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Here's why Anand Rathi Wealth shares zoomed over 16% today

Here's why Anand Rathi Wealth shares zoomed over 16% today

The stock opened 6 per cent higher at Rs 650.90 against the previous close of Rs 611.70.

Here's why Anand Rathi Wealth shares zoomed over 16% today Here's why Anand Rathi Wealth shares zoomed over 16% today

Shares of Anand Rathi Wealth Limited jumped over 16 per cent to hit an all-time high of Rs 711.95 after the company reported an over three-fold jump in its profit after tax at Rs 35 crore for the quarter ended March 2022.

Anand Rathi Wealth Limited had posted a Profit After Tax (PAT) of Rs 10 crore in the same quarter the preceding fiscal.

The stock opened 6 per cent higher at Rs 650.90 against the previous close of Rs 611.70. With a market capitalisation of Rs 2,840 crore, the shares stand higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Revenue rose by 49 per cent to Rs 115 crore in the quarter under review compared to Rs 77 crore in the year-ago period. For the entire financial year 2021-22, the company posted a PAT of Rs 127 crore and a revenue of Rs 426 crore.

"Our growth in AUM to Rs 32,906 crore, 23 per cent over last year, has helped us deliver strong growth in topline and much higher margins.

"Our revenue increased by 52 per cent year-on-year (YoY) to Rs 426 crore and PAT increased by 184 per cent YoY to Rs 127 crores for the year," the company's CEO Rakesh Rawal said.

The Board of Directors have approved and recommended the Final Dividend of 120 per cent (i.e. for the financial year 2021-22. The dividend, if approved by the members of the company at the ensuing Annual General Meeting will be paid within 30 days from date of AGM, the company said.