Hot Pursuit     13-Apr-24
Anand Rathi Wealth PAT climbs 33% YoY in Q4 FY24
Anand Rathi Wealth reported 32.83% rise in consolidated net profit to Rs 56.60 crore in Q4 FY24 as against Rs 42.61 crore in Q4 FY23.
Total revenue increased 34.08% year on year (YoY) to Rs 197.19 crore in the quarter ended 31 March 2024.

Profit before tax in Q4 FY24 stood at Rs 79 crore, registering a growth of 32.67% from Rs 59.54 crore recorded in the corresponding quarter previous year.

Assets under management (AUM) stood at Rs 59,351 crore in Q4 FY24, up 52% as compared to Rs 38,993 crore in Q4 FY23.

On a full-year basis, the profit after tax jumped 33.58% to Rs 224.97 crore on 34.54% rise in total revenue to Rs 751.97 crore in FY24 over FY23.

The company’s net inflows grew by 41% to Rs 1,771 crore in Jan-March 2024 period as compared with the same period last year. Of this, Equity Mutual Fund net inflows stood at Rs 775 crore (down 27% YoY) while the SIP flows added upto Rs 127 crore (up 49% YoY).

Rakesh Rawal, chief executive officer, said, “Amidst a fluctuating global economic environment, the Indian economy has emerged as a pillar of stability and hope. Despite the challenges posed by geopolitical tensions, the resilience of the Indian equity capital markets has been noteworthy, contributing significantly to wealth generation and the robust growth of the wealth management sector.

Our strategy, cantered on offering straightforward, comprehensive, and uniform solutions, ha s been a cornerstone of our strong and enduring growth. We are confident in our future, projecting a continued growth trajectory of 20%-25%.”

Feroze Azeez, deputy chief executive officer, said, “This growth underscores the deep trust and confidence our clientele place in our capabilities to guide them towards achieving their financial aspirations. Our approach, grounded in meticulous data-driven research and a thorough understanding of client needs and associated risks, has been instrumental in this success. Our client-centric focus is further evidenced by maintaining our client attrition rate at approximately 1% in terms of AUM lost for the fiscal year 2024.”

Meanwhile, the board has recommended a final dividend of Rs 9 per equity share of face value of Rs 5 each.

Futher, the board of directors has also approved a proposal for buyback of up to 3,70,000 equity shares at Rs 4,450 per equity share aggregating up to Rs 164.65 crore, representing 0.88% of the total paid up equity share capital.

Anand Rathi Wealth is among India’s leading non-bank wealth solutions firms, catering to high and ultra-high net worth individuals.

The scrip gained 2.68% to settle at Rs 4,014.05 on Friday, 12 April 2024.

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