AHMEDABAD, India , Nov. 8, 2022 /PRNewswire/ —
Key Result Highlights of Q2FY23 & H1FY23
- Equity AUM at ₹49,673 crore, up by 40.5% YoY
- Revenue for Q2FY23 at ₹147.6 crore, up by 39.7% YoY; for H1FY23 ₹276 crore, up by 41.2% YoY
- EBITDA at ₹40.2 crore, up by 58.4% YoY
- EBITDA Margins greater by 322 bps YoY at 27.2%.
- PAT at ₹27.6 crore, up by 41.1% YoY; for H1FY23 ₹47.0 crore, up by 33.9% YoY.
Assets Under Management
Equity AUM grew by 40.5% to ₹49,673 crore, led by robust internet gross sales & acquisition of MF property of Karvy. Prudent strengthened their place in Equity AUM market share (Ex-ETFs) by 42 bps YoY to 2.36%.
Revenue
Revenues grew by 39.7% YoY to ₹147.6 crore in Q2FY23, led by robust AUM progress in the mutual fund business & 80% year-on-year progress in the rising insurance section. The fairness combine in total AUM improved by 343 bps to 94.1% YoY which aided progress in complete revenue. In H1FY2023, revenue is up by 41.2% to ₹276 crore.
EBITDA & Margins
Operating revenue grew by 58.4% YoY to ₹40.2 crore. Operating revenue progress was greater than revenue progress led by working leverage.
Profit After Tax
Profit After Tax (PAT) grew by 41.1% YoY to ₹27.6 crore. PAT progress was decrease than working revenue progress, led by greater depreciation as a consequence of the amortisation of fee for buying MF Assets of Karvy in November 2021 & decrease different revenue. In H1FY2023, PAT is up by 33.9% YoY to ₹47.0 crore.
SIPs
Gross flows from SIPs have been the highest in the Company’s historical past at ₹1,324 crore in Q2FY23. Monthly SIPs circulation as of September 2022 stood at ₹ 456 crore, and the Company’s market share elevated from 3.0% in September-2021 to three.5% in September-2022. Given the robust traction on SIPs, Prudent expects gross circulation from SIPs of ₹ 5200 crore in FY23, which is 13% of the FY23 opening AUM, offering them a powerful visibility of progress.
The subsequent section of the Company’s progress will proceed to be fuelled by its technique of empanelling extra MFDs and its plan to concentrate on a multi-product distribution platform.
Mr Sanjay Shah, Chairman and Managing Director, commented on the outcomes, and mentioned, “The 2nd Quarter of FY2023 has been another quarter where Prudent has witnessed substantial growth in revenue and profitability. Healthy cash flows led to the acquisition of Mutual Fund AUM of Karvy Stock Broking Limited in an all-cash deal in FY2022. On July 22, we continued our inorganic expansion by signing a term sheet to acquire MF AUM of iFast Financial India Private Limited.”
Talking about the first half of the present fiscal, Mr Sanjay Shah added, “The first half of FY2023 has been promising, with revenue up by 41.2% to ₹276 crore. At the same time, profit after tax (PAT) is up by 33.9% YoY to ₹ 47.0 crore. We are steadily growing our market share, with more than 14.58 lakh clients in September 2022. Along with profitability, the strength of our cash flow generation is bolstering our capacity to proliferate moving forward. We anticipate a higher inflow of funds and a steady rise in our AUM in the upcoming quarters due to the economy’s broad-based recovery. Our MF Assets are growing at double the rate of the industry on back of our organic and inorganic strength.”
CEO & Whole-time Director, Mr Shirish Patel, commented: “We are delighted to announce that Prudent Corporate Advisory Services has been ranked as the second-largest non-banking Mutual Fund Distributor based on Commissions Earned thanks to the efforts of our channel partners & our team. As per CAMS September 2022 ranking, we are the 3rd largest in total AUM in retail and 5th largest in total folios. We have shown a consistent track record of profitable growth due to a highly scalable, asset-light and cash-generative business model. The cost-to-income ratio has continuously decreased to 18.9% in H1FY23 as compared to 21.0% in same period a year ago despite the expansion in branches to 118 in FY23 and employee count increasing to 1122.”
About Prudent Corporate Advisory Services Limited
Prudent Corporate Advisory Services Limited (NSE: PRUDENT) (BSE: 543527) Prudent Corporate Advisory Services Limited (Prudent) is a retail wealth administration companies group primarily based in India. The Company is amongst the prime mutual fund distributors concerning property beneath administration (“AUM”) and fee acquired. With its distinctive business-to-business-to-consumer (“B2B2C”) business mannequin and thru its technology-enabled, complete funding and monetary companies platform, Prudent supplies end-to-end options vital for monetary merchandise distribution to people, corporates, excessive internet value people (HNIs), and extremely HNIs in India. The Company works by way of 118 areas in over 20 states and has a sturdy digital presence. It has developed into a number one and revered distributor of mutual funds, insurance merchandise, stockbroking, portfolio administration schemes, unlisted securities, bonds/mounted deposits, different funding funds, and nationwide pension schemes. Today, with a crew energy of 1122 extremely expert professionals and 26,350 well-trained and certified channel companions, Prudent is one among India’s fastest-growing monetary companies Group. Prudent Corporate Advisory Services Limited was based in 2003 and is headquartered in Ahmedabad, India. For extra data, please go to our web site www.prudentcorporate.com.
Forward-Looking Statement:
Certain statements in this doc could also be forward-looking statements. Such forward-looking statements are topic to sure dangers and uncertainties like regulatory modifications, native political or financial developments, technological dangers, and lots of different elements that would trigger our precise outcomes to vary materially from these contemplated by the related forward-looking statements. Prudent Corporate Advisory Services Ltd won’t be chargeable for any motion primarily based on such statements and undertakes no obligation to publicly replace these forward-looking statements to mirror subsequent occasions or circumstances.
