India’s ICICI Prudential Asset Management Company posted a 10.4% rise in fourth-quarter profit on Monday, driven by strong domestic fund inflows as investors took advantage of a market correction to increase exposure.

The country’s most valuable asset manager by market capitalisation reported a profit of 7.63 billion rupees ($81.76 million) for the quarter ended March 31, compared with 6.92 billion rupees a year earlier. Revenue from operations rose 19.5% to 15.17 billion rupees.

The company, a joint venture between ICICI Bank and UK-based Prudential plc, benefited from strong inflows into equity mutual funds, largely driven by retail investors.

Industry-wide data showed that inflows into Indian equity mutual funds surged 56% in March to an eight-month high, according to the Association of Mutual Funds in India, even as foreign portfolio investors sold record amounts of Indian equities amid concerns over rising crude prices and geopolitical tensions linked to the Iran conflict.

The firm’s quarterly average assets under management grew 24.9%, supported mainly by equity-oriented funds.

Despite broader market weakness, ICICI Prudential AMC continued to see robust investor participation, reflecting growing domestic confidence in equities during market volatility.

The company also declared a dividend of 12.4 rupees per share.

Indian stock markets came under pressure during the quarter, with the benchmark NIFTY 50 falling around 14.5%, weighed down by higher oil prices, inflation concerns, and slowing economic growth amid escalating global tensions.

Since its market debut on December 19, the asset manager’s shares have gained roughly 30%, underscoring investor optimism about the long-term growth of India’s mutual fund industry.