Shares of Anand Rathi Wealth slumped nearly 6% in Friday's opening trade even after the leading non-bank wealth solutions company posted a good set of Q2 numbers. Anand Rathi on Thursday reported a 34% increase in consolidated net profit at Rs 58 crore for the three months ended September. It was Rs 43 crore in the year-ago period.
NSE
The company's revenue surged 37% to Rs 189 crore in the quarter under review from Rs 138 crore in the September quarter, Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, said in a statement.
Anand Rathi Wealth has raised its profit after tax (PAT) guidance to Rs 220 crore and revenue guidance to Rs 720 cr for financial year 2023-24.
It has also revised the assets under management (AUM) guidance from Rs 47,000 crore to Rs 51,000 crore for FY24. As of September-end this year, the AUM of the company stood at Rs 47,957 crore, an increase of 34% compared to the year-ago period.
| (cr) | Q2FY24 | Q1FY24 | qoq |
| Rev from ops | 182.6 | 175 | 4.3% |
| Other Income | 6.5 | 3.4 | 91.2% |
| Total Expense | 111.34 | 107.54 | 3.5% |
| PAT | 57.5 | 53 | 8.5% |
| AUM | 47957 | 43413 | 10.5% |
| EBITDA | 77.5 | 73.35 | 5.7% |
| EBITDA % | 42.4% | 41.9% | 0.5bps |
Further, the company's board of directors has declared an interim dividend of Rs 5 equity share. "The Board of Directors have declared an interim dividend of Rs 5 per equity share of face value of Rs 5 each of the company, 100% of face value."
"In H1FY24, our revenue grew by 35% to Rs 368 crore, while our PAT increased by 34% to Rs 111 crores. Our success can be attributed to our uncomplicated and holistic approach, which has resulted in an impressive 34% Y-o-Y growth in AUM. Our AUM currently stands at Rs 47,957 crore," said Chief Executive Officer Rakesh Rawal.
Furthermore, Rawal said that company has expanded its client base to 9,212 families as of Sep 30, 2023. "We have added 40 new relationship managers on a net basis over the past 12 months."
The company also said that the equity mutual fund net flows increased by 14% to Rs 1,870 crore.
"In H1FY24, equity mutual fund net flows increased by 14% YoY to Rs 1,870 crore. This growth highlights our client families' trust in us and the increasing wallet share we have acquired from them. It further solidifies our value to our client families by offering uncomplicated and comprehensive wealth solutions," said Deputy Chief Executive Officer Feroze Azeez.
First Published:Oct 13, 2023 11:38 AM IST
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