Nuvama Wealth Mgmt Q1 PAT jumps 79% YoY to Rs 221 cr

Nuvama Wealth Management reported 79.52% increase in net profit to Rs 220.77 crore in Q1 FY25 as compared with Rs 122.98 crore in Q1 FY24.

Revenue from operations jumped 46.58% YoY to Rs 949.43 core in Q1 FY25.

Profit before tax (PBT) increased 94.5% to Rs 296.82 crore in Q1 FY25 as compared with Rs 152.61 crore in Q1 FY24.

Revenue from wealth management business stood at Rs 516.03 crore in Q1 FY25, up 27.3% as compared with Rs 405.38 crore in Q1 FY24.

Client assets was jumped 35% YoY to Rs 2,74,124 crore as at end of Q1 FY25.

Revenue from assets management business jumped 23% to Rs YoY to Rs 15 crore, AUM stood at Rs 7,692 crore in Q1 FY25, grew by 30% YoY, led by public markets.

Ashish Kehair, MD & CEO of Nuvama Group said, Macroeconomic fundamentals for India remain robust. These favourable conditions, probusiness policies, strong markets and rising income levels are driving wealth creation in the hands of households. Changing customer investment preferences to capital markets products over traditional investment avenues augurs well for wealth management and asset management sectors. As these preferences change, product suite expands and regulations evolve the sector will consolidate and see unorganized movement to organized, as seen in matured markets.

In Wealth Management our investments continue; we added 60+ RMs, launched an industry leading technology tool for portfolio-solutions and garnered healthy new flows for annuity products. We also received final approval from DIFC authorities in July24 for our offshore private wealth proposition in Dubai. In Asset Management our AUM grew by 30% YoY and our fresh sales were ~ Rs 600 crore in Q1. This run rate is expected to grow as we have launched multiple new schemes in the last 3-6 months across all our three strategies."

Meanwhile, the companys board has declared a dividend of Rs 10 per share for financial year 2024-2025. The record date is fixed as on Wednesday, 7 August 2024. The said interim dividend will be paid/dispatched on or before August 24, 2024.

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.

The scrip rallied 2.86% to ends at Rs 5706.35 on Friday, 26 July 2024.

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