Other Financial Services Company Prudent Corporate Advisory Services announced Q1FY24 results: Revenue from operations grew 29% YoY to Rs 165.4 crore, led by 22% growth in quarterly average assets under management (AUM) in the mutual fund vertical coupled with a doubling of insurance revenues. Growth in AUM was led by marked-to-market (M2M) gains as markets witnessed a strong broad-based rally in Q1FY24. We ended June 2023 with a monthly SIP flow of Rs 542 crore, with almost a second rupee of gross inflow coming from SIP. As of 30 June 2023, our closing AUM stood at Rs 63,057 crore. Profit after tax grew by 45% YoY to Rs 28.1 crore led by strong revenue growth & higher other income. Commenting on the results, Sanjay Shah, Managing Director of Prudent Group stated “Our story at Prudent is one of consistent growth and SIPs have been the unwavering compass guiding us through this journey. As we harness the power of SIPs, we are not just keeping pace with the industry but setting the pace as our market share in SIPs is almost 2.6x our market share in total AUM. We are witnessing a compelling trend in our incoming SIPs: the average value of new SIPs outpaces the existing book average by a significant 17-18%. As we move forward, we are cognizant of a significant insight: even within our clientele, 50% have not yet embraced SIPs. This untapped segment holds substantial promise for expansion. In the next three years, as we aim to achieve an AUM of Rs 1 trillion, we foresee our monthly SIP inflow crossing the mark of Rs 1000 crore. With a robust performance track record and a promising economic backdrop, we are poised to continue our successful growth trajectory” The CEO & Whole-time Director, Shirish Patel, added, “Our Mutual Fund Distributors (MFDs) are our key partners and pillar of strength for achieving these robust results. As higher vintage MFDs increases in our system, we see a huge tailwind to business growth. FY23 marked a significant shift with 2,058 MFDs moving from the 2-5 year maturity bucket to the >=5 years category, further solidifying the experienced cohort. Further, our constant endeavor to add products to our platform is leading to advisors being able to fulfill all our client's requirements thus becoming a ‘Multi Product Distributor’ rather than just a ‘Mutual Fund Distribution’. Revenues from products other than mutual fund distribution have grown at 41% CAGR FY20-23, with insurance leading the pack. Around 8850 partners or their family members, have become insurance selling Point of Sales Persons (POSPs), helping us improve our cross-selling capacity.” Result PDF