UTI AMC Q2 Results FY2024, Net profit at Rs.182.81 crores

On 18th October 2023, UTI AMC announced its quarterly results.

Key Highlights:

- The Core Income for the July–September 2023 quarter was Rs.292 crore, an increase of 3% on a QoQ basis.
- For the quarter, total revenue from operations was Rs.404 crore, which is a 13% QoQ and a 7% YoY decrease.
- The operating expenses for the Q2FY2424 were Rs.186 crore, up 5% YoY and 3% QoQ.
- For Q2FY2024, the Core Profit before Tax was at Rs.106 crore, experiencing a fall of 7% YoY and rise of 3% QoQ.
- Profit before tax was at Rs. 220 crore, a decrease of 16% YoY and 24% QoQ.
- There was a 1% YoY and 6% QoQ growth in the Core Profit after Tax for the quarter that ended on September 30, 2023, coming in at Rs.88 crore.
- Profit after tax (PAT) was at Rs.182.81 crore, down 22% QoQ and 8% YoY. 
- UTI Asset Management Company had a total of 16,89,318 crore in assets under management.

Business Highlights:

- UTI Mutual Fund (UTI MF) has a total market share of 5.68% in the Q2FY24.
- UTI MF's average assets under management for the three months ending September 30, 2023, were at Rs.2,66,813 crore.
- Equity-oriented assets made up about 75% of UTI MF's total quarterly average AUM for the July–September 2023 quarter.
- For the quarter of July to September 2023, the ratio of equity-oriented QAAUM to non-equity-oriented QAAUM is 75:25 as compared to the industry ratio of 66:34.
- Gross inflow mobilized through SIP for the first quarter of FY 2023–24 was Rs.1,648 crore. SIP AUM increased by 6.5% to Rs.26,541 crore as of September 30, 2023, compared to June 30, 2023.

Commenting on the performance, Mr. Imtaiyazur Rahman, Managing Director & Chief Executive Officer, UTI Asset Management Company Limited said, “The Indian Mutual Fund Industry has constantly worked towards building the financial literacy in the country for creating awareness about various products and in enabling investors to take informed investment decisions. With our growing geographical and digital reach in the country and our expertise in investment management combined with large suite of products, UTI is well placed to capitalize on the opportunities offered by the markets.”