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Capital Markets company Nuvama Wealth Management announced Q4FY24 & FY24 results:
Financial Highlights:
- Revenues: Q4FY24 stood at Rs 596 crore, grew by 35% YoY and FY24 at Rs 2,063 crore, grew by 31% YoY.
- Operating Profit After Tax (PAT): Q4FY24 stood at Rs 181 crore, grew by 57% YoY and FY24 at Rs 597 crore, grew by 62% YoY.
Wealth Management:
- Revenues: Rs 330 crore in Q4FY24, grew by 16% YoY and Rs 1,188 crore in FY24, grew by 17% YoY
- PBT: Rs 113 crore in Q4FY24, grew by 15% YoY and Rs 416 crore in FY24, grew by 24% YoY.
- Client Assets: Rs 2,47,835 crore as at end of Q4FY24, grew by 36% YoY. d. Added ~230 new RMs this fiscal, taking our RM count to ~1,200.
Asset Management:
- Revenues (ex-carry): Rs 12 crore in Q4FY24, grew by 27% YoY and Rs 49 crore in FY24, grew by 34% YoY.
- AUM: Rs 6,967 crore as at end of Q4FY24, grew by 25% YoY, of which Public Markets
- AUM stood at Rs 2,070 crore, grew by 155% YoY.
Capital Markets:
- Revenues: Rs 248 crore in Q4FY24, grew by 71% YoY and Rs 805 crore in FY24, grew by 64% YoY.
- PBT: Rs 133 crore in Q4FY24, grew by 123% YoY and Rs 376 crore in FY24, grew by 180% YoY.
- Client Assets for Asset Services: Rs 91,156 crore as at end of Q4FY24, grew by 109% YoY.
Commenting on the performance Ashish Kehair, MD & CEO of Nuvama Group said, “India’s structural growth journey continues, with robust GDP, healthy corporate earnings, sustained domestic demand and stable macros. Equity markets saw highest ever institutional flows in FY24 making India, one of the best-performing markets. With Nuvama’s comprehensive, diversified, and scaled wealth management platform we were able to leverage full potential of these trends. We closed fiscal 2024 with PAT of Rs 597 crore, growing by 62% YoY.
Our client assets stood at Rs 3.5 trillion, growing by 50% YoY, powered by ‘client-first’ philosophy, and supported by strong markets. We delivered revenues of Rs 2,063 crore led by growth across our business segments. Execution of our strategic priorities remains on track. In Wealth Management we scaled sales capacity and expanded our footprint. In Nuvama Wealth we added 200 RMs. In Nuvama Private we added 20 RMs and expanded to 3 new locations in India. We have made important progress on launch of our offshore proposition. In Asset Management, we continue to scale our strategies. Our public market funds AUM witnessed strong flows, grew by 155% YoY, and crossed Rs 2,000 crore mark. Our newly launched commercial real estate fund with Cushman & Wakefield is on track to raise funds as planned. We are expanding our distribution by building network across wealth managers, banks, and Institutions. In our Capital Markets business, we ended the year with a stellar performance supported by increased market volumes and growth in our market share.
As we enter fiscal 2025, we remain watchful on some of key global and domestic trends that may play out in coming quarters. We are confident on the long-term growth prospects of Wealth Management industry in India and excited to grow our capacity and capabilities and sustain this leadership."
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