Aditya Birla Sun Life AMC Q1 Profit Rises 12 PC to Rs 309 Cr

New Delhi: Aditya Birla Sun Life AMC on Tuesday reported a 12 per cent year-on-year surge in consolidated net profit to Rs 309.5 crore for the June quarter driven by an increase in other income component.

The asset management firm had earned a net profit of Rs 277 crore in the same quarter last year.

Its revenue from operations rose 3 per cent to Rs 463 crore in the quarter under review from Rs 447.4 crore in the April-June quarter of the preceding fiscal year.

Aditya Birla Sun Life AMC (ABSL AMC) said in a stock exchange filing.

On a sequential basis, the revenue remained largely unchanged from Rs 458 crore, which led to negative investor sentiments.

Total expenses grew 14 per cent year-on-year to Rs 219.3 crore mainly due to higher employee cost.

The asset management firm’s quarterly profit growth received a robust boost from other income, which surged 38 per cent to Rs 162.4 crore from Rs 118 crore a year ago. Sequentially, this marked a complete turnaround from a loss of Rs 33 crore in the other income category in the March quarter.

Aditya Birla Sun Life AMC, part of Aditya Birla Capital, said its overall quarterly average assets under management (QAAUM), including alternate assets, jumped 42 per cent to Rs 6.28 lakh crore.

The company’s mutual fund QAAUM was at Rs 4.28 lakh crore, marking a 6 per cent increase.

Shares of the asset management company were trading 6.21 per cent lower at Rs 1,049.55 on the BSE in the afternoon trade.

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