Anand Rathi Wealth Q4 profit up 33%; stock falls 2%


Shares of Anand Rathi Wealth fell 2 percent at open on the NSE on April 15, even after the wealth management company, on April 12, reported a 33 percent YoY increase in Q4 net profit. The results were announced post close on April 12. At 9:20 am, the stock was trading at Rs 3931.35.

For Q4FY24, Anand Rathi recorded a net profit of Rs 56.6 crore. These gains were despite a weak operating margin performance. For the reporting period, revenue from operations grew by 29 percent to Rs 184.3 crore compared to the previous fiscal. EBITDA for Q4FY24 increased 20 percent to Rs 73.1 crore from Rs 60.9 crore in the corresponding fiscal while margin stood at 39.7 percent against 42.6 percent in the previous fiscal.

Additionally, the company also said that the board has approved a final dividend of Rs 9 per share for FY24 and the proposal of buyback of equity shares worth up to Rs 164.65 crore of the company.

In a post-earnings release, Feroze Azeez, Deputy Chief Executive Officer, Anand Rathi Wealth noted that they were optimistic about the future of the wealth management industry, “buoyed by factors such as increasing wealth, changing investor preferences, and technological innovations .” These elements, he added promise to revolutionize the wealth management domain, offering substantial growth and opportunities.”

Source: Moneycontrol

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