Raamdeo Agrawal, Chairman and Co-Founder, Motilal Oswal Financial Services, on Thursday, November 2, shed light on company's performance in the second quarter of financial year 2024. The financial services company reported 4% increase in net profit, reaching ₹531 crore in September quarter compared to ₹509 crore in the previous year.

Agrawal acknowledged that a steep increase in interest costs had led to higher operating expenses. However, he emphasised that despite this challenge, the broking and distribution segment had excelled, contributing significantly to the company's overall revenue growth of 30%.

Notably, the company reported 24% growth in revenue, surging to ₹1,639 crore from ₹1,321 crore year-on-year.

Looking ahead, Agrawal expressed optimism about the second half of the year, suggesting that growth would continue to gain momentum. He particularly highlighted the potential of the mutual fund business, foreseeing a promising future for this segment. Additionally, the retail business has witnessed robust growth and is expected to see even better participation from investors once geopolitical issues are resolved.

Agrawal emphasised that the earnings growth reported by the company was not disappointing, indicating a strong financial foundation. He also reassured that the market's current volatility is manageable, projecting a new high in the coming 5-6 months.

(Edited by : Anshul)