Shares of Anand Rathi Wealth hit a new 52-week high of Rs 732.45 after the company reported that BSE’s consolidated share price surged 8% in intraday trade on Friday and was up 41% year-on-year. Net profit stood at Rs 43 crore, supported by healthy revenue growth. Total revenue for the quarter rose 33% year-on-year to Rs 138 crore.

Shares of the non-bank wealth solutions company surpassed its previous high of Rs 712 on April 19, 2022. The company made its stock market debut on December 14, 2021. It raised funds of Rs 550 per share by issuing shares at an initial public offering (IPO) price. At 10:05 am, the stock was up 6% at Rs 721, while the S&P BSE Sensex was up 1.8%.

Anand Rathi Wealth reported that assets under management (AUM) rose strongly by 16% year-on-year to Rs 35,842 crore. The board has declared an interim dividend of 100% or Rs 5 per share.

Management said the company delivered strong results across various verticals, along with an overall improvement in operational efficiency. Despite the volatile market situation, the company recorded a net flow of Rs 2,474 crore in the first half of fiscal 2023, more than double the net flow of Rs 1,202 crore in the same period last year.

Anand Rathi Wealth has grown into a broad consortium of financial products in India, covering non-banking financial services, wealth management, stock broking, investment banking and insurance broking. Anand Rathi Group has expanded its geographic reach and now operates in India and the Middle East, served by business partners and companies representing office buildings.

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Going forward, the wealth management needs of potential clients will be defined by increased knowledge, changing attitudes towards increasing wealth rather than preserving it, and technological improvements. As such, technology adoption is expected to significantly impact identifying beneficiaries. In its FY22 annual report, the company said players who can successfully meet growing demand and serve these customers in a relevant manner and cost-effectively will have a distinct advantage in the long run.