On the segmental front, revenue from MF – Equity & Debt was Rs 62.5 crore (up 33% YoY), revenue from Distribution of Financial Products was Rs 118.7 crore (up 35% YoY), IT Enabled Services revenue was Rs 1.4 crore (up 17% YoY) and Other revenue was Rs 6.5 crore (up 3x YoY) for the quarter ended on 30 September 2023.

Total operating costs jumped by 39% YoY to Rs 105.1 crore during the period under review.

Profit before tax in Q2 FY24 stood at Rs 77.7 crore, up by 35% from Rs 57.5 crore in Q2 FY23.

The company's total AUM increased by 34% to Rs 47,957 crore in Q2 FY24 from Rs 35,842 crore in Q2 FY23. The board of directors has declared an interim dividend of Rs 5 per equity share of the company.

Rakesh Rawal, chief executive officer, said: "It's remarkable how the Indian market has remained resilient, defying various challenges and highlighting the strength of our equity markets. With the steady economic growth, we anticipate a noticeable surge in the number of High Net-worth Individuals (HNIs) in the country. This underlines the growing need for expertise and uncomplicated wealth solutions that cater to the needs of HNIs.

Furthermore, we have expanded our client base to 9,212 families as of 30 September 2023, cementing our reputation as high-quality wealth solutions providers.

We have added 40 new relationship managers on a net basis over the past twelve months. A reflection of our entrepreneurial work culture is in the zero regret RM attrition for Q2 FY24.”

Anand Rathi Wealth is amongst India's leading non-bank wealth solutions firms, catering to high and ultra-high net worth individuals. In addition to private wealth vertical (PW), company has two new age technology led business verticals i.e., digital wealth (DW) and omni financial advisors (OFA).

The scrip fell 2.32% to currently trade at Rs 1865.30 on the BSE.