Aditya Birla Sun Life AMC Q1 Profit Rises 12 Pc to ₹309 Cr

 Aditya Birla Sun Life AMC on Tuesday reported a 12% year-on-year surge in consolidated net profit to ₹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 ₹277 crore in the same quarter last year.

Its revenue from operations rose 3% to ₹463 crore in the quarter under review from ₹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 ₹458 crore, which led to negative investor sentiments.

Total expenses grew 14% year-on-year to ₹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% to ₹162.4 crore from ₹118 crore a year ago. Sequentially, this marked a complete turnaround from a loss of ₹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% to ₹6.28 lakh crore.

The company's mutual fund QAAUM was at ₹4.28 lakh crore, marking a 6% increase.

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