Canara Robeco AMC Q2 net profit declines slightly, revenue climbs 3%; plans two new fund launches

Canara Robeco Asset Management Company Ltd on Monday (October 27) reported a 2.66% year-on-year decline in net profit for the second quarter at ₹48.71 crore, compared to ₹50.04 crore in the same period last year. Revenue, however, increased 3% to ₹107.7 crore from ₹104.5 crore a year ago.

The company announced plans to launch two new schemes — Canara Robeco Innovation Fund and Canara Robeco Banking and Financial Services Fund — subject to approval from the Securities and Exchange Board of India (SEBI) or any other regulator, if required, and depending on favourable market conditions.

Incorporated in 1993, Canara Robeco AMC evolved from Canbank Mutual Fund, which was founded in 1987. The company is a joint venture between Canara Bank and Orix Corporation Europe N.V. The partnership between the two entities was formed in 2007.



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At the end of the June quarter, the company's total Assets Under Management (AUM) stood at ₹1.17 lakh crore, while revenue at the end of the quarter stood at ₹121.3 crore, with a net profit of ₹61 crore.



The results came after the close of the market hours. Shares of Canara Robeco Asset Management Company Limited ended at ₹350.55, up by ₹13.70, or 4.07%, on the BSE.



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