FY23-24, consisting of sale of services, amounted to Rs 1,182 crore, up 5% as against FY22-23.
- Profit before tax for FY23-24 was at Rs 987 crore, up 68% as against FY22-23.
- Profit after tax stood at Rs 766 crore for FY23-24, up 75% from FY22-23. The core profit after tax for the financial year (excluding M2M Gains, income from sale of investments and other non-operating income) was Rs 345 crore, up 8% as compared to FY22-23.
- The Board of Directors of the Company has proposed a final dividend of Rs 24 per equity shares and an additional special dividend of Rs 23 per equity share, taking overall final dividend to Rs 47 per equity share for financial year 2023 – 2024. The same is subject to the approval of shareholders at the ensuing Annual General Meeting.
- Total Assets Under Management for UTI AMC Group was at Rs 18,48,330 crore.
Commenting on the performance Imtaiyazur Rahman, Managing Director & Chief Executive Officer, UTI AMC 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.
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.”