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Results
26-Apr-22
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Analysis
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Nippon Life India Asset Management
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Steady performance, improves market share
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Nippon Life India Asset Management has posted
4.84% increase in the net profit to Rs 174.85 crore in the quarter ended March
2022 (Q4FY2022). The total income increased 11.95% to Rs 337.97 crore as on 31
March 2022. Overall OPM has improved to 61.52% as on 31 March 2022 from
54.94% as on 31 March 2021, leading to 25.35% rise in operating profit to Rs
207.91 crore. Other expenditure as a percentage of total income moved down to
16.43% from 23.40% as on 31 March 2022. The staff cost as a percentage of total
income increased to 22.06% from 21.66% as on 31 March 2022.
The other income declined 42.61% to Rs 34.47
crore. Interest cost increased 16.84% to Rs 1.11 crore. Depreciation moved down
2.96% to Rs 6.89 crore. PBT moved up 7.58% to Rs 234.38 crore.
The effective tax rate increased to 25.40% as
on 31 March 2022 compared to 23.57% as on 31 March 2021. Profit after tax rose
5% to Rs 174.84 crore. Profit attributable to non-controlling interest was nil
in both the periods. The share of profit of associate companies decreased
96.15% to Rs 0.01 crore. Finally, Net profit attributable to owners moved up
4.84% to Rs 174.85 crore.
Book value of the company stood
at Rs 55.9 per share end March 2022.
Business highlights:
NAM India’s asset under management was Rs 345604 crore end March 2022. For the
quarter ended March 2022, NIMF’s overall
AUM market share rose to 7.38% - an increase of 26 basis points as
against the quarter ended March 2021.
For the quarter ended March 2022, NIMF’s
average assets under management was Rs 283261
crore - an increase of 24%.
For the quarter ended March 2022, share of Equity Assets rose to 42% of NIMF’s AUM as against 41% for
the quarter ended March 2021.
As on March 2022, NIMF has one of the largest retail assets in the
Industry, at Rs 76438 crore.
Retail assets contributed 28% to NIMF’s AUM.
As on March 2022, NIMF’s AUM of Rs 47825 crore from ‘Beyond
the Top 30 cities’ category. This
segment forms 17.2% of NIMF’s AUM vis-à-vis 16.6% for the Industry.
As on March 2022, Individual AUM was Rs 138133 crore and contributed
50% to NIMF’s AUM.
As on March 2022, NIMF is one of the largest ETF players with AUM of Rs 58883 crore and a market
share of 14%.
As on March 2022, NIMF has 1.7 crore investor folios, with an annualised systematic book of over Rs 8800 crore.
As on March 2022, Nippon India AIF offers Category II
and Category III Alternative Investment Funds and has a total commitment of approx. Rs 4473 crore across various schemes.
As on March 2022, NIMF has geographical presence at over 270 locations pan India, and is amongst the highest in the industry.
For the year ended March 2022, digital purchase transactions rose to over 30 lakh - an increase of 63% as
against year ended March 2021. Digital channel contributed 58% to total new purchase transactions.
Sundeep
Sikka, ED & CEO, NAM India, said “Q4 was characterised by contrasting trends.
On one hand, geopolitical concerns and higher inflation bias resulted in
volatile global markets. However, investors’ inclination towards long term
value creation resulted in greater and stable flows for MFs.
NAM India continued to be strongly profitable and strives to
create value for all stakeholders. Today,
NIMF caters to the largest base of
investors in the Industry. Overall market share grew by 26 basis points. I am very happy to state
that NAM India recorded its highest-ever
profit in FY22.
The strong asset growth, operating efficiencies and accelerated client acquisitions are
driven by an unwavering focus on providing sustainable and differentiated solutions. An industry-best product suite, robust risk
framework, and a solid digital ecosystem are key enablers in this journey.”
Financial Performance FY2022
Nippon
Life India Asset Management recorded 9.38% growth in the net profit to Rs 744.16
crore in FY2022. The income from operation increased 23.02% to Rs 1306.64 crore
as on 31 March 2022.
Overall
OPM has increased to 60.52% as on 31 March 2022 from 52.49% as on 31 March
2021, leading to 41.83% rise in operating profit to Rs 790.72 crore. Other
expenditure as a percentage of total income moved down to 17.27% from 21.96% as
on 31 March 2022. The staff cost as a percentage of total income declined to
22.22% from 25.55% as on 31 March 2022.
Other
income declined 35.89% to Rs 228.99 crore. There is 13.77% fall in interest
cost at Rs 3.82 crore and 18.18% decline in depreciation to Rs 27.22 crore, Profit
before tax increased 12.73% to Rs 988.67 crore. There is no extraordinary item.
After which, PBT increased 12.73% to Rs 988.67 crore.
The
effective tax rate increased to 24.81% as on 31 March 2022 compared to 22.53%
as on 31 March 2021. Profit after tax rose 9.42% to Rs 743.37 crore.
Profit
attributable to non-controlling interest was nil in both the periods. The share
of profit of associate companies decreased 15.96% to Rs 0.79 crore. Finally,
Net profit attributable to owners rose 9.38% yoy to Rs 744.16 crore in FY2022.
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Nippon Life India
Asset Management: Consolidated Results
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2203 (3)
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2103 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Sales
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337.97
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301.90
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12
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1306.64
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1062.14
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23
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OPM %
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61.5%
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54.9%
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60.5%
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52.5%
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OP
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207.91
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165.86
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25
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790.72
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557.52
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42
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Other Income
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34.47
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60.06
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-43
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228.99
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357.20
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-36
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PBDIT
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242.38
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225.92
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7
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1019.71
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914.72
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11
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Interest
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1.11
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0.95
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17
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3.82
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4.43
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-14
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PBDT
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241.27
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224.97
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7
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1015.89
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910.29
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12
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Depreciation
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6.89
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7.10
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-3
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27.22
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33.27
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-18
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PBT
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234.38
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217.87
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8
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988.67
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877.02
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13
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Tax
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59.54
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51.36
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16
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245.30
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197.63
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24
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PAT
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174.84
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166.51
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5
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743.37
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679.39
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9
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Minority interest
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0.00
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0.00
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-
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0.00
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0.00
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-
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Profit/Loss of
Associate Company
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0.01
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0.26
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-96
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0.79
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0.94
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-16
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PAT
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174.85
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166.77
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5
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744.16
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680.33
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9
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EPS (Rs)*
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11.2
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10.7
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12.0
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10.9
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*EPS is annualized on
latest equity of Rs 622.06 crore, face value of Rs 10 each, Source:
Capitaline Corporate Database
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