Anand Rathi Wealth gains after reporting over-two-fold rise in Q3 profit

NEW DELHI – Shares of Anand Rathi Wealth gained 2 per cent in early trade Friday as the recently listed wealth management player reported an over two-fold jump in profit after tax (PAT) at Rs 32.04 crore for three months ended December 2021.

The company had posted a PAT of Rs 13.12 crore in the same quarter of the preceding fiscal.

The counter rose to a high of Rs 649 against Rs 634.70 on the National Stock Exchange. After the initial buying interest, the stock gave up some gains and was last trading around 0.6 per cent higher.

The company said its net revenue from operations increased 55 per cent to Rs 105.69 crore from Rs 68.08 crore a year ago.

The board of the company also approved and declared the interim dividend of Rs 5 per share for the financial year 2021-22. They set January 20, 2022, as the record date for the dividend. The dividend will be credited by February 4, 2022.

The consolidated financial results of the Group include reviewed results of the subsidiaries AR Digital Wealth Private Limited (ARDWPL), Freedom Wealth Solutions Private Limited (FWSPL) and Freedom Intermediary Infrastructure Private Limited (FIINFRA).

The company had completed its initial public offering (IPO) of its equity shares, through an offer for sale of 1,20,00,000 equity shares by the existing selling shareholders at an offer price of Rs 550 per share. This was the first time the company announced its results after the IPO.