Nuvama Wealth posts 57% jump in net profit to ₹145 crore in Q2

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₹145 crore in Q2. Operating profit after tax came in at ₹240 crore for the first half of FY24, a 63% increase year-on-year. The company reported revenues of ₹492 crore in Q2, up 29% yoy, and ₹909 crore in H1, up 24% yoy.

These results indicated improved profitability owing to operating leverage. The wealth and asset-management business continued to drive long-term growth, the company said, while the capital-markets segment delivered robust performance in Q2. “With a strong capex push by the government and strong corporate balance sheets, there is a resultant improvement in the investment climate.

With growth momentum firmly in favour of India and the vectors ‘financial wealth’ and ‘penetration’ seen doubling in the next five to six years, we expect to see robust growth in organised wealth management. Our unique wealth management platform helped us leverage these domestic tailwinds and Nuvama saw robust client activity across all our businesses. Our client assets in wealth management have surged over ₹2,17,000 crore, growing by 21% yoy," said Ashish Kehair, MD & CEO, Nuvama Group.

Nuvama, he added, is well-positioned to seize growth opportunities in the Indian economy, particularly in wealth and asset management, and expand its presence across the nation. It plans to double the number of relationship managers in the next five years, and build offshore capabilities to serve the domestic clients for their offshore needs, and the NRI diaspora. In addition, its asset management division will continue building a full suite of alternatives, scale public-market strategies, and enhance distribution capabilities by leveraging Nuvama and expanding in domestic and international markets.