NEW DELHI:  Reliance Capital Asset Management (RCAM) said its profit before tax increased by 22 percent to 352 crore in fiscal 2013-14 ended March 31 against 290 crore in the previous year.

The company's income from its operations rose by five percent to 775 crore in fiscal 2013-14 as compared to 735 crore a year ago.

Part of Anil Ambani-led financial services major Reliance Capital, RCAM, said its its average assets under management grew by 9 percent to 1,03,542 crore for the year under review.

“Our focus on increased retail participation and expanding our reach in small town and cities yielded helped us maintain profitable growth in the last financial year,” Reliance Capital Asset Management CEO Sundeep Sikka said in a statement.

“I see more opportunities for mutual fund sector than challenges in the year ahead. We are confident of maintaining significant growth during the current fiscal," Sikka added.

RCAM managed 1,93,620 crore as on March 31 across mutual funds, pension funds, managed accounts and offshore funds.

Sikka said investors from Tier II and Tier III cities are opting for mutual fund in sizeable numbers and this is encouraging.

Reliance Mutual Fund (RMF) is amongst the top mutual funds in India in terms of asset under management with a market share of 11.4 percent as on March 31.