Anand Rathi Wealth’s share hit a new 52-week high on Friday even as the financial products distributor reported a strong performance in the December 2022 quarter.
Anand Rathi Wealth reported a 35 per cent rise in its consolidated net profit at Rs 42.2 crore for the quarter ended December 31, 2022. The company had reported a net profit of Rs 31 crore in the same quarter of previous fiscal year.
Anand Rathi Wealth clocked a 29 per cent increase in the revenue at Rs 140.2 crore during October-December 2022 period, which stood at Rs 108.7 crore in the year ago period.
The company also said that its asset under management (AUM) grew 20 per cent to Rs 38,517 crore from Rs 32,171 crore in the same quarter previous financial year.
Shares of Anand Rathi Wealth rose about 2 per cent to Rs 768 on Friday, its new 52-week high. The stock has delivered a return of 40 per cent from its issue price of Rs 550. The company commands a total marketcap of Rs 3,175 crore.
For the nine months ended on December 31, 2022, the company reported a net profit at Rs 125.9 crore, rising 37 per cent on a year-on-year (YoY) comparison from Rs 92.2 crore. AUM for the period rose 20 per cent to Rs 38,517 crore from Rs 31,171 crore.
“Despite short-term volatility, the mid and long-term outlook for the Indian equity market seems highly promising. We have delivered strong performance across verticals,” said Feroze Azeez, Deputy Chief Executive Officer at Anand Rathi Wealth.
Anand Rathi Wealth is a non-bank wealth solutions firm, which caters to high and ultra-high net worth individuals and is among the top non-bank mutual fund distributors in the country. It was listed in December 2021, as the company raised Rs 660 crore via its primary stake sale.
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