Nuvama Wealth Management Q2 Shares FY24 Results, Revenue Grows To Rs 492 Cr

Nuvama Wealth Management, listed on NSE and BSE as NUVAMA, has reported a revenue growth of 29 per cent on a year on year(YoY) basis in their first results, as a listed company. 

Revenues in Q2 FY24 stood at Rs 492 crore, growing by 29 per cent YoY and H1 FY24 at Rs 909 crore growing by 24 per cent YoY. 

Operating Profit After Tax (PAT) for Q2 FY24 stood at Rs 145 crore growing by 57 per cent YoY and H1 FY24 at Rs 240 Crore growing by 63 per cent YoY. Operating leverage has improved the profitability. 

Wealth Management revenues has grown to Rs 281 crore. In capital market, revenue stood at Rs 190 crire in Q2 FY24, growing by 86 per cent and Rs 320 crore in H1 FY24, growing by 51 per cent YoY.

“With growth momentum firmly in favour of India and both vectors ‘Financial Wealth’ and ‘Penetration’ doubling in the next 5-6 years we expect to see robust growth in organised wealth management. Our client assets in Wealth Management have surged over Rs 2,17,000 crore growing by 21 per cent YoY. Our AUM for Asset Management has reached Rs 6,175 crore, growing by 43 per cent YoY. The company got listed on the stock exchanges in India on 26 September 2023. We plan to double the number of relationship managers in the next five years. We also plan to build a full stack offshore capability to serve the domestic clients for their offshore needs and the NRI diaspora,” expressed Ashish Kehair, MD & CEO of Nuvama Group.