UTI Asset Management Company fell 1.65% to INR 730.15 after the asset manager reported 53% drop in consolidated net profit to INR 60 crore in Q3 FY23 from INR 127 crore in Q3 FY22. Total revenue from operations fell by 5% YoY to INR 295 crore during the quarter.
Total Expenses increased by 19% to INR 191 crore in Q3 FY23 as compared with Q3 FY22, due to higher employee expenses (up 7% YoY) and higher other expenses (up 10% YoY). Profit before tax in Q3 FY23 stood at INR 102 crore, down by 31% from INR 148 crore in Q3 FY22.
The total Assets under Management for UTI Asset Management Company stood at INR 14,97,777 crore. UTI Mutual Fund’s (UTI MF’s) total market share for the Q3 FY23 was consistent at 5.98%. For the quarter ended December 31, 2022, UTI MF’s average assets under management was INR 2,40,841 crore. For the October-December 2022 quarter, equity oriented assets contributed approximately 75% to UTI MF’s total quarterly average AUM.
The ratio of equity oriented QAAUM and non-equity oriented QAAUM is 75:25 compared to the industry ratio of 67:33, for the October-December 2022 quarter. For the third quarter of FY 2022-23, Gross Inflow mobilized through SIP stood as INR 1,656 crore. SIP AUM as of December 31, 2022 stood at INR 21,495 crore, witnessing an increase of 4.5% as compared to 30 September 2022.
Imtaiyazur Rahman, managing director & chief executive officer, UTI Asset Management Company, said, As India assumes its Presidency of the G20 Summit with Vasudhaiva Kutumbakam as the motto, we continue to flourish as the fastest growing emerging economy, despite the geopolitical tension and inflation headwinds all over the globe. The Indian Mutual fund industry has remained resolute and continued to create wealth for the investors.
UTI Asset Management Company (UTI AMC) is the investment manager to UTI Mutual Fund. UTI AMC is registered as portfolio manager with SEBI and through its subsidiary it acts as fund manager for AIF, among others. It also has a countrywide network of branches along with a diversified distribution network.