Motilal Oswal shares jump 11% after it reported 191% profit growth in Q3

Shares of Motilal Oswal Financial Services jumped 11.3 per cent on Wednesday after it reported a 191 per cent year-on-year (Y-o-Y) jump in profit after tax (PAT) at Rs 661 crore. Total income rose 66 per cent Y-o-Y to Rs 1,791 crore.

The jump in profit was aided by comparatively lower growth in expenses vis-à-vis revenues. The total expenses stood at Rs 983 crore in the third quarter of financial year (FY) 2024, 27 per cent higher than in the same period of FY 2023.

The capital market business, which includes retail broking, institutional equities, and investment banking, delivered a profit of Rs 202 crore, 44 per cent higher than in the same quarter last year, the company said in a release.

The asset and wealth management division posted a 17 per cent profit growth at Rs 79 crore, while the housing finance business posted a profit of Rs 36 crore.