Nuvama Wealth net profit doubles to ₹178 crore in Q3

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₹178 crore in the December quarter on the back of all-round growth in fee-based businesses. The wealth management firm had posted a net profit of ₹90 crore in the year-ago period. The firm's revenue rose 38 per cent in the period under review to ₹558 crore, while it rose 29 per cent to ₹1,467 crore for the first nine months of the fiscal.

The company's expenses rose 21 per cent to ₹328 crore from ₹270 crore a year ago, he said. Meanwhile, Ashish Kehair, Nuvama Group Managing Director & Chief Executive, told PTI that the company has received Sebi nod for its Alternative Investment Fund (AIF) to be set up as an equal joint venture with Cushman and Wakefield. "We got the Sebi approval 3-4 days ago for the ₹3,000 crore realty fund that we had announced with Cushman and Wakefield last month as an equal joint venture.

With the regulatory approvals in, we will soon start road shows to mop up investors," he said. The firm's wealth management revenue rose 18 per cent to ₹305 crore, and the pre-tax profit of ₹111 crore in the third quarter, registering a growth of 19 per cent. He said the group net added 40,000 customers in the wealth arm, taking the overall client base to 11.35 lakh, of which 2 lakh clients are RM managed.

Its Assets Under Management (AUM) stood at ₹73,855 crore as of December 2023, up ₹8,000 crore. On the other hand, Nuvama Private added 160 family offices and now has an AUM of ₹1.68 lakh crore, up ₹17,000 crore from ₹1.51 lakh crore in December 2022, Kehair said. Its overall AUM rose to ₹2.4 lakh crore from ₹1.8 lakh crore a year ago, making Nuvama the number 2 player after 360 One, which was IIFL Wealth earlier.