Financial Services company Anand Rathi Wealth announced Q2FY24 and H1FY24 results:
- Total Revenue for Q2FY24 is Rs 189.1 crore, representing a YoY increase of 37%.
- Profit Before Tax in Q2FY24 is Rs 77.7 crore, showing a YoY increase of 35%.
- Profit After Tax for Q2FY24 is Rs 57.7 crore, with a YoY increase of 34%.
- Earnings Per Share (EPS) for Q2FY24 is Rs 13.8, reflecting a YoY increase of 34%.
- Assets Under Management (AUM) in Q2FY24 stands at Rs 47,957 crore, showing a YoY increase of 34%.
- Total Revenue for H1FY24 is Rs 367.5 crore, indicating a YoY increase of 35%.
- Profit Before Tax in H1FY24 is Rs 148.6 crore, with a YoY increase of 35%.
- Profit After Tax for H1FY24 is Rs 110.9 crore, showing a YoY increase of 34%.
- Earnings Per Share (EPS) for H1FY24 is Rs 26.6, reflecting a YoY increase of 34%.
- Assets Under Management (AUM) in H1FY24 is Rs 47,957 crore, indicating a YoY increase of 34%.
Commenting on the results, Rakesh Rawal, Chief Executive Officer said, "It's remarkable how the Indian market has remained resilient, defying various challenges and highlighting the strength of our equity markets. With the steady economic growth, we anticipate a noticeable surge in the number of High Net-worth Individuals (HNIs) in the country. This underlines the growing need for expertise and uncomplicated wealth solutions that cater to the needs of HNIs.
In H1FY24, our revenue grew by 35% to Rs 368 crore, while our PAT increased by 34% to Rs 111 crore. Our success can be attributed to our uncomplicated and holistic approach, which has resulted in an impressive 34% YoY growth in AUM. Our AUM currently stands at Rs 47,957 crore.
Furthermore, we have expanded our client base to 9,212 families as of Sep 30, 2023, cementing our reputation as high-quality wealth solutions providers.
We have added 40 new Relationship Managers on a net basis over the past twelve months. A reflection of our entrepreneurial work culture is in the zero-regret RM attrition for Q2FY24.
Our client-centric approach has been a driving force behind our success so far, and we are confident that it will continue to fuel our growth trajectory in the future."