Nippon Life Q4 profit jumps to Rs 343 cr; stocks hit 52-week high

New Delhi: Nippon Life India Asset Management Ltd on Wednesday reported its highest-ever quarterly profit after tax (PAT) at Rs 343 crore for the March quarter, marking a 73 per cent jump from the year-ago period.

The company had posted a PAT of Rs 198 crore in the year-ago period, the asset management firm said in a stock exchange filing.

Total income rose to Rs 560.57 crore during the fourth quarter of FY24 from Rs 388.03 crore in the year-ago period.

Reacting to the strong quarterly performance, shares of Nippon Life India Asset Management surged 11 per cent to hit their 52-week high at Rs 623.40 in the intra-day trade on the BSE.

Also, the company's board has recommended a final dividend of Rs 11 per equity share for the financial year ended March 31, 2024.

With this, the total dividend for 2023-24 will be Rs 16.50 per share, including the interim dividend of Rs 5.50 apiece distributed in November 2023.

Nippon Life India Asset Management is the asset manager of Nippon India Mutual Fund.

As on March 2024, Nippon Life India Asset Management's assets under management stood at Rs 5.24 lakh crore, including Nippon India Mutual Fund asset base of Rs 4.31 lakh crore.

For the entire 2023-24 financial year, the company's PAT rose 53 per cent year-on-year to Rs 1,107 crore while the total income soared 34 per cent year-on-year to Rs 2,037 crore in FY24.