BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Direct Report
Motilal Oswal Financial Services Ltd. reported a mixed Q1 FY21 performance wherein broking revenue was healthy but asset and wealth management saw pressure.
The topline stayed flat at Rs 633 crore (excluding mark to market (MTM) impact) while earnings increased 29% YoY to Rs 167 crore, led by MTM gains on investments.
Motilal Oswal is the ninth largest retail broker in India ranked on active client base of 4.1 lakh (client base of 15.4 lakh). With average daily turnover (ADTO) of Rs 28,500 crore, it enjoys 3% market share as on June 2020.
Healthy average daily turn over growth at 51% YoY in Q1 FY21 to Rs 28,500 crore, coupled with rise in number of active clients to 4.1 lakh led to robust topline at Rs 343 crore, up 24% YoY.
Strong surge in cash volumes led cash ADTO to Rs 3,200 crore, up 88.2% YoY. Volume growth is expected to continue ahead but new regulatory regime of providing upfront margins could impact volumes, though quantum is difficult to ascertain.
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