Anand Rathi’s wealth hit a record high, rising 8% on strong second-quarter results | Job Binary

Shares of Anand Rathi Wealth touched a 52-week high of Rs 732.45 as shares rose 8 percent on the BSE in mid-day trade on Friday after the company reported a strong 41% year-on-year (y-o-y) rise in consolidated shares. net income at Rs 43 crore, driven by healthy revenue growth. Total revenue for the quarter was up 33 percent year-on-year to Rs 138 crore.

Shares of the non-banking wealth solutions firm have crossed the previous high of Rs 712 touched on April 19, 2022. The company debuted on the stock market on December 14, 2021. It raised funds by issuing shares at Rs. 550 per share in the initial public offering (IPO). At 10:05 am, the stock was trading 6 percent higher at Rs 721, compared with a 1.8 percent rise in the composite S&P BSE Sensex.

Anand Rathi Wealth reported a 16% year-on-year increase in Assets Under Management (AUM) at Rs 35,842 crore. The board has declared an interim dividend of 100 per cent or Rs 5 per share.

Management said the company has shown strong performance across verticals with overall improvement in operational efficiency. Despite the volatile market scenario, the company witnessed a strong net inflow of Rs 2,474 crore in 1H23, double the net inflows of Rs 1,202 crore in the same period last year.

Anand Rathi Wealth has grown into a broad spectrum financial products consortium in India with presence in segments such as non-banking financial services, wealth management, stock broking, investment banking and insurance broking. Anand Rathi Group has increased its geographic reach and is now present in India and the Middle East, served by business partners and representative office building firms.

In the future, the wealth management requirements of the potential customer will be determined by the increase in education, a change in the attitude towards the growth of money rather than the preservation of wealth, and technological improvements. Thus, technology adoption is expected to have a major impact in identifying beneficiaries. Players who can successfully meet the growing demand and have cost-effective ways to adequately serve this clientele will have distinct advantages in the long run, the company said in its FY22 annual report.

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