Motilal Oswal Financial Services announces leadership rejig; appoints new heads across businesses

Motilal Oswal Financial Services (MOFSL) on Tuesday announced a series of leadership changes across its alternatives, retail broking and private wealth businesses as it looks to strengthen its leadership team and drive its next phase of growth.

Padmanabh Sinha will join Motilal Oswal Alternates as Managing Director and CEO, while Vishal Tulsyan, founder of the alternatives platform, will be inducted into the MOFSL board and continue as Executive Chairman.

Sinha previously served as Executive Director and Chief Investment Officer at the National Investment and Infrastructure Fund (NIIF), which has assets under management of $5 billion. He has also held leadership positions at Tata Capital and Temasek.


In the retail broking and wealth management business, Suresh Shukla, currently Executive Director and Chief Business Officer, will take over as MD and CEO. He brings nearly 30 years of industry experience, including a 25-year stint at Kotak Securities and three years at SBI Securities.

The changes also include the exit of Ajay Menon, currently MD and CEO of the retail broking business, and Ashish Shanker, who was co-leading the Private Wealth Management business. Both will move on to pursue entrepreneurial ventures outside the group.

Meanwhile, Anupam Guha and Akash Hariani will jointly lead the Private Wealth Management business as MD and CEOs. Pratik Oswal, co-promoter and board member, will become Chairman of MOPWM.

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Motilal Oswal, co-founder of MOFSL, said the changes were aimed at strengthening leadership depth and institutional capabilities.

“We thank Ajay and Ashish for their invaluable contribution, commitment and role in building the organisation over the years. We also welcome Padmanabh into the MOFSL family. We are known and recognised as a leadership factory in the industry,” he said.

He also congratulated the internal leaders on their elevations, adding that the group remained focused on building an enduring institution and creating sustainable long-term value for stakeholders.

Q2 results

The leadership announcement follows MOFSL's September-quarter results, in which operating profit after tax (PAT) increased 29% year-on-year (YoY) to Rs 718 crore, compared with Rs 554 crore a year earlier, driven by growth in its asset management business.

Total PAT, including other comprehensive income (OCI), surged to Rs 1,070 crore from Rs 285 crore in the year-ago quarter. However, it declined 29% sequentially from Rs 1,513 crore in the June quarter, reflecting lower mark-to-market gains on treasury investments.

Net operating revenue rose 20% YoY to Rs 1,757 crore from Rs 1,460 crore. Profit before tax from operating businesses increased 26% to Rs 933 crore, while the operating PBT margin improved to 53% from 51%.

The asset management business reported a 69% YoY increase in PAT to Rs 304 crore from Rs 180 crore.

Motilal Oswal shares

Motilal Oswal Financial Services shares settled at Rs 1,010 apiece on Tuesday, gaining 4.73% from the previous close of Rs 964.40 on the NSE.

The stock has gained around 20% so far this year, according to NSE data.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here