Anand Rathi Wealth Q3 PAT Up 35% To Rs 43 Crore

Leading non-bank wealth solutions firm Anand Rathi Wealth Ltd. on Thursday reported a 35% jump in consolidated profit after tax to Rs 43.2 crore for the three months ended December 2022.

In comparison, the company had posted a PAT of Rs 32 crore in the year-ago period, Anand Rathi Wealth said in a statement.

The company's total revenues rose 29% to Rs 140.2 crore in the quarter under review, from Rs 108.7 crore in the year-ago period.

For the nine months ended December 2022, the company reported a consolidated net profit of Rs 126 crore, an increase of 37% from a year earlier, while total revenue climbed 32% to Rs 412 crore.

Indian HNIs have begun to shift from physical assets to financial assets as a means of wealth creation. This shift has led to a significant momentum in addition of number of client households.

"In the past year, we have added 1,292 client families. Our total client families as on Dec. 31, 2022 stood at 8,202... While talking about Relationship Manager, we have added 24 RMs on a net basis taking our total RM count to 277," the company's CEO Rakesh Rawal said.

The company's assets under management grew by 20% to Rs 38,517 crore in the third quarter ended December 2022.

Anand Rathi Wealth operates in financial services with a focus on mutual fund distribution and sale of financial products. The company got listed on the stock exchanges in December 2021.