Anand Rathi Wealth Q1 Profit after tax up 34% to Rs 40 cr

Leading non-bank wealths solutions company Anand Rathi Wealth on July 12 reported 33.6 percent jump in profit after tax at Rs 39.7 crore for three months ended June 2022.

In comparison, the company had posted a Profit After Tax (PAT) of Rs 29.7 crore in the same quarter preceding fiscal, Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, said in a statement.

Total revenue rose by 35.7 percent to Rs 133.5 crore in the quarter under review from Rs 98.4 crore in the first quarter ended Jun 2021. Rakesh Rawal, Chief Executive Officer of Anand Rathi Wealth, said the company has reported strong growth for the quarter despite the challenging market scenario. "Our performance for the current financial year was backed by the addition of new clients and strong net flows," the company’s deputy CEO Feroze Azeez said.

As on June-end this year, the Asset Under Management (AUM) of the company stood at Rs 32,961 crore, a growth of 15 percent over same period last year. Anand Rathi Wealth, which got listed on the Indian bourses in December, 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.