UTI AMC stock price up by more than 2% today

26 Apr 2024 , 12:42 PM

UTI Asset Management Company (AMC) witnessed a surge of over 6% on April 26 morning, reaching a fresh 52-week high of ₹1,005.15 following impressive financial results for the March quarter. At the time of writing, UTI AMC shares were trading 4.01% higher at ₹985 on NSE. 

The company reported a substantial 90% year-on-year increase in profit, amounting to ₹163 Crore, coupled with a 38% rise in revenue, reaching ₹416 Crore.

Core operating earnings for UTI AMC in the March quarter stood at ₹130 Crore, marking a significant 43.4% year-on-year growth, attributed to increased investments in personnel, subsidiaries, and expansion in foreign markets.

Elevated expenses in employee and other categories were noted, attributed to higher investments and increased ETF AUM, leading to higher payments to the PFRDA and index service providers.

UTI AMC holds the highest costs as a percentage of AUM at 26bp for FY24 among its listed peers, mainly due to steep costs in non-officer category employees.

Established on February 1, 2003, UTI Mutual Fund emerged from the restructuring of the erstwhile Unit Trust of India (UTI) as a registered mutual fund under the Securities and Exchange Board of India (SEBI). Originating from the Government of India in 1963, UTI Mutual Fund holds the distinction of being one of India’s oldest mutual fund firms.

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