Other Financial Services company Edelweiss Financial Services announced Q1FY24 results: EFSL post-MI Consolidated PAT of Rs 51 crore, 96% growth YoY EFSL post-MI Ex-Insurance PAT of Rs 110 crore, 7% growth YoY Revenue (consolidated) - Rs 1,996 crore Net worth at Rs 6,230 crore Debt reduced by ~Rs 2,800 crore YoY to Rs 15,380 crore Liquidity of Rs 2,100 crore at 12% of Debt Speaking on the occasion, Rashesh Shah, Chairman, Edelweiss Financial Services said, “The Indian economy continues to demonstrate promising resilience, stability, and positive indicators of progress amidst global economic volatility and a macroeconomic slowdown. While geopolitical tensions are still running high causing uncertainty in the near-term global macros, India’s economy and market performance displays an encouraging trajectory of growth ahead. At Edelweiss, we reported an ex-Insurance PAT of Rs 110 crore this quarter. We continue to see healthy profitability with upward trends in the operating metrics across our businesses. Our value unlock journey for Nuvama is in its last leg with the demerger and subsequent share allotment to our shareholders completed and listing on track for Aug 23. Our balance sheet continues to showcase strength, with all our businesses being well-capitalized and holding comfortable liquidity. Additionally, our customer reach has grown by 26% year on year, reaching nearly ~6 million, while our customer assets have seen growth of 21% year on year, reaching approximately Rs 2 trillion. The quarter saw our Asset Management businesses continuing to demonstrate a robust growth trajectory, with profitability of 138% YoY. Industry-dominant Alternatives business continued to steadily scale its AUM, with 33% growth YoY to Rs 48,300 crore and 23% YoY growth in FPAUM to Rs 24,600 crore. Mutual Fund business recorded AUM growth of 25% YoY to Rs 110,000 crore and Equity AUM growth of 35% YoY to Rs 25,400 crore. The Insurance businesses continue to gain scale consistently to continue to build a high-quality franchise. The General Insurance business has recorded a 31% growth YoY in GDPI this quarter. We continue our focus on reducing wholesale credit assets consistently, with a reduction of 43% YoY to Rs 4,850 crore. We remain well-poised to leverage the opportunities presented by India’s growing economy. In the coming quarters, we will continue to progress on our priorities, focus on profitability, and maintain the strength and resilience of our balance sheet while being committed to scaling our businesses for growth." Result PDF