• Consolidated revenues of the company increased 8% to Rs 712 crore in Q1FY19. Asset & Wealth Management business top-line surged 44% and Capital Market business grew 17%. Broking business has registered 22% growth in revenues, while its distribution arm clocked 59% growth in AUM.
• Consolidated PBT was Rs 146 crore and PAT was Rs 115 crore in Q1FY19. PAT of Asset & Wealth businesses surged 66% and Capital Market businesses jumped 54%.
• Consolidated net worth stood at Rs 3022 crore, gross borrowing was Rs 5267 crore and net borrowing was Rs 4963 crore (including Aspire). Excluding Aspire, gross and net borrowings were Rs 1423 crore and Rs 1120 crore respectively and this is less than the market value of quoted investments at Rs 1572 crore.
• Consolidated RoE for the Group for Q1FY19 was 16% under Ind-AS on account of lower MTM gains accrued during the quarter on higher MTM gains included in net worth on opening transition. Asset & Wealth Management RoE was 134% and Capital Markets RoE was 125%.

• Capital markets comprises of Retail Broking, Institutional Equities and Investment Banking business. Revenues were Rs 303 crore in Q1FY19, up 17% for this segment and contributed 43% of consolidated revenues. Profits grew much faster at 54%YoY and contributed 54% of consolidated PAT.
• In Retail Broking & Distribution, the market share in high-yield cash segment has improved on yoy basis to 1.8% in Q1FY19 despite higher F&O volumes.
• The company strategy is to bring in linearity through the trail-based distribution business is showing results. Distribution AUM was Rs 8270 crore, up 59% YoY. With only 11% of the near 10 lakh client base tapped, distribution income is already at 17% of retail broking gross revenues. The company expects a meaningful increase in AUM and fee income as number of clients cross sold and number of products per client cross sold rises.
• In Institutional Broking, rankings with existing clients improved, domestic institutions contribution improved and new client additions were encouraging. Every aspect of the business, research, sales, sales trading and corporate access is being strengthened. Tailwinds for local firms remain strong.
• Investment Banking business, the company has continued to engage and conclude some significant transactions in this period. The company has completed 2 ECM transactions in Q1FY19. Overall transaction pipeline remains encouraging. 

• Asset Management business across MF, PMS & AIF reached the mark of Rs 37553 crore AUM, up 55% YoY. AMC now ranks among the Top-10 players by total equity assets, PMS ranks #1 while AIF assets are growing rapidly.
• Equity MF AUM stood at Rs 19388 crore is just 2% of the Industry Equity AUM of Rs 9,05,582 crore. However, market share in Equity MF Net Sales (including balance) has scaled up to 3.3% in Q1FY19 from 2.9% in FY2018.
• The share of Alternate assets, comprising of PMS & AIF, is the highest among AMC's at 48% and continues to grow very strongly. Yields and profitability of Alternates is higher. As of June 2018, 20% of Alternates AUM is performance-fee linked, and target is to increase this further.
• Private Equity manages an AUM of Rs 5080 crore across 3 growth capital PE funds& 3 real estate funds. This business has delivered on profitability and scalability fronts. The company has launched IBEF-3 this year and received phenomenal response by garnering Rs 1860 crore and expected to achieve targeted size of Rs 2000 crore by September 2018.

Wealth Management

• Wealth Management business AUM grew by 35% YoY at Rs 15311 crore with net sales of Rs 986 crore, +172% YoY, and revenues grew 47% YoY at Rs 26 crore. RM count of this business has reached 126 in Q1FY19, +56% YoY and expects strong RM addition ahead.
• Investments in strong RM addition suppressed reported profitability. As ratio of new adds to opening RM falls and the vintage of RM improve, both productivity and profitability of the business will scale up. The company expects strong growth opportunities in the wealth management business and would to continue to invest in the business.

• Loan book grew by +11% YoY at Rs 4800 crore. NII grew by 14% YoY in line with loan book growth. Cost to Income ratio stood at 44%. The disbursements are expected to be strong in H2FY2019.
• Margins stood at 4.6% in Q1FY19 versus 4.2% in Q1FY18. This margin expansion, despite interest reversals, was on account of lower cost of funds.
• As guided post Q4FY18 results, asset quality deterioration in Q1FY19 was on account of seasoning of legacy portfolio and impact of seasonality. The company expects asset quality stability in H2 of FY2019.
• Ramp of collection headcount continued in the quarter. The company expects improved collection efficiency due to rising vintage of collection team, technology driving productivity of collection team and contribution of legal team in recovery process. These initiatives are expected to drive stabilization in asset quality.
• Management team has been strengthened with additions and changes in Heads of Credit, Technical, Collections, Operations, HR, Business Process & Quality and Compliance.  
• Branch expansion is being pursued in new states where it commenced operations year ago. Five new branches were added during the quarter, taking the total count to 125 branches end June 2018.
• Gearing remains conservative at 5x. Cumulative capital infusion from sponsor till date is Rs 650 crore and the company remain committed to provide further capital as the business scales up.

• Investments in quoted equity investments stood at Rs 1000 crore at cost, while the unrealized gain on these investments stood at Rs 573 crore. These gains are now MTM and reflected in the reported earnings.