Nippon Life India Asset Management (NAM-INDIA) AGM 2024 summary

Opening remarks and agenda

• The 29th AGM was conducted via video conference, ensuring compliance with MCA and SEBI guidelines and enabling broad shareholder participation.

• The chairperson confirmed quorum and called the meeting to order, with all board members and auditors present via video conference.

• Shareholders were briefed on meeting protocols, including Q&A procedures and technical support.

Board and executive committee updates

• Board members and committee chairs introduced themselves, highlighting roles in audit, nomination, stakeholder relations, CSR, and risk management.

• Statutory and secretarial auditors attended, and a corporate shareholder represented 72.66% of equity share capital.

Financial performance review

• FY 2024 saw record operating profit of INR 958 crores (up 26%) and PAT of INR 1,107 crores (up 53%).

• Mutual fund AUM grew 47% YoY to INR 431 crore, with the company achieving the highest market share increase among top 10 AMCs.

• Non-mutual fund business revenue grew 25%, and the company managed assets worth INR 5.2 lakh crores across multiple business lines.

• The company maintained a strong presence in smaller cities, with 19.5% of AUM from beyond top 30 cities.