Shares of Anand Rathi Wealth plunged over 5 per cent on Friday despite the firm posting strong Q2 financial results. The company reported a substantial 34 per cent growth in consolidated net profit, reaching Rs 58 crore for the quarter ending in September, compared to Rs 43 crore in the same period the previous year. The firm is among the leading financial services providers, with a current market capital of around 7,000 crores.
Anand Rathi Wealth has increased its projected profit after tax (PAT) to Rs 220 crore and revenue expectations to Rs 720 crore for the fiscal year 2023-2024. The company has also readjusted its assets under management (AUM) projection for FY24, raising it from Rs 47,000 crore to Rs 51,000 crore. By the end of September this year, the company's AUM reached Rs 47,957 crore, reflecting a significant 34 per cent growth compared to the same period last year.
At 01:00 pm, the share price of Anand Rathi Wealth was trading in red at Rs 1,881, down by nearly 21 points on the National Stock Exchange.
However, during the first quarter of FY24, the stocks of Anand Rathi Wealth had shown an upward trajectory owing to a strong performance. It later continued to mark a new high in its share price.
As per information from BSE, Anand Rathi Wealth has announced a dividend of 100 per cent, which amounts to Rs 5 per share with a face value of Rs 5. This serves as the initial interim dividend for the fiscal year 2023-2024. The record date for eligibility to receive this dividend has been set for 20 October, and the dividend will be disbursed by 20 November.