Motilal Oswal Financial Services Reports Impressive Q3 Profit Surge, Nearly Tripling to Rs 660 Crore
Motilal Oswal Financial Services stated on Wednesday that its Profit After Tax (PAT) has increased nearly threefold to Rs 660 crore in the quarter ending December 2023 (Q3 FY24), due to higher revenues.
According to an official statement, the net profit for the October to December quarter of the previous year was Rs 229 crore. The consolidated operating revenue for this quarter grew to Rs 1,377 crore in the third quarter of this financial year, compared to Rs 1,060 crore in the same period last year.
Motilal Oswal, the Managing Director and Chief executive officer (CEO) of the company, expressed satisfaction with the Q3 FY24 results, stating that the firm delivered strong performance across segments.
The Capital Market business in particular demonstrated remarkable performance, reporting an all-time high quarterly profit and strengthening the retail market share position in the Cash and F&O Premium segments to 7.5 per cent and 8.1 per cent respectively.
The Capital Markets segment of the company consists of three businesses: Retail Broking and Distribution, Institutional Equities and Investment Banking. The revenues for this segment have increased to Rs 1,028 crore.
Oswal also mentioned that the company's Asset and Wealth Management AUM has reached a new high of Rs 1.64 lakh crore, indicating substantial growth. The Asset Management business has shown significant improvement in performance and flows and is expected to benefit from process-driven investing and its unique offerings.
The Wealth Management sector has shown an impressive growth in Assets Under Management (AUM) of 117 per cent, which is now at Rs 89,632 crore as of 31 December 2023. The company's Profit After Tax (PAT) for the 9-month period ending in December 2023 is Rs 1,717 crore, which is a significant increase compared to the corresponding period last year when it was Rs 767 crore.
The company has also announced an interim dividend of Rs 14 per share. On the Bombay Stock Exchange (BSE), the company's shares closed at Rs 1,710.75 each, an increase of 10.36 per cent compared to the previous close.
