Q1FY24 Quarterly Result Announced for Motilal Oswal Financial Services Ltd.
Non-banking Financial company Motilal Oswal Financial Services announced Q1FY24 results: Consolidated revenue stood at Rs 12.64 billion, up 32% YoY and 11% QoQ in Q1FY24. Consolidated operating profit after tax (PAT) for Q1FY24 was Rs 2.40 billion, up 28% YoY and 3%QoQ in Q1FY24. Highest ever quarterly Capital market business PAT of Rs 1.55 billion, up 63% YoY and 15% QoQ. Asset & Wealth businesses PAT was Rs 641 million in Q1FY24, up 10% YoY. Housing finance business PAT was Rs 286 million in Q1FY24. Speaking on the performance of the company, Motilal Oswal, MD & CEO said, "We have delivered strong performance in Q1FY24. Our Capital market business has demonstrated remarkable performance, reporting an all-time high quarterly profit and strengthening our retail market position in Cash and F&O; segments to 6.2% & 7.2% respectively. We continue to focus on our strategy to diversify our businesses towards linear sources of earnings. Our Asset and Wealth Management AUM has surpassed an impressive milestone by reaching Rs 1.25 lakh crore. Our Asset Management business has seen performance improvement and is likely to gain from process-driven investing and its niche offerings. The Wealth Management business is on its way to achieving scale as we have strengthened our leadership team and, continued investments in Relationship Managers. Additionally, we are pleased to share that our PE business is gearing up to launch its 6th Real Estate fund in the upcoming quarter, adding to our diverse investment products. Furthermore, the recent appointment of new senior management personnel has further bolstered our Housing finance business, enhancing its potential for growth and success. We firmly believe that each of our businesses possesses immense potential and is well-positioned to leverage the numerous opportunities present in the market. As we move forward, we shall continue to pursue our strategic objectives diligently, aiming for sustained growth and continued excellence across all our operations." Result PDF27-07-2023
