Surge in inflows props up UTI net income - Views on News from Equitymaster

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Surge in inflows props up UTI net income

Nov 12, 1999

A surge in inflows has boosted Unit Trust of India's (UTI) net income to Rs 25.8 bn in 1QFY2000. This was reported by a leading financial daily. UTI, with assets in excess of Rs 630 bn as on 31st August 1999, is India's largest mutual fund (MF). It accounts for 73% of India's MF segment.

UTI has posted net income of Rs 25.8 bn in 1QFY2000. This is the first time that UTI has announced quarterly results. But as comparable figures for 1QFY1999 were not made available by UTI, a comparative analysis is not possible. In FY99, its entire income amounted to Rs 59.8 bn.

Over the period July-October 1999, UTI witnessed net inflows of Rs 12.7 bn. In the corresponding period last year, it witnessed inflows of Rs 22.2 bn. US-64 reserves have also increased to Rs 28.8 bn in September 1999, as against Rs 1.3 bn in June 1999.

However, apart from US-64, UTI is facing redemption pressure on its equity schemes viz. MEP 91-96, Mastergain-92, and Master Plus-91.

The figures are a mixed bag. Apparently, apart from US-64 there is very little positive news for UTI. Its other equity schemes continue to remain out of favour with investors. One reason for this is that restructuring in these schemes has not yielded the results that US-64 has witnessed. These schemes continue to underperform other schemes, particularly those from private MFs.

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