The Indian Mutual Fund industry earns profits of Rs.15,760 crore, a rise of 43% in one year..!
An analysis of annual reports of 42 fund houses done by Cafemutual shows that the MF industry has earned gross profits of Rs.15,760 crore i 2023-24 as against Rs.11,040 crore in 2022-23, a growth of 42% in just a year.
A rough calculation indicates that the MF (Mutual Fund) industry has made 0.29% on the assets they manage in 2023-24.
What's the total profit of the fund houses?
Most profitable fund Companies..!
In terms of gross profits or profit before taxes, ICICI Prudential AMC, SBI AMC and HDFC AMC were the most profitable fund houses in FY 2024.
ICICI Prudential AMC remained the leader in the industry with gross profit of Rs.2,700 crore in FY 2024. The fund house saw 34% growth in its profit before taxes in one year.
Not so far behind was SBI AMC with gross profit of Rs.2,674 crore in FY 2024. HDFC AMC saw gross profit of Rs.2,480 crore in FY 2024.
Nippon India AMC and Aditya Birla Sun Life AMC occupied the next two spots with gross profits of over Rs.1,000 crore.
Motilal Oswal AMC entered the top 10 list of fund houses in terms of gross profits and captured the ninth position in the list. The fund house saw its profits going up by 200% to reach Rs.683 crore in FY 2024 from Rs. 227 crore in FY 2023.
Other fund houses in the top 10 list in terms of gross profits were – UTI, Kotak Mahindra, Axis and DSP.
Among the top 20 fund houses, HSBC AMC recorded the highest growth in its gross profit numbers. The AMC witnessed gross profits of Rs.237 crore in FY 2024 compared to Rs.38 crore in FY 2023, a massive growth of over 500% in just a year. This is due to completion of the merger between HSBC AMC and L&T AMC in late FY 2023.
Across all fund houses, LIC AMC saw the highest growth of 900% in its gross profitability.
Of the 42 fund houses, 14 AMCs recorded a loss while 3 AMCs witnessed a decline in their gross profits.
Let us look at the table to know more:
| AMCs | Gross Profit FY 2024 | Gross Profit FY 2023 | Change | Change in % |
| ICICI Prudential | 2698 | 2007 | 691 | 34% |
| SBI | 2674 | 1771 | 903 | 51% |
| HDFC | 2478 | 1871 | 607 | 32% |
| Nippon India | 1352 | 928 | 424 | 46% |
| Aditya Birla Sun Life | 1008 | 788 | 220 | 28% |
| UTI | 987 | 586 | 401 | 68% |
| Kotak Mahindra | 771 | 552 | 219 | 40% |
| Axis | 713 | 578 | 135 | 23% |
| Motilal Oswal | 683 | 227 | 456 | 201% |
| DSP | 405 | 363 | 42 | 12% |
| Mirae Asset* | 364 | 277 | 87 | 31% |
| 360 One | 303 | 336 | -33 | -10% |
| Franklin Templeton | 296 | 277 | 19 | 7% |
| Tata | 256 | 150 | 106 | 71% |
| HSBC | 237 | 38 | 199 | 524% |
| Canara Robeco | 195 | 107 | 88 | 82% |
| Bandhan | 179 | 118 | 61 | 52% |
| Sundaram | 147 | 100 | 47 | 47% |
| PPFAS | 137 | 102 | 35 | 34% |
| Quant | 110 | 36 | 74 | 206% |
| Invesco | 91 | 48 | 43 | 90% |
| Edelweiss | 38 | 18 | 20 | 111% |
| Union | 20 | 18 | 2 | 11% |
| NJ | 17 | 19 | -2 | -11% |
| Taurus | 10 | 4 | 6 | 150% |
| LIC | 10 | 1 | 9 | 900% |
| Baroda BNP Paribas | 3 | -7 | 10 | -143% |
| Samco | 0.75 | -3 | 3.75 | -125% |
| Helios | -0.38 | 1 | -1.38 | -138% |
| Bank of India | -1 | -8 | 7 | -88% |
| Old Bridge | -3 | 0.6 | -3.6 | -600% |
| Shriram | -6 | -4 | -2 | 50% |
| Zerodha | -7 | -4 | -3 | 75% |
| Quantum | -11 | -9 | -2 | 22% |
| PGIM India | -17 | -29 | 12 | -41% |
| Trust | -21 | -6 | -15 | 250% |
| Navi | -24 | -17 | -7 | 41% |
| Mahindra Manulife | -28 | -31 | 3 | -10% |
| ITI | -32 | -41 | 9 | -22% |
| Groww | -39 | 3 | -42 | -1400% |
| WhiteOak Capital | -65 | -88 | 23 | -26% |
| Bajaj Finserv | -167 | -38 | -129 | 339% |
| Total | 15761.37 | 11039.6 | 4721.77 | 43% |
Note: While the data of Mirae Asset India AMC is of December 2023, Franklin Templeton AMC's data is of September 2024
Note: The data of JM Financial AMC could not be obtained.
But what are the net numbers?
In terms of net profits, the MF industry has recorded net profits of Rs.12,200 crore as against Rs.8300 crore in FY 2023, a growth of 47%.
Net profit is derived after deducting all expenses like operation, taxation and so on.
Of the 42 AMCs, 28 AMCs were profitable in FY 2024. Of the profitable companies, 3 AMCs recorded a decline in their net profits. Overall, SBI AMC became the most profitable fund house last financial year with net profits of Rs.2062 crore.
ICICI Prudential AMC and HDFC AMC were the next two in the list with net profits of Rs.2050 crore and Rs.1946 crore, respectively.
Nippon India AMC also recorded net profit in excess of Rs.1000 crore.Other fund houses in the top 10 were Aditya Birla Sun Life, UTI, Kotak Mahindra, Motilal Oswal, Axis and DSP.
Overall, 14 companies reported net loss with Bajaj Finserv AMC witnessing the highest loss of Rs.129 crore followed by Groww AMC with loss of Rs.40 crore in FY 2024.
Here is the table on net profits:
| AMCs | Net profit | Net profit | Change | % Change |
| SBI | 2062 | 1340 | 722 | 54% |
| ICICI Prudential | 2050 | 1516 | 534 | 35% |
| HDFC | 1946 | 1424 | 522 | 37% |
| Nippon India | 1107 | 723 | 384 | 53% |
| Aditya Birla Sun Life | 780 | 596 | 184 | 31% |
| UTI | 766 | 437 | 329 | 75% |
| Kotak Mahindra | 591 | 430 | 161 | 37% |
| Motilal Oswal | 570 | 170 | 400 | 235% |
| Axis | 558 | 430 | 128 | 30% |
| DSP | 310 | 280 | 30 | 11% |
| Mirae Asset | 279 | 212 | 67 | 32% |
| 360 One | 238 | 252 | -14 | -6% |
| Franklin Templeton | 223 | 205 | 18 | 9% |
| Tata | 196 | 111 | 85 | 77% |
| HSBC | 193 | 14 | 179 | 1279% |
| Canara Robeco | 151 | 79 | 72 | 91% |
| Bandhan | 142 | 88 | 54 | 61% |
| Sundaram | 112 | 85 | 27 | 32% |
| PPFAS | 103 | 77 | 26 | 34% |
| Invesco | 89 | 45 | 44 | 98% |
| Quant | 83 | 26 | 57 | 219% |
| Edelweiss | 38 | 18 | 20 | 111% |
| Union | 15 | 13 | 2 | 15% |
| NJ | 14 | 15 | -1 | -7% |
| LIC | 10 | 1 | 9 | 900% |
| Taurus | 7 | 4 | 3 | 75% |
| Baroda BNP Paribas | 6 | -7 | 13 | -186% |
| Samco | 0.78 | -2 | 2.78 | -139% |
| Helios | -0.35 | 1 | -1.35 | -135% |
| Bank of India | -1 | -8 | 7 | -88% |
| Old Bridge | -3 | 0.4 | -3.4 | -850% |
| Zerodha | -5 | -3 | -2 | 67% |
| Shriram | -7 | -4 | -3 | 75% |
| Quantum | -11 | -9 | -2 | 22% |
| PGIM India | -17 | -29 | 12 | -41% |
| Trust | -20 | -7 | -13 | 186% |
| Navi | -24 | -17 | -7 | 41% |
| Mahindra Manulife | -28 | -31 | 3 | -10% |
| ITI | -32 | -41 | 9 | -22% |
| Groww | -38 | 3 | -41 | -1367% |
| WhiteOak Capital | -65 | -88 | 23 | -26% |
| Bajaj Finserv | -167 | -38 | -129 | 339% |
| Total | 12221.43 | 8311.4 | 3910.03 | 47% |
Note: While the data of Mirae Asset India AMC is of December 2023, Franklin Templeton AMC's data is of September 2024
Note: The data of JM Financial AMC could not be obtained.
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