Total revenue for the April-September period increased by 55% YoY to Rs 1,407 crore. Operating profit after tax also grew significantly, reaching Rs 258 crore, a 77% rise, while the half-year profit doubled to Rs 479 crore.
Nuvama’s wealth and asset management businesses showed steady growth, with revenues for the September quarter rising 24% YoY. The Capital Markets division saw an impressive 98% YoY revenue increase, driven by a larger market share and active market conditions.
Client assets reached new records, totaling Rs 4.4 trillion by the end of Q2 FY25. Key highlights include Wealth Management assets surpassing Rs 3 trillion, Asset Management crossing Rs 10,000 crore, and Asset Services reaching Rs 1.25 trillion.
Nuvama declared an interim dividend of Rs 63 per share for the half-year ending September 30, 2024.
Ashish Kehair, MD & CEO of Nuvama Group, commented on India’s economic strength, noting that despite global challenges like geopolitical tensions and U.S. election uncertainties, the country’s growth outlook remains positive. With GDP projected to double over the next five to six years, Kehair expressed optimism about the continued growth of India’s wealth and asset management sectors, as more players enter the market to serve a wide range of customer needs.