Anand Rathi Wealth gains 2% after healthy Q3 earnings performance

Anand Rathi Wealth | The performance for nine months ended December FY23 was also healthy as profit after tax grew by 37 percent to Rs 125.9 crore compared to corresponding period last financial year.

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Anand Rathi Wealth shares gained more than 2 percent on January 13 after its healthy earnings scorecard for the quarter ended December. The stock closed at Rs 772.75 on the NSE.

The wealth solutions provider clocked a massive 35 percent year-on-year growth in consolidated profit after tax for the quarter at Rs 43.2 crore, led by healthy topline as well as operating performance.

Consolidated revenue from operations for the quarter at Rs 138 crore grew by 31 percent, with assets under management increasing 20 percent YoY to Rs 38,517 crore, the company said in its BSE filing.

On the operating front, Anand Rathi Wealth clocked 39 percent on year growth in EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 61.7 crore, while margin expanded by 265 bps YoY to 44.72 percent in the quarter.

The performance for nine months ended December FY23 was also healthy as profit after tax grew by 37 percent to Rs 125.9 crore compared to corresponding period last financial year.

The wealth management services provider reported consolidated revenue at Rs 405.67 crore for April-December period FY23, growing 33 percent over a year-ago period.

“Indian HNIs have begun to shift from physical assets to financial assets as a means of wealth creation. This shift has led to a significant momentum in addition of number of client households. Our total client families as of December 2022 stood at 8,202,” Rakesh Rawal, CEO said.