Anand Rathi Wealth Q1 net profit up 34% to Rs 40 cr; revenue rises 36%

Rakesh Rawal, Chief Executive Officer of Anand Rathi Wealth, said the company has reported strong growth for the quarter despite the challenging market scenario.

q1 results, earnings, companies, india inc, corporate
Illustration: Ajay Mohanty
Press Trust of India New Delhi
2 min read Last Updated : Jul 12 2022 | 9:51 PM IST

Leading non-bank wealths solutions company Anand Rathi Wealth on Tuesday reported 33.6 per cent jump in profit after tax at Rs 39.7 crore for three months ended June 2022.

In comparison, the company had posted a Profit After Tax (PAT) of Rs 29.7 crore in the same quarter preceding fiscal, Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, said in a statement.

Total revenue rose by 35.7 per cent to Rs 133.5 crore in the quarter under review from Rs 98.4 crore in the first quarter ended Jun 2021.

Rakesh Rawal, Chief Executive Officer of Anand Rathi Wealth, said the company has reported strong growth for the quarter despite the challenging market scenario.

"Our performance for the current financial year was backed by the addition of new clients and strong net flows," the company's deputy CEO Feroze Azeez said.

As on June-end this year, the Asset Under Management (AUM) of the company stood at Rs 32,961 crore, growth of 15 per cent over same period last year.

Anand Rathi Wealth, which got listed on the Indian bourses in December, operates in the financial services industry with a focus on mutual fund distribution and sale of financial products.

The company commenced activities in fiscal 2002 and is an AMFI (Association of Mutual Funds of India) registered mutual fund distributor. It has evolved into providing well researched solutions to its clients through a mix of wealth solutions, financial product distribution and technology solutions.

In addition to the private wealth vertical, the company has two new age technology-led business verticals -- Digital Wealth and Omni Financial Advisors.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :Anand Rathi Wealth Limited

First Published: Jul 12 2022 | 9:50 PM IST

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