Anand Rathi Wealth Q3 Profit Up 34% to Rs 58 Crore

New Delhi, Jan 12 (PTI) Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, on Friday reported a 34 per cent surge in profit after tax at Rs 58 crore for the three months ended December 2023.

In comparison, the company had posted a profit after tax of Rs 43.2 crore in the same quarter of the preceding fiscal, Anand Rathi Wealth said in a regulatory filing.

Total revenue rose 34 per cent to Rs 187.3 crore in the October-December quarter of the current fiscal (FY24) from Rs 140.2 crore in the quarter ended December 31, 2022.

For the nine months ended December 31, 2023, the company's revenue grew 35 per cent to Rs 555 crore and profit after tax climbed 34 per cent to Rs 169 crore on a year-on-year basis.

"With Indian markets having created substantial wealth post-pandemic, the wealth management industry is witnessing a healthy growth. The momentum of this wealth creation is also evident in our performance where our client base increased to 9,641 families and our AUM (Assets Under Managemet) increased to Rs 55,057 crore as of December 2023," Anand Rathi Wealth's CEO Rakesh Rawal said.

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