Motilal Oswal Q3 Profit Soars 3-Fold to Rs 660 Cr

New Delhi, Jan 24 (PTI) Motilal Oswal Financial Services on Wednesday said its Profit After Tax (PAT) jumped nearly 3 fold to Rs 660 crore in the quarter ended December 2023, on higher revenues.

The company had posted a net profit of Rs 229 crore in the October-December quarter a year ago, the company said in a release.

The consolidated operating revenue for the quarter grew to Rs 1,377 crore in the third quarter of this financial year, as against Rs 1,060 crore in the year-ago period.

"We have delivered strong performance across segments in Q3FY24. Our Capital market business has demonstrated remarkable performance, reporting an all-time high quarterly profit and strengthening our retail market share position in Cash and F&O Premium segment to 7.5 per cent & 8.1 per cent respectively," said Motilal Oswal, MD & CEO of the company.

Capital markets comprise Retail Broking and Distribution, Institutional Equities and Investment Banking business. Revenues for this segment grew to Rs 1,028 crore.

"Our Asset and Wealth Management AUM touched a new high of Rs 1.64 lakh crore, showcasing significant growth. Our Asset Management business has seen strong improvement in performance & flows and is poised to gain from process driven investing and its niche offerings," Oswal said.

Wealth Management business Assets Under Management (AUM) grew by 117 per cent at Rs 89,632 crore as on December 31, 2023.

For the 9-month period ended December 2023 the company reported a PAT of Rs 1,717 crore, as against Rs 767 crore in the corresponding period a year ago.

The company has declared an interim dividend of Rs 14 per share.

Shares of the company closed at Rs 1,710.75 apiece on BSE, up 10.36 per cent over its previous close.