Motilal Oswal Financial Services Q3 profit jumps almost threefold to Rs 660 cr

Motilal Oswal Financial Services on Wednesday said profit after tax (PAT) nearly tripled to Rs 660 crore in the quarter ended December 2023, driven by higher revenues.

The company had posted a net profit of Rs 229 crore in the October-December quarter a year ago, the company said in a press release.

Consolidated operating revenue for the quarter grew to Rs 1,377 crore in the third quarter of this fiscal from Rs 1,060 crore in the same period a year ago.

“We delivered strong performance across all segments in the third quarter of 2020. Our capital markets business delivered a remarkable performance, delivering record quarterly profits and strengthening our retail market share in the Cash and F&O Premium segments to 7.5 percent and 8.1 percent.”, says Motilal Oswal, MD and CEO of the company.

Capital markets include retail broking and distribution, institutional equities and investment banking activities. Revenues for this segment grew to Rs 1,028 crore.

“Our Asset and Wealth Management AUM reached a new high of Rs 1.64 lakh crore, showing significant growth. Our Asset Management business has seen strong improvement in performance and flows and is poised to benefit from process-driven investing and its niche offerings,” said Oswal. .

The Assets Under Management (AUM) asset management business grew 117 percent to Rs 89,632 crore as on December 31, 2023.

For the nine-month period ended December 2023, the company reported a PAT of Rs 1,717 crore, against Rs 767 crore in the corresponding period a year ago.

The company has declared an interim dividend of Rs 14 per share.

The company’s shares closed at Rs 1,710.75 apiece on BSE, up 10.36 percent from the previous closing price.

First print: January 24, 2024 | 5:15 PM IST