Shares of UTI Asset Management Co. rose to their highest level in over two years on Friday after its profit more than doubled in the fourth quarter of fiscal 2024. The net profit rose 110.46% year-on-year to Rs 181 crore in the January-March period, according to an exchange filing.
UTI AMC Q4 Results Highlights (Consolidated, YoY)
Total income up 35.92% at Rs 420 crore.
Net profit up 110.46% at Rs 181 crore.
AUM up 19% at Rs 18.48 lakh crore.
Recommended final dividend of Rs 24 per share.
Shares of the company rose as much as 6.07%, the highest level since April 5, 2022, before paring gains to trade 3.94% higher at 10:57 a.m. This compares to a 0.11% decline in the NSE Nifty 50.
The stock has risen 47.86% in last 12 months and 13.51% year-to-date. The total traded volume so far in the day was 26 times its 30-day average. The relative strength index was 69.79.
Of the 15 analysts tracking the company, eight maintain a 'buy' rating, four recommend a 'hold,' and three suggest a 'sell', according to Bloomberg data. The average 12-month analysts price target implies a downside of 3.4%.
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