Capital Markets company Anand Rathi Wealth announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: The Company reported a net profit of Rs 57 crore for Q4FY24, marking a significant 33% increase over the Rs 42.7 crore from Q4FY23. The company's revenue rose by 34% YoY, reaching Rs 197 crore in Q4FY24 compared to Rs 147.1 crore in Q4FY23. FY24 Financial Highlights: There was a 35% surge in the company's revenue during FY24, totaling Rs 752 crore, up from Rs 558.9 crore in FY23. For FY24, the consolidated net profit ascended by 34% to Rs 226 crore from Rs 168.6 crore in the previous year. The EPS increased by 34% YoY to Rs 54.1 for the full year. AUM expanded by a notable 52% to Rs 59,351 crore in FY24 from Rs 38,993 crore in FY23. The Board of Directors recommended a Final dividend of Rs 9 per Equity Share, bringing the total dividend for FY24 to Rs 14 per Equity Share. The Board approved a share buy-back of up to 3,70,000 Equity Shares at Rs 4,450 per share, allocating an aggregate amount not exceeding Rs 164.65 crore. The company achieved an ROE of 40% for FY24. The company witnessed an escalation of 41% in net inflows, reaching Rs 7,182 crore in FY24. Equity Mutual Fund net inflows surged by 47% YoY to Rs 4,628 crore. Private Wealth (PW) (Holding Company): The Private Wealth vertical saw a revenue increase of 34% to Rs 720 crore. Private Wealth(PW) Profit After Tax grew by 32% to Rs 221 crore. Private Wealth AUM surged by 52% to approximately Rs 57,807 crore. The number of active client families rose by 19% to 9,911. Digital Wealth (DW) and Omni Financial Advisors (OFA): Digital Wealth observed a 64% increase in revenue to Rs 25 crore. AUM in DW grew by 47% to Rs 1,545 crore. Omni Financial Advisors reported a revenue growth of 17% to Rs 7 crore. OFA increased its subscriber base to 5,994 mutual fund distributors. Commenting on the results, 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. Anand Rathi Wealth’s exemplary performance, evidenced by a commendable 52% YoY increase in our consolidated Assets Under Management (AUM) to Rs 59,351 crore, exemplifies this trend. This growth not only highlights our firm's adeptness in navigating market volatilities but also our unwavering dedication to our clients’ wealth enhancement. For the financial year 2024, we are pleased to report a remarkable increase in revenue by 35% YoY, reaching Rs 752 crore, and our Profit After Tax (PAT) surged by 34% YoY to Rs 226 crore, exceeding the forecasts for the fiscal year. In accordance with our policy to reward shareholders, the Board has declared a final dividend of Rs 9 per equity share, culminating in a total annual dividend of Rs 14 per equity share, alongside a share buy-back program valued at Rs 164.65 crore. Our strategy, centered on offering straightforward, comprehensive, and uniform solutions, has been a cornerstone of our strong and enduring growth. We are confident in our future, projecting a continued growth trajectory of 20–25%.” Commenting on the results, Feroze Azeez, Deputy Chief Executive Officer, said, "In FY24, total net inflows saw an impressive increase of 41% YoY, amounting to Rs 7,182 crore. Furthermore, equity net inflows experienced a 47% YoY growth, reaching Rs 4,628 crore. 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. Anand Rathi Wealth prides itself on cultivating an entrepreneurial culture, underlining the pivotal role of our Relationship Managers in propelling our growth. Our dedication to talent development and retention has been proven by the achievement of zero regrettable Relationship Manager attrition for three consecutive quarters. We are optimistic about the future of the wealth management industry, buoyed by factors such as increasing wealth, changing investor preferences, and technological innovations. These elements promise to revolutionize the wealth management domain, offering substantial growth and opportunities.” Result PDF
Conference Call with Anand Rathi Wealth Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Financial Services company Anand Rathi Wealth announced Q3FY24 & 9MFY24 results: Total Revenue Q3FY24: Rs 187.3 crore, marking a 34% increase year-over-year (YoY). 9MFY24: Reached Rs 555 crore, representing a 35% growth compared to 9M FY23. Profit Before Tax (PBT) Q3FY24: PBT was Rs 78 crore. 9MFY24: PBT stood at Rs 226.6 crore, a 34% rise YoY. Profit After Tax (PAT) Q3FY24: Rs 58 crore, a 34% increase from Q3 FY23. 9MFY24: PAT grew 34% YoY to Rs 169 crore. Earnings Per Share (EPS) Q3FY24: The EPS was Rs 13.9. 9MFY24: The EPS increased to Rs 40.5, up 34% YoY. Assets Under Management (AUM) As of Dec 2023: AUM was Rs 55,057 crore, a significant 43% growth YoY. Key Highlights Annualized Return on Equity (ROE) is reported to be 42% for 9MFY24. Net-flows in 9MFY24 grew by 41% YoY to Rs 5,411 crore. Equity Mutual Fund net flows expanded by 85% YoY to Rs 3,854 crore. Commenting on the Results, Rakesh Rawal, Chief Executive Officer said, “Indian economy proved to be a beacon of hope in an otherwise turbulent global economy. The markets remained resilient despite elevated geopolitical escalations. The projected GDP growth of 7.3% for FY24 as per the first advance estimates appears to be achievable. With Indian markets having created substantial wealth post-pandemic the wealth management industry is witnessing healthy growth. The momentum of this wealth creation is also evident in our performance where our client base increased to 9,641 families and our AUM increased to Rs 55,057 crore as of Dec-2023. In 9MFY24, our revenue grew by 35% YoY to Rs 555 crore, while our PAT increased by 34% YoY to Rs 169 crore. We have added 45 new Relationship Managers on a net basis over the past twelve months. A reflection of our entrepreneurial work culture is in the zero-regret RM attrition for Q2 and Q3FY24. With a broad network of Relationship Managers of 322 spanning all major Indian cities, we are committed to providing our clients with well-researched data backed and uncomplicated wealth solutions to fulfill their financial goals” Result PDF
Conference Call with Anand Rathi Wealth Ltd. Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
Financial Services company Anand Rathi Wealth announced Q2FY24 and H1FY24 results: Q2FY24: Total Revenue for Q2FY24 is Rs 189.1 crore, representing a YoY increase of 37%. Profit Before Tax in Q2FY24 is Rs 77.7 crore, showing a YoY increase of 35%. Profit After Tax for Q2FY24 is Rs 57.7 crore, with a YoY increase of 34%. Earnings Per Share (EPS) for Q2FY24 is Rs 13.8, reflecting a YoY increase of 34%. Assets Under Management (AUM) in Q2FY24 stands at Rs 47,957 crore, showing a YoY increase of 34%. H1FY24: Total Revenue for H1FY24 is Rs 367.5 crore, indicating a YoY increase of 35%. Profit Before Tax in H1FY24 is Rs 148.6 crore, with a YoY increase of 35%. Profit After Tax for H1FY24 is Rs 110.9 crore, showing a YoY increase of 34%. Earnings Per Share (EPS) for H1FY24 is Rs 26.6, reflecting a YoY increase of 34%. Assets Under Management (AUM) in H1FY24 is Rs 47,957 crore, indicating a YoY increase of 34%. Commenting on the results, Rakesh Rawal, Chief Executive Officer said, "It's remarkable how the Indian market has remained resilient, defying various challenges and highlighting the strength of our equity markets. With the steady economic growth, we anticipate a noticeable surge in the number of High Net-worth Individuals (HNIs) in the country. This underlines the growing need for expertise and uncomplicated wealth solutions that cater to the needs of HNIs. In H1FY24, our revenue grew by 35% to Rs 368 crore, while our PAT increased by 34% to Rs 111 crore. Our success can be attributed to our uncomplicated and holistic approach, which has resulted in an impressive 34% YoY growth in AUM. Our AUM currently stands at Rs 47,957 crore. Furthermore, we have expanded our client base to 9,212 families as of Sep 30, 2023, cementing our reputation as high-quality wealth solutions providers. We have added 40 new Relationship Managers on a net basis over the past twelve months. A reflection of our entrepreneurial work culture is in the zero-regret RM attrition for Q2FY24. Our client-centric approach has been a driving force behind our success so far, and we are confident that it will continue to fuel our growth trajectory in the future." Result PDF
Conference Call with Anand Rathi Wealth Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
Other Financial Services company Anand Rathi Wealth announced Q1FY24 results: Consolidated Q1FY24 vs Q1FY23: Total Revenue: Rs 178 crore vs Rs 134 crore, up 33.6% YoY Profit before Tax: Rs 71 crore vs Rs 53 crore, up 34% YoY Profit After Tax: Rs 53 crore vs Rs 40 crore, up 34% YoY EPS: Rs 12.8 vs Rs 9.5, up 33.8% YoY AUM: Rs 43,413 crore vs Rs 32,961 crore, up 31.7% YoY Consolidated Q1FY24 vs Q4FY23: Total Revenue: Rs 178 crore vs Rs 147 crore, up 21.3% QoQ Profit before Tax: s 71 crore vs Rs 60 crore, up 19.1% QoQ Profit After Tax: Rs 53 crore vs Rs 43 crore, up 24.6% QoQ EPS: Rs 12.8 vs Rs 10.3, up 24.6% QoQ AUM: Rs 43,413 crore vs Rs 38,993 crore, up 11.3% QoQ Commenting on the results, Rakesh Rawal, Chief Executive Officer said, “During Q1FY24, our total revenue stood at Rs 178 crore, a growth of 34% compared to Rs 134 crore in Q1FY23. This growth is also reflected in our PAT, which stood at Rs 53 crore, representing a growth of 34% compared to the PAT of Rs 40 crore during the same period last year. PAT Margins stood at 30%. Our strong performance was further fueled by the robust growth in our Asset Under Management (AUM), which witnessed a 32% YoY increase, reaching Rs 43,413 crore. This growth was driven by the cumulative efforts of the team and favorable market conditions. Additionally, we continued to expand our client base, adding 395 client families during Q1FY24. In terms of Relationship Managers, we successfully added 15 new RMs on a net basis this quarter. We firmly believe that the Wealth Management sector holds immense potential, and this motivates us to remain committed to our vision of providing high-quality solutions that fulfill our clients' objectives.” Commenting on the same, Feroze Azeez, Deputy Chief Executive Officer said, “The emergence of India as a strong player in the global economy has been a significant driver behind the growth of the Indian equity markets. We have 8,700+ satisfied client families, of which 62% are with us for over 3 years and account for 80% of our AUM. At Anand Rathi Wealth, our core belief has always been centered around offering uncomplicated, standardized, and well-researched wealth solutions to our clients. This philosophy has enabled us to consistently achieve desired returns and enhance our client retention capabilities. Our client attrition rate is less than 1% in terms of AUM lost for Q1FY24 which speaks of the value we add for our clients. As the Indian economy continues to expand and progress, coupled with a growing number of millionaires and billionaires in the country, we believe, there will be an immense opportunity for professional wealth managers." Result PDF