Aditya Birla Sun Life AMC slides on drop in Q2 profit

Aditya Birla Sun Life AMC’s net profit was down 7 percent at Rs 178 crore but revenue was up 8 percent at Rs 335 crore in the September quarter

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The Aditya Birla Sun Life AMC stock was trading almost 2 percent lower in the morning session October 27, a day after the company reported a 7 percent year-on-year decline in net profit at Rs 178 crore for the September quarter.

Aditya Birla Sun Life AMC reported a revenue growth of eight percent at Rs 335 crore. Operating profit for the quarter grew 5 percent year-on-year to Rs. 181.1 crore, the company said in a regulatory filing on October 26.

Its Mutual Fund Quarterly Average Assets under Management (QAAUM) stood at Rs 3.1 lakh crore, a 10 percent growth year-on-year. Equity Mutual Fund QAAUM increased by 9 percent year-on-year to Rs 1.3 crore.

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According to an investor presentation, the total number of folios as of September 30 stood at 7.8 billion, with investor presence in more than 85 emerging markets and locations in India.

Also read: Why is Aditya Birla Sun Life AMC changing the investment strategy of its focused fund?

At 9.50 am, the stock was trading at Rs 435.5 on the NSE, down 2 percent from the previous day’s close.

Also read: Aditya Birla Sun Life AMC Q2 profit declines 7% to Rs 178 crore

Aditya Birla Sun Life AMC is a life insurance joint venture between Aditya Birla Group and Sun Life Insurance.

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