Latest News | Anand Rathi Wealth PAT Rises 41 Pc to Rs 43 Crore in July-September

New Delhi, Oct 13 (PTI) Non-bank wealth solutions company Anand Rathi Wealth on Thursday reported a 41 per cent jump in profit after tax at Rs 43 crore for three months ended September 2022.

In comparison, the company had posted a PAT (Profit After Tax) of Rs 30.4 crore in the same quarter preceding fiscal, Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, said in a statement.

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Total revenue rose by 33 per cent to Rs 138.1 crore in the quarter under review from Rs 103.8 crore in the same quarter of the previous fiscal.

Rakesh Rawal, chief executive officer of Anand Rathi Wealth, said the company's quarterly performance was backed by strong growth in asset under management of 16 per cent year-on-year at Rs 35,842 crore.

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"Another area where we witnessed strong momentum was the addition in number of client families. We added almost 1,250 client families in last one year. Our total client families as on September 30, 2022 stood at 7,928," he added.

Feroze Azeez, deputy chief executive officer, said that the board of director has declared an interim dividend of Rs 5 per equity share of Rs 5 each of the company.

Anand Rathi Wealth 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)