Placeholder canvas
Wednesday, October 4, 2023
HomeUncategorizedReliance MF full-year profit up 22pc at Rs. 352 cr

Reliance MF full-year profit up 22pc at Rs. 352 cr

- Advertisement -

Reliance Capital Asset Management Company, which runs leading fund house Reliance Mutual Fund, has posted 22 percent growth in profit at Rs. 352 crore for the financial year 2013-14.
The company’s income from operations rose by 5 per cent to Rs. 775 crore during the year, from Rs. 735 crore in 2012-13.

RCAM’s profit before tax grew by 22 per cent to Rs. 352 crore last fiscal ended March 31, from Rs. 290 crore in 2012-13.

“Our focus on increased retail participation and expanding our reach in small town and cities helped us maintain profitable growth in the last financial year,” Reliance Capital Asset Management CEO Sundeep Sikka.

“I see more opportunities for mutual fund sector than challenges in the year ahead. We are confident of maintaining significant growth during the current fiscal,” he said.

The average asset under management of Reliance Mutual Fund, which is a leading fund house with over 11 per cent market share, rose by 9 per cent to Rs. 1,03,542 crore in the last financial year.

Across mutual funds, pension funds, managed accounts and offshore funds, the total assets managed by RCAM stood at Rs. 1,93,620 crore (USD 31.3 billion) as on March 31, 2014.

Sikka said all equity schemes of Reliance MF have outperformed the industry benchmark in the last six months.

He added: “Recently, our open-ended equity growth scheme Reliance Growth Fund notched up a net asset value (NAV) of Rs. 600. This is the first fund in the industry to achieve this NAV level. As the biggest asset manager in the country, we are confident of offering superior returns and growth to our investors in future as well.”

According to Sikka, investors from Tier-2 and Tier-3 cities are opting for mutual funds in sizable numbers and this was an encouraging trend.

RMF had over 170 branches and more than 42,500 empanelled distributors across India as on March 31, 2014. It had total 55 schemes — comprising 21 equity oriented schemes, 29 debt oriented schemes, 4 exchange traded funds and one Fund of funds — at the end of last fiscal.

Earlier this year, the company decided to voluntarily disclose total investments made by group companies in its schemes to boost investor confidence by providing greater transparency, a move that has been followed by others.

- Advertisement -
- Advertisement -
- Advertisement -


Must Read

- Advertisement -

Related News