Anand Rathi Wealth soars 6%, hits record high on strong Q4 result

Shares of Anand Rathi Wealth soared 6 per cent to Rs 884, hitting a new high on the BSE in Thursday's intra-day trade, after the Anand Rathi group company reported a strong 23 per cent year-on-year (YoY) jump in consolidated net profit at Rs 43 crore in January-March 2023 quarter (Q4FY23). Total revenue grew 28 per cent YoY at Rs 147 crore.

In FY23, the company's revenue rose by 31 per cent YoY to Rs 558 crore, and PAT grew by 33 per cent to Rs 169 crore. The company's holistic approach has also aided in achieving strong assets under management (AUM) growth of 18 per cent YoY at Rs 38,993 crore, the management said.

Meanwhile, the board has declared final dividend of Rs 7 per equity share (140 per cent) of face value of Rs 5 each of the company.

In the last one year, post listing, the company has outperformed its own expectations and the management anticipates long-term commitment to offer the most efficient wealth solutions to clientele will enable the company to achieve 20-25 per cent growth in the years ahead.

Amidst geopolitical tension, higher inflation, and the higher interest rate environment, the Indian economy remained resilient during the year. With inflation expected to moderate and the investment cycle reviving, the economy is likely to do well in the current year, the management said.

Given the increase in incomes and savings, the management believes there is significant untapped market for the wealth management sector.

Anand Rathi Wealth is amongst India's leading non-bank wealth solutions firms, catering to high and ultra-high networth individuals. The company made stock market debut on December 14, 2021. Currently, it was quoting 61 per cent higher against its issue price of Rs 550 per share.

At 11:01 am, the stock was trading 4 per cent higher at Rs 865, as compared to 0.30 per cent decline in the S&P BSE Sensex. It surpassed its previous high of Rs 861.25, touched on February 1, 2023.