Anand Rathi Wealth Limited H1 FY23 PAT grows by 37% Y-o-Y and Revenue grows 34% Y-o-Y
Anand Rathi Wealth Limited reported a consolidated net profit of ₹ 43 crores for July – Sep 2022 (Q 2 FY 23 ), an increase of 41 % compared to July – Sep 2021 (Q 2 FY 22 ) and total revenue during same period rose 33 % to ₹ 138 crores. The consolidated net profit for Q 2 FY 23 is higher by 8 % as compared to ₹ 40 crores for April – June 2022 (Q 1 FY 23 ) and total revenue for Q 2 FY23 is higher by 3 % as compared to ₹ 134 crores for April – June 2022 (Q 1 FY23 )
The Company reported a consolidated net profit of ₹ 83 crores for April – Sep 2022 (H 1 FY 23 ), an increase of 37 % compared to April – Sep 2021 (H 1 FY 22 ) and total revenue during same period rose 34 % to ₹ 272 crores.
Commenting on the Results, Mr. Rakesh Rawal, Chief Executive Officer said, “Despite all the external challenges, I am happy to share that our Company has reported robust performance in H1 FY23 wherein the revenue grew by 34%, and PAT by 37%. This performance was backed by strong growth in AUM of 16% YoY at Rs. 35, 842 crores. Another area where we witnessed strong momentum was the addition in number of client families. We added almost 1 , 250 client families in last one year. Our total client families as on 30th September 2022 stood at 7 , 928. On the Relationship Manager ( RM) side, we have added 37 RMs on a net basis.”
“We continue to remain optimistic about the business growth while assisting our clients achieve high quality experience in the journey of wealth solutions,” he added.
Commenting on the same, Mr. Feroze Azeez, Deputy Chief Executive Officer said, “I am pleased to share that the board of directors has declared an Interim Dividend of ₹ 5 per Equity Share of ₹ 5 each of the Company. This is in line with the company’ s endeavor to regularly reward its shareholders. We delivered a strong performance across verticals coupled with an overall improvement in operational efficiencies. Inspite of the volatile market scenario we have witnessed strong net flows of ₹ 2 , 474 crores in H1 FY23 which is more than double as compared to the net flows of ₹ 1 , 202 crores same period last year. For H1 FY 23, our PBT grew by 37% over the same period last year, to ₹ 110 crores, while our PAT grew by 37% over the same period last year, to ₹ 83 crores. This growth reflects the effectiveness of developing uncomplicated wealth solutions for our client families as well as the tenacity of our team.”