MUMBAI, Anand Rathi Wealth Ltd reported a consolidated net profit for January-March 2023 (Q4 FY2023) at Rs. 43 crore which represents an increase of 23% over January-March 2022 (Q4 FY 2022). Total revenues increased by 28% to Rs. 147 crore has been done. Anand Rathi Wealth Ltd. Q4FY23 Financial Results announcement
The company has earmarked Rs. 169 crore in net profit which represents a growth of 33% over April-March 2022 (FY 2022). Total revenues during the same period increased by 31% to Rs. 558 crores.
A Look at Financial Figures on Consolidated Basis – Financial Year 2023 (April-March 2023)
|Matters (in Rs. Crores)||Q 4 FY 23||Q 4 FY 22||Y- o- Y||FY23||FY22||Y- o- Y|
|Total Revenues||146.8||114 . 6||+ 28 %||558.3||425 . 2||+ 31 %|
|Profit before tax||59.3||44. 0||+ 35 %||227.9||167 . 4||+ 36 %|
|Net profit||42.7||34. 6||+ 23 %||168.6||126 . 8||+ 33 %|
|EPS (in Rs.)||10.3||8. 3||+ 23 %||40.5||30. 5||+ 33 %|
|AUM||38 , 993||32 , 906||+ 18 %||38 , 993||32 , 906||+ 18 %|
ROE – 40.36% for FY 2023
- The Board of Directors has approved the company’s Rs. 5 for each equity share having a face value of Rs. 7 declared a final dividend (140% of face value). Total dividend per equity share for financial year 2023 is Rs. 12 has been (Interim dividend of Rs. 5 per equity share)
Highlights of FY 2023 (Year-on-Year)
Private Wealth (PW) (Holding Company)
- Total revenues increased by 31% to Rs. 538 crores
- Net profit rose 34% to Rs. 168 crores
- Net flow increased by 78% to Rs. 4,896 crores
- AUM increased by 18% to Rs. 37,942 crores
- Share of equity mutual funds in AUM increased to 47% (previous year 46%)
- Trail revenue grew 23%
- The number of active client families increased by 18% to 8,352
Digital Wealth (DW) (Subsidiary Company)
- AUM increased by 23% to Rs. 1,051 crore (previous year Rs. 852 crore).
- The number of clients increased by 9% to 4,249 (previous year 3,907).
Omni Financial Advisors (OFA) (Subsidiary Company)
- One of the leading technology platform providers, the company had 5,677 MFDs as on March 31, 2023 (previous year 5,343).
- MFD’s Assets Under Administration (AUA) on this platform as on March 31, 2023 was Rs. 92,174 crore (previous year Rs. 79,846 crore).
Commenting on the results, the Chief Executive Officer of the company Mr. Rakesh Rawal said, “The Indian economy remained resilient during the year amid geopolitical tensions, high inflation and high interest rate environment. With inflation expected to moderate and the investment cycle to revive, the economy is likely to perform well this year.
In FY 2023, our revenue will grow by 31% to Rs. 558 crore and net profit increased by 33% to Rs. 169 crores. Due to our holistic approach we have achieved strong growth in AUM which grew by 18% YoY to Rs. 38,993 crores.
During the last year we have added 1,270 client families which is a new record for the company. This growth clearly shows that our clients have full trust and confidence in our services. Our total client families as on March 31, 2023 are 8,352. In terms of relationship managers we have added 22 relationship managers on net basis.
The company has outperformed its own expectations since listing in the last one year and we expect our long-term commitment to provide the most efficient wealth solutions to our clients will enable us to achieve 20-25% growth in the coming years.”
Deputy Chief Executive Officer of the company Mr. Feroz Aziz commented that, “Over the past few years we have believed in providing simple, holistic and standardized solutions to our clients which has helped us to consistently perform strongly at Anand Rathi Wealth.
Despite the challenging environment, we delivered strong performance across verticals. Our net flow for FY 2023 is Rs. 4,896 crore which was 78% higher and net flow increased by 40% in Q4FY23 to Rs. 1,180 crores. These results are a testament to the value we create for our clients. This growth also reflects the effectiveness and competence of our team in providing simple wealth solutions for our client families.
Given the favorable macroeconomic environment and the increase in income and savings, we believe there is a significant untapped market for the wealth management sector.”