Motilal Oswal - Geared Up For Growth; Investing Across Functions: Nirmal Bang

Nirmal Bang Report

We met with the management of Motilal Oswal Financial Services Ltd.Key takeaways from the meeting are:

• Established franchise in Capital Markets: With 4 million clients, 2,500 plus advisors and 6500 employees as of Q3 FY24, the Motilal Oswal group is rapidly growing through raw material-led expansion in its Broking and Asset Management businesses.

• Targeting growth across avenues: Expanding into tier-II/III cities in Wealth Management besides scaling up on the alternative investment fund side and gradually improving margins as operating leverage plays out is a key driver for profitability.

• Housing business needs time to turn around: While Motilal Oswal is making significant investments in the franchise and is sufficiently capitalised to sustain growth, its housing business is likely to see higher credit costs over the near term and remains a key monitorable.

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