Anand Rathi Wealth announces 34% profit surge in Q2FY24

Indian financial institution, Anand Rathi Wealth Limited, reported an impressive 34% jump in its consolidated net profit, amounting to ₹58 crores for Q2FY24, compared to the same period the previous year. Additionally, the company’s total revenue skyrocketed, witnessing a 37% increase to ₹189 crores compared to Q2FY23.

First Half of FY24 Reveals Promising Growth Metrics

Highlighting their robust financial standing, Anand Rathi Wealth disclosed a consolidated net profit of ₹111 crores for H1FY24, marking a 34% uptick from H1FY23. The total revenue during this period also surged by 35% to reach a commendable ₹368 crores.

Detailed Financial Overview: Y-o-Y Growth and Key Indicators

The financial breakdown showcased the following growth trajectory:

– Total Revenue: A 37% increase in Q2FY24, reaching ₹189.1 crores.

– Profit Before Tax: A significant 35% surge in Q2FY24 to ₹77.7 crores.

– Profit After Tax: Ascending 34% in Q2FY24 to ₹57.7 crores.

– Earnings Per Share (EPS): Increased by 34% to ₹13.8 in Q2FY24.

– Assets Under Management (AUM): Rose by 34% to ₹47,957 crores in Q2FY24.

CEO, Rakesh Rawal, and Deputy CEO, Feroze Azeez, Share Insights

Expressing his elation, Rakesh Rawal, the CEO, highlighted India’s resilient market amidst challenges. With a steady economic ascent, Rawal anticipates a surge in the High Net-worth Individuals (HNIs) count, underscoring the increasing demand for comprehensive wealth solutions. Rawal added, “Our revenue growth of 35% and a PAT increment of 34% in H1FY24 mirrors our holistic approach and uncomplicated wealth solutions.”

Feroze Azeez, the Deputy CEO, further accentuated the company’s commitment to its shareholders, mentioning the declared interim dividend of ₹5 per Equity Share. Recognizing India’s fast-growing economy, Azeez emphasized the promising opportunities awaiting both clients and wealth managers.

Business Highlights: Private Wealth, Digital Wealth, and Omni Financial Advisors

Anand Rathi Wealth’s distinct business divisions showcased marked growth:

Private Wealth (PW): With a revenue increase of 34% to ₹352 crores, Mutual fund distribution revenue saw a 25% growth, while the AUM surged by 33% to ₹46,571 crores.

Digital Wealth (DW): This subsidiary reported a 94% hike in revenue to ₹12 crores and a 46% AUM growth to ₹1,387 crores.

Omni Financial Advisors (OFA): As of September 30, 2023, OFA emerged as the leading technology platform provider to MFDs with 5,880 subscribers.

By aligning its strategic efforts with market demands, Anand Rathi Wealth stands poised for continued success in the wealth management sector.