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Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, on Wednesday reported a 23 per cent jump in its profit after tax at Rs 42.7 crore during the three months ended March 2023.
In comparison, the company had posted a PAT (profit after tax) of Rs 34.6 crore during the same quarter of the preceding fiscal, Anand Rathi Wealth said in a regulatory filing.
Total revenue rose by 28 per cent to Rs 146.8 crore during the period under review from Rs 114.6 crore in the quarter ended March 31, 2022.
Feroze Azeez, Deputy Chief Executive Officer at Anand Rathi Wealth, attributed the robust quarterly numbers to a slew of factors including the addition of Relationship Managers (RMs).
For the financial year 2022-23, the company's PAT has surged by 33 per cent to Rs 168.6 crore and total revenue increased by 31 per cent to Rs 558.3 crore. Moreover, the number of active client families went up by 18 per cent to 8,352.
"This growth reflects the effectiveness of developing uncomplicated wealth solutions for our client families," Azeez said.
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The board of directors have declared a final dividend of Rs 7 per equity share and dividend for FY23 stood at Rs 12 per equity share.
"In the last one year, post listing, the company has outperformed its own expectations and we anticipate our long-term commitment to offer the most efficient wealth solutions to our clientele will enable us to achieve 20-25 per cent growth in the years ahead," the company's CEO Rakesh Rawal said.
Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and sale of financial products.
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