Anand Rathi Wealth hits 52-week high on solid Q4 earnings, board nod to share buyback
Upstox
2 min read • Updated: April 15, 2024, 1:15 PM
Summary
Anand Rathi Wealth reported a consolidated net profit of ₹57 crore for Q4FY24, an increase of 33% compared to a year ago. Total revenue during the period stood at ₹197 crore, representing an increase of 34% compared to Q4 FY23.
Shares of Anand Rathi Wealth Ltd hit their highest level in 52 weeks on Monday, April 15, after the wealth management firm reported 33% jump in profit for the fourth quarter ended March 2024 (Q4 FY24). The company’s board of directors also approved a share buy-back proposal of nearly ₹165 crore.
The Anand Rathi Wealth stock jumped as much as 4.5% to hit a 52-week high of ₹4,211 apiece on the National Stock Exchange of India (NSE) on Monday.
Anand Rathi Wealth shares have surged almost 5 times in the past one year.
On Sunday, Anand Rathi Wealth reported a consolidated net profit of ₹57 crore for Q4FY24, an increase of 33% compared to a year ago. Total revenue during the period stood at ₹197 crore, representing an increase of 34% compared to Q4 FY23.
For full fiscal FY24, the company reported consolidated net profit of ₹226 crore, an increase of 34% compared to the previous fiscal. Total revenue during the same period grew 35% to ₹752 crore.
The board of directors of the company also approved a buy-back of up to 3.7 lakh equity shares of the company at ₹4,450 apiece for an aggregate amount not exceeding ₹164.65 crore, representing 0.88% of the total paid-up equity share capital. The buyback price is at a premium of 11% compared to the stock’s previous close of ₹4,009.05.
The company’s board also recommended a final dividend of ₹9 per equity share of face value of ₹5 each. Total dividend for FY24 stood at ₹14 per equity share.
Commenting on the results, Anand Rathi Wealth’s chief executive officer Rakesh Rawal said,“Despite the challenges posed by geopolitical tensions, the resilience of the Indian equity capital markets has been noteworthy, contributing significantly to wealth generation and the robust growth of the wealth management sector. Anand Rathi Wealth’s exemplary performance, evidenced by a commendable 52% year-on-year increase in our consolidated assets under management (AUM) to ₹59,351 crore, exemplifies this trend.”
“We are confident in our future, projecting a continued growth trajectory of 20-25%,” Rawal added.
Shares of Anand Rathi Wealth Ltd were trading 4.4% higher at ₹4,189 apiece on the NSE at 1:15 pm.