Anand Rathi Wealth Q3 net profit soars over two-fold to Rs 32 cr

Anand Rathi Wealth reported an over two-fold jump in profit after tax (PAT) at Rs 32.04 crore for three months ended December 2021.

Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, on Thursday reported an over two-fold jump in profit after tax (PAT) at Rs 32.04 crore for three months ended December 2021.

The company had posted a PAT of Rs 13.12 crore in the same quarter of the preceding fiscal, Anand Rathi Wealth said in a regulatory filing to the stock exchanges.

Total revenue rose by 55 per cent to Rs 108.66 crore in the quarter under review from Rs 70.15 crore in the quarter ended December 31, 2020.

Anand Rathi, chairman of the company, said that the firm has registered excellent growth both in revenue and profitability terms as a result of its unique value proposition to its customers and high level of the retention of RMs (relationship managers) and customers.

The company also declared an interim dividend Rs 5 per share for the financial year 2021-22.

This is the company's first financial result since it got listed on the Indian bourses in December.

Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and sale of financial products.

The company commenced activities in fiscal 2002 and is an AMFI (Association of Mutual Funds of India) registered mutual fund distributor. It has evolved into providing well researched solutions to its clients through a mix of wealth solutions, financial product distribution and technology solutions.

In addition to the Private Wealth vertical, the company has two new age technology led business verticals-- Digital Wealth and Omni Financial Advisors.