Anand Rathi Wealth shares rally 17% to hit new high after a strong Q1 performance

Shares of Anand Rathi Wealth surged about 17 per cent during the early trading session on Thursday to its new record high after the company reported a strong performance for the quarter ended on June 30, 2023 after the market hours on Wednesday.

Anand Rathi Wealth, which is a part of Mumbai-based financial services group Anand Rathi Financial Services, reported a 34 per cent rise in profit after tax (PAT) on a year-on-year (YoY) basis at Rs 53 crore for three months ended June 2023. In comparison, the company had posted a PAT of Rs 40 crore in the same quarter of the preceding fiscal.

The non-bank wealth solutions company clocked a 34 per cent rise in the total revenue to Rs 178 crore in the quarter under review from Rs 134 crore in the first quarter ended June 30, 2022. As of June-end this year, the asset under management (AUM) of the company stood at Rs 43,413 crore, up 32 percent over the same period last year.

Shares of Anand Rathi Wealth surged as much as 17 per cent to Rs 1,089 on Thursday, hitting its new lifetime high levels. The company was commanding a total market capitalization of close to Rs 4,300 crore. The scrip had settled at Rs 933.75 on Wednesday.

Shares of Anand Rathi Wealth were listed at the bourses in December 2021, when the company sold its shares at Rs 550 apiece to raise Rs 660 crore via its initial stake sale. The stock has surged 98 per cent from its issue price so far, while the stock has rallied about 75 per cent from its 52-week lows at Rs 627 about a year ago.

In addition, the company continued to expand its client base adding 395 client families in the first quarter of the current financial year. Anand Rathi Wealth is amongst India's leading non-bank wealth solutions firms, catering to high and ultra-high-net-worth individuals.

Also read: Stocks that share market analysts recommended on July 13, 2023: Titan, Reliance Industries, Tata Motors, Bharat Electronics, others

Also read: Stocks to watch on July 13, 2023: Wipro, TCS, Patanjali Foods, HCL Tech, Titan, others