Chennai, Jul 12 (IANS): Wealth solutions player Anand Rathi Wealth Ltd said on Wednesday that it closed the Q1 of FY24 with a consolidated net profit of Rs 53 crore.

The company said in a statement that it posted a profit after tax (PAT) Rs 53 crore for Q1 of FY24 -- a growth of 34 per cent over the profit figures of Q1 FY23.

“During Q1 FY24, our total revenue stood at Rs 178 crore, a growth of 34 per cent compared to Rs 134 crore in Q1 FY23. This growth is also reflected in our PAT, which stood at Rs 53 crore, representing a growth of 34 per cent compared to the PAT of Rs 40 crore during the same period last year. PAT margins stood at 30 per cent,” said Rakesh Rawal, Chief Executive Officer, Anand Rathi Wealth.

“As the Indian economy continues to expand and progress, coupled with a growing number of millionaires and billionaires in the country, we believe there will be an immense opportunity for professional wealth managers,” said Feroze Azeez, Deputy Chief Executive Officer, Anand Rathi Wealth.