JPMorgan Indian Investment Trust (JII.L) announced a substantial increase in its fiscal year net profit, reporting a total of £127.28 million compared to just £2.96 million in the previous year. This translates to a profit per share of 178.74 pence, significantly up from 3.96 pence the previous year. For the same period, the total income reached £170.63 million, a marked rise from the prior year's £21.41 million.
On a revenue basis, the net profit for the year ending 30th September 2024 was £2.38 million, down from £4.74 million the previous year. Revenue-based profit per share decreased to 3.35 pence from 6.34 pence, while revenue-based total income dropped to £9.93 million from £12.13 million.
The Board highlighted the Portfolio Managers' positive outlook on the investment opportunity in India, describing it as compelling. Over the 12-month period ending September 2024, the MSCI India Index yielded a 27.7% return, building on the 14.7% gain from the first half of the year. JPMorgan Indian Investment Trust itself realized a total return on net assets of 18.1% during the year. Despite anticipating some short-term volatility, the Trust affirms that the medium to long-term prospects remain strong. The company also emphasized that, aside from the US, no other large market globally possesses the same growth potential and capacity for sustained economic returns.
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