Anand Rathi Wealth Sees 34% Q3 Profit Rise After Client Base and AUM Boom

15 Jan 2024 , 09:03 AM

On January 12, Anand Rathi Wealth said that its consolidated net profit for the quarter that concluded in December 2023 was Rs 58 crore, representing a 34% increase. For the same quarter last year, the company had declared a profit of Rs 43.2 crore.

Its operating income of Rs 187.3 crore marked a 34% increase from Rs 140.2 crore in the same quarter the previous year.

As of December 2023, the company said that 9,641 households were among its clients, and its assets under management (AUM) had grown to Rs 55,057 crore.

Over the previous 12 months, we have nettedly added 45 new relationship managers (RM). ‘The zero regret RM attrition for Q2 and Q3FY24 is a reflection of our entrepreneurial work culture,’ stated Anand Rathi Wealth CEO Rakesh Rawal.

‘With a broad network of relationship managers of 322 spanning all major Indian cities, we are committed to providing our clients with well-researched data backed and uncomplicated wealth solutions to fulfil their financial goals.’

The company said that during Q3FY24, total net inflows increased by 124% YoY to Rs 2,907 crore. It added the greatest number of HNI families in the most recent quarter.

Feroze Azeez, Deputy Chief Executive Officer, Anand Rathi Wealth, said, ‘This growth highlights our client families’ trust in us and our deep understanding of our clients’ requirements, backed by meticulous research to gain insight into the risks associated with achieving their financial goals.’

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