Wealth management firm Anand Rathi Wealth reported a consolidated net profit of Rs 58 crore for the October to December 2023 quarter (Q3 FY24). This is a 34 per cent rise over the net profit recorded in the year ago period which stood at 43.2 crore. Its revenue also saw a surge of 34 per cent to reach Rs 187.3 crore.
Commenting on the results of the firm, its chief executive officer Rakesh Rawal said that the performance of Indian economy acted as a boost amidst a challenging global macroeconomic environment. Rawal said, "With Indian markets creating substantial wealth post-pandemic, the wealth management industry is witnessing a healthy growth. The momentum of this wealth creation is also evident in our performance where our client base increased to 9,641 families and our AUM increased to ₹55,057 crores as of Dec-2023." He added that the company will continue to leverage its vast network of relationship mangers to provide wealth solutions for its clients.
Compared to the April-December 2022 (Q3 FY23) period, there has been a 34 per cent rise in profit after tax while a 35 per cent growth was recorded in the total revenue for Q3FY24. The earnings per share also increased from Rs 10.4 to Rs 13.9 in the last quarter, a rise of 34 per cent.
In its statement, the company said that the net flows into equity mutual funds increased by 85 per cent to Rs 3,584 crore which propelled the share of such funds in total AUM to 52 per cent compared to 48 per cent last year.