Nuvama Wealth Management Limited Announces Q4 FY24 Results, Delivering robust Year-over-Year Growth of 57% in Operating PAT

Nuvama Group: Consolidated Performance

1. Revenues: Q4 FY24 stood at US $ 71 million, grew by 35% YoY and FY24 at US $ 247million, grew by 31% YoY.
2. Operating Profit After Tax (PAT): Q4 FY24 stood at US $ 22 million, grew by 57% YoY and FY24 at US $ 72 million, grew by 62% YoY.
3. Sustained robust growth in Wealth and Asset Management, FY24 revenues grew by 18% YoY. Capital Markets FY24 revenue grew by 64% YoY supported by robust primary and secondary Indian markets.

Particulars – US $ million	Q4 FY23	Q4 FY24	YoY %	FY23	FY24	YoY %
Revenues	53	17	35%	189	247	31%
Costs	34	43	25%	130	153	18%
Operating Profit Before Tax (PBT)	18	29	55%	59	94	60%
Operating Profit After Tax (PAT)	14	22	57%	44	72	62%

Commenting on the performance Ashish Kehair, MD & CEO of Nuvama Group said, “India’s structural growth journey continues, with robust GDP, healthy corporate earnings, sustained domestic demand and stable macros. Equity markets saw highest ever institutional flows in FY24 making India, one of the best-performing markets. With Nuvama’s comprehensive, diversified, and scaled wealth management platform we were able to leverage full potential of these trends. We closed fiscal 2024 with PAT of US $ 72 million, growing by 62% YoY.

Our client assets stood at US $ 41.5 billion, growing by 50% YoY, powered by ‘client-first’ philosophy, and supported by strong markets. We delivered revenues of US $ 247 million led by growth across our business segments. Execution of our strategic priorities remains on track. In Wealth Management we scaled sales capacity and expanded our footprint. In Nuvama Wealth we added 200+ RMs. In Nuvama Private we added 20 RMs and expanded to 3 new locations in India. We have made important progress on launch of our offshore proposition. In Asset Management, we continue to scale our strategies. Our public market funds AUM witnessed strong flows, grew by 155% YoY, and crossed US $ 240 million mark. Our newly launched commercial real estate fund with Cushman & Wakefield is on track to raise funds as planned. We are expanding our distribution by building network across wealth managers, banks, and Institutions. In our Capital Markets business, we ended the year with a stellar performance supported by increased market volumes and growth in our market share.

As we enter fiscal 2025, we remain watchful on some of key global and domestic trends that may play out in coming quarters. We are confident on the long-term growth prospects of Wealth Management industry in India and excited to grow our capacity and capabilities and sustain this leadership.

Key Highlights

1. Wealth Management
   1. Revenues: ₹320 Cr in Q1 FY25, grew by 18% YoY.
   2. PBT: ₹104 Cr in Q1 FY25, grew by 11% YoY.
   3. Client Assets: ₹2,74,124 Cr as at end of Q1 FY25, grew by 35% YoY.
   4. Nuvama Wealth:
      1. Sustained growth, revenue grew by 23% YoY.
      2. MPIS assets: Stood at ₹24,960 Cr, grew by 33% YoY, NNM contributed 75%.
      3. Added 67 RMs in Q1 FY25 and 350+ in last 12 months, deepening our presence.
   5. Nuvama Private:
      1. Revenues grew by 11% YoY, normalized for AIF regulation change at ~33% YoY.
      2. ARR assets: Stood at ₹38,667 Cr, grew by 48% YoY, NNM contributed 89%.
      3. Increased RMs by ~15% YoY, improved penetration in existing cities and added 4 new cities beyond tier 1 in last 12 months.
      4. Received final approval from DIFC in Jul’24 for offshore set-up in Dubai.
2. Asset Management
   1. Revenues (ex-carry): ₹15 Cr in Q1 FY25, grew by 23% YoY.
   2. AUM: ₹7,692 Cr as at end of Q1 FY25, grew by 30% YoY, led by public markets.
   3. Product suite expanded across all strategies in last 3-6 months: Commercial Real Estate – Prime Fund, Public Markets – Absolute Return Fund and Private Markets – Crossover 4 series.
3. Capital Markets
   1. Revenues: ₹331 Cr in Q1 FY25, grew by 153% YoY.
   2. PBT: ₹192 Cr in Q1 FY25, grew by 494% YoY.
   3. Client Assets (Asset Services): ₹1,07,225 Cr as at end of Q1 FY25, grew by 115% YoY.
   4. Rise in market volumes, increase in our market share, IB deal closures and new flows in asset services led the growth.

About Nuvama Group

Nuvama has built a strong foundation of trust and reputation in the Indian market over 25 years. As one of India’s leading integrated wealth management firm in India, Nuvama oversees ₹3,45,957 Cr of client assets and caters to a diverse set of clients which includes ~12 lac affluent and HNIs and ~3,600 of India’s most prosperous families, as of end of FY24. Nuvama offers wealth management solutions, covering investment advisory, estate planning, investment management, lending and broking services for individuals, institutions, CXOs, professional investors, and family offices. It also offers a wide bouquet
of alternative asset management products and is a leading player in capital markets.
For more details, please visit: https://www.nuvama.com

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Disclaimer: The US $ values above have been converted using foreign exchange rate of 1 US $ equal to INR 83.3739 for convenience. Due to rounding off, numbers presented in this Earnings Release may not add up to the totals provided and/or correlate with the growth and contribution percentages provided. Data provided in the INR version of the Earnings Release shall prevail in case of disparity.