Aditya Birla Sun Life AMC (ABSLAMC) Q4 11/12 earnings summary

Executive summary

• FY2011-12 profit after tax was Rs 763.1m, down from Rs 845.4m; revenue from operations was Rs 3,073.5m, down from Rs 3,658.5m.

• Higher other income, including Rs 132.3m of provisions no longer required, partly offset lower operating revenue.

Financial highlights

• Total income was Rs 3,493.3m vs Rs 3,871.0m; profit before tax was Rs 1,061.7m vs Rs 1,261.3m.

• Total expenses declined to Rs 2,431.5m from Rs 2,609.7m; employee expenses fell to Rs 810.8m from Rs 1,005.3m.

• Other income rose to Rs 419.8m from Rs 212.6m, including Rs 132.3m in provisions no longer required and Rs 60.3m net profit on investment sales.

Segment performance

• Operations were reported as a single asset management services segment, covering asset management and portfolio management services.

• Management and advisory fees were Rs 2,818.9m vs Rs 3,138.7m; portfolio management fees were Rs 37.1m vs Rs 89.7m; real estate fund management fees were Rs 217.5m vs Rs 430.1m.

• Distribution and schemes expenses increased to Rs 882.1m from Rs 840.4m.