Nuvama Wealth Management surged 10.62% to Rs 3,773.55 after the company reported consolidated net profit of Rs 176.33 crore in Q3 FY24, steeply higher than Rs 87.36 crore in Q3 FY23.
Revenue from operations jumped 45.3% YoY to Rs 840.64 crore in Q3 FY24.Profit before tax soared to Rs 230.68 crore in Q3 FY24 as compared with Rs 111.93 crore posted in corresponding quarter last year.
Revenue from wealth management stood at Rs 305 crore in Q3 FY24, registering the growth of 18% as compared with Rs 259 crore in Q3 FY23.
Client assets was at Rs 2,41,837 crore in Q3 FY24, up 29% YoY.
During the quarter, revenue from asset management increased 29% YoY to Rs 14 crore. AUM stood at Rs 6,573 crore, up 27% YoY of which public markets AUM stood at Rs 1,672 crore, grew by 120% YoY.
Ashish Kehair, MD & CEO of Nuvama Group said, The economic growth momentum for India has been strong in 2023 and our integrated platform captured many of the growing opportunities. In Q3 all our segments performed exceptionally well. We recorded 38% YoY increase in revenues and 66% YoY increase in Operating PAT, an endorsement of our strategy and a testament to our unique integrated wealth management platform built over years.
In the coming few quarters, we plan to launch our offshore wealth proposition starting with Dubai and Singapore. In Asset Management, we have been focused on completing our product suite and expanding distribution. We announced launch of our new commercial real estate fund of ₹ 3,000 Cr, a 50:50 JV with Cushman and Wakefield. In Capital Markets, we continued to retain our dominant position in respective segments, leveraging the market buoyancy. Overall we will remain steadfast in our strategic vision and are excited to continue doing it right for our customers, employees, and stakeholders.
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Nuvama Wealth and Investment (formerly Edelweiss Broking) is a leading technology-driven securities company in India, offering a wide range of financial services. With a strong presence in the stockbroking industry, Nuvama provides broking services across equity, derivatives, and debt segments through digital platforms.
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