Shares of one of India's leading private wealth solutions companies, Anand Rathi Wealth, zoomed 17% during early trade on Thursday after the company posted robust numbers for the June-ending quarter.
The company on Wednesday reported a 34% surge in its Q1FY24 consolidated net profit at ₹53 crore on strong revenue growth. The company had reported a net profit of ₹40 crore in the year-ago quarter and ₹43 crore in Q4 FY23.
Its total revenue from operations came in at ₹178 crore, representing an increase of 34% compared to April - June 2022 (Q1FY23). The operating profit stood at ₹73 crore, compared to ₹61 crore in the preceding March quarter and ₹56 crore in the year-ago quarter.
Commenting on the Results, Mr Rakesh Rawal, Chief Executive Officer, said, "Our strong performance was further fueled by the robust growth in our Asset Under Management (AUM), which witnessed a 32% YoY increase, reaching ₹43,413 crores."
"Additionally, we continued to expand our client base, adding 395 client families during Q1 FY24. In terms of Relationship Managers, we successfully added 15 new RMs on a net basis this quarter," he added.
Following the robust Q1 numbers, the stock got off to a strong start, opening at ₹985 as against the previous day's closing price of ₹933. It then climbed further, reaching an all-time high of ₹1,092 in early trade, or 17% higher. The stock also crossed the ₹1,000 mark for the first time.
In the current year so far, the stock has delivered an impressive return of 45%, climbing from ₹706 apiece to ₹1,023 and at current levels, it is up by 65% from its 52-week low of ₹627, attained in July last year.
Anand Rathi Wealth is engaged in the business of Private Wealth, catering to high- and ultra-high-net-worth individuals (HNIs & UHNIs). The company shares got listed on the exchanges on December 14, 2021, for ₹583.15 apiece, a 6.1% higher than the issue price of ₹550. Considering the current trading price, the stock is trading 88% higher than its IPO price.
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