Anand Rathi Wealth Ltd.'s profit fall 45.9% to Rs 88.3 crore in the second quarter of this financial year. This is in comparison to the profit of Rs 163 crore in the previous quarter, according to its stock exchange notification on Friday.
Total income decreased by 18.3% quarter-on-quarter for the three months ended September, reaching Rs 345 crore. Other income also fell 90% to Rs 11 crore from Rs 108 crore in the previous quarter. Asset under management rose 18% year-on-year to Rs 1,08,377 crore in quarter ended September.
Mutual fund distribution revenue increased 18% year-on-year to Rs 145 crore in the second quarter. Net inflows reached an all-time quarterly high of Rs 4,186 crore, up 39% year-on-year. Equity mutual fund net inflows also touched a record high of Rs 2,867 crore, marking a 39% increase over the same period last year.
In the first half of this fiscla, Private Wealth, the holding company, recorded 12% year-on-year growth in active client families to 14,309. The number of relationship managers increased by 45 over the past year to 431. Among its subsidiaries, Digital Wealth assets under management grew 14% year-on-year to Rs 2,531 crore. Omni Financial Advisor's subscriber base increased to 6,898 from 6,790 in the previous year. The company has also recently commenced operations in London, UK.
"Short-term volatility does not change the long-term opportunity. While foreign investors remained cautious, domestic investors continued to show strong conviction. Market corrections also create opportunities for disciplined investors, and our clients' portfolios are positioned to benefit from these opportunities over time," said Rakesh Rawal, CEO, and Mr. Feroze Azeez, Joint CEO.
Anand Rathi Dividend
The company also announced its an interim dividend of Rs 4 per share. The record date for the dividend has been decided as Oct. 15, the company said in its exchange filing. The dividend will be credited or dispatched with8in 30 days from the date of declaration.
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Anand Rathi will distribute Rs 50 crore in dividend in the quarter ended September.
Anand Rathi Share Price Today
Anand Rathi Wealth shares closed 4.68% lower at Rs 2,038.7 per share on Friday ahead of its Q2 results. The shares have fallen 3.72% in one week and 6.51% in one month. The shares are up 31.75% year-to-date and 38.14% in one year.
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