Anand Rathi shares climb over 6% to hit 52-week high after Q4 results
Despite a challenging market environment, the company delivered strong performance across verticals. Its net flows for FY23 rose by a staggering 78% on year to Rs 4,896 crore. For the March quarter, net flows grew 40% to Rs 1,180 crore.
By Navdeep Singh, ETMarkets.com |
Agencies
Shares of smallcap firm Anand Rathi Wealth rallied 6.4% to Rs 884 in Thursday's trade after the financial services firm reported a 23% year-on-year (YoY) rise in consolidated net profit for the quarter ended March 2023 at Rs 42.6 crore on the back of a 27% growth in revenue to Rs 143 crore.
For FY23, the wealth management firm reported a consolidated net profit of Rs 169 crore, up 33% from the year-ago period. Total revenue rose 31% to Rs 558 crore.
The board of Anand Rathi also declared a final dividend of Rs 7 a share. The total dividend for FY23 stood at Rs 12 per share. The company’s assets under management (AUM) grew by a strong 18% YoY to Rs 38,993 crore.
About 46% of the total AUM is equity MF, and 30% is non-principal protected structured products. During the last financial year, the company added a record 1,270 client families. Its total client families as of March 31 stood at 8,352.
At 11.10 am, the stock was trading 3.8% higher at Rs 861.5 on BSE. On a year-to-date basis, the stock has surged 22%.
As per Trendlyne data, the target price for the stock is Rs 1,050, which shows an upside potential of 22% from the current level. The consensus recommendation from one analyst for Anand Rathi Wealth is a strong buy. Technically, Anand Rathi is trading above 8 out of 8 SMAs (Simple Moving Average).
“In the last one year, post listing, the company has outperformed its own expectations and we anticipate our long-term commitment to offer the most efficient wealth solutions to our clientele will enable us to achieve 20-25% growth in the years ahead,” said Rakesh Rawal, chief executive officer, in a release.
Despite a challenging market environment, the company delivered strong performance across verticals. Its net flows for FY23 rose by a staggering 78% on year to Rs 4,896 crore. For the March quarter, net flows grew 40% to Rs 1,180 crore.
Anand Rathi Wealth aims to grow its AUM by a sharp 20.5% to Rs 47,000 crore in FY24. For FY24, the company has guided for revenue of Rs 661 crore, a growth of about 19% from FY23. The profit after tax is estimated to grow over 21% to Rs 205 crore.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
For FY23, the wealth management firm reported a consolidated net profit of Rs 169 crore, up 33% from the year-ago period. Total revenue rose 31% to Rs 558 crore.
The board of Anand Rathi also declared a final dividend of Rs 7 a share. The total dividend for FY23 stood at Rs 12 per share. The company’s assets under management (AUM) grew by a strong 18% YoY to Rs 38,993 crore.
About 46% of the total AUM is equity MF, and 30% is non-principal protected structured products. During the last financial year, the company added a record 1,270 client families. Its total client families as of March 31 stood at 8,352.
At 11.10 am, the stock was trading 3.8% higher at Rs 861.5 on BSE. On a year-to-date basis, the stock has surged 22%.
As per Trendlyne data, the target price for the stock is Rs 1,050, which shows an upside potential of 22% from the current level. The consensus recommendation from one analyst for Anand Rathi Wealth is a strong buy. Technically, Anand Rathi is trading above 8 out of 8 SMAs (Simple Moving Average).
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“In the last one year, post listing, the company has outperformed its own expectations and we anticipate our long-term commitment to offer the most efficient wealth solutions to our clientele will enable us to achieve 20-25% growth in the years ahead,” said Rakesh Rawal, chief executive officer, in a release.
Despite a challenging market environment, the company delivered strong performance across verticals. Its net flows for FY23 rose by a staggering 78% on year to Rs 4,896 crore. For the March quarter, net flows grew 40% to Rs 1,180 crore.
Anand Rathi Wealth aims to grow its AUM by a sharp 20.5% to Rs 47,000 crore in FY24. For FY24, the company has guided for revenue of Rs 661 crore, a growth of about 19% from FY23. The profit after tax is estimated to grow over 21% to Rs 205 crore.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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