Nuvama Wealth Management Net PAT Grows 66% YoY In Q3 FY24

Nuvama Wealth Management (NSE, BSE: NUVAMA), reported revenue growth of 38  per cent year on year (YoY) in the quarter ending December 2023 (Q3 FY24) where revenue stood at Rs 558 crore and 9M FY24 at Rs 1,467 crore, growing by 29 per cent YoY. Operating Profit After Tax (PAT) for Q3 FY24 stood at Rs 176 Cr, which grew by 66 per cent YoY and 9M FY24 at Rs 416 Cr, which grew by 64 per cent YoY.

Sustained growth in Wealth and Asset Management, 9M FY24 revenues grew by 18 per cent YoY and profitability grew by 26 per cent YoY.

Ashish Kehair, managing director (MD) and chief executive officer (CEO) of Nuvama Group said, "The economic growth momentum for India has been strong in 2023 and our integrated platform captured many of the growing opportunities. In Q3 all our segments performed exceptionally well. We recorded 38 per cent YoY increase in revenues and 66 per cent YoY increase in Operating PAT."

He further added, "Heading into 2024, we believe the growth momentum will continue as India will reap benefits of the reforms undertaken and its steady focus on business stability, job creation, industrialization and an expanding digital economy. We expect the rate of wealth creation will continue to outpace economic growth rate, driven by financialization and increasing penetration of organised wealth management. Our fundamentals remain robust, and our business is well positioned to continue to benefit from these tailwinds."