Anand Rathi Wealth announced that its consolidated net profit rose 35% to Rs 43.2 crore in Q3 FY23 as compared to Rs 32 crore in Q3 FY22.
Total revenue rose by 29% to Rs 140.2 crore in Q3 FY23 from Rs 108.7 crore in Q3 FY22.
Total operating costs increased by 25% YoY to Rs 76.3 crore during the quarter. Employee benefit expense stood at Rs 58.9 crore (up 18% YoY).
Profit before tax in Q3 FY23 stood at Rs 58.4 crore, up by 36% from Rs 42.9 crore in Q3 FY22.
Total asset under management (AUM) stood at Rs 38,517 crore (up 20% YoY).
Rakesh Rawal, chief executive officer said: Indian HNIs have begun to shift from physical assets to financial assets as a means of wealth creation. Our total client families as on 31 December 2022 stood at 8,202. While talking about relationship manager (RM), we have added 24 RMs on a net basis taking our total RM count to 277.
Feroze Azeez, deputy chief executive officer said: We anticipate our long-term commitment to offer the most efficient wealth solutions to our clientele will enable us to achieve 20-25% growth in the years ahead. We also saw a zero regret RM attrition in Q3 FY23.
Anand Rathi Wealth is engaged in business of services for distribution and sale of financial products.
The scrip rose 0.23% to currently trade at Rs 756.55 on the BSE.
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