11 Oct , 2024 By : Debdeep Gupta
Shares of Anand Rathi Wealth surged as much as 6 percent on October 11 buoyed by the company's solid earnings performance in the July-September quarter.
At 09.35 am, shares of Anand Rathi were trading at Rs 4,122.15 on the NSE. The strong earnings also tipped off a spike in volumes in the counter as one lakh shares changed hands so far, higher than the one-month daily traded average of 44,000 shares.
The wealth management company's consolidated net profit grew 32 percent on year to Rs 76 crore, up from Rs 57.5 crore in the same period last fiscal. On the other hand, revenue for the quarter rose 32.8 percent to Rs 242.5 crore against Rs 182.6 crore in the year-ago period.
For the quarter, the company also reported a 70 percent year-on-year spike in mutual fund distribution revenue to Rs 195 crore. Net inflows during this period also recorded strong growth, up 128 percent on year to Rs 5,700 crore.
For the first half of FY25, the company's net profit was Rs 150 crore, up 35 percent, while total revenue grew 35 percent to Rs 495 crore.
Commenting on the Q2 performance, Rakesh Rawal, Chief Executive Officer, of Anand Rathi Wealth highlighted that while the global economy is grappling with geopolitical challenges and sluggish growth, India's growth story is thriving.
"India, as the fastest-growing large economy, is expected to achieve 7 percent GDP growth for FY25, driven by robust domestic demand, government reforms, and increased capital expenditure, which has also boosted market capitalization. With such strong economic growth, the company’s outlook remains positive, further supported by the growing HNI population seeking a strategic approach to wealth creation," he stated.
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