Nuvama Wealth Management Limited Reports Revenue of US $71 Million in Q4 FY24

On May 29, 2024, Nuvama Wealth Management Limited, a prominent wealth management firm in India, disclosed its financial outcomes and business achievements for the quarter and fiscal year ending March 31, 2024.

Consolidated Performance

The consolidated performance of Nuvama Wealth Management Limited indicates significant growth in various key metrics. In Q4 FY 2024, revenues reached US $71 million, marking a 35% year-on-year increase, while for the full fiscal year FY 2024, revenues amounted to US $247 million, representing a 31% year-on-year growth.

Operating Profit After Tax (PAT) for Q4 FY 2024 stood at US $22 million, showing a remarkable 57% year-on-year growth. For FY 2024, it reached US $72 million, indicating a substantial 62% year-on-year increase. The group sustained robust Wealth and Asset Management growth, with FY 2024 revenues growing by 18% year-on-year. Additionally, Capital Markets saw significant growth, with FY 2024 revenue increasing by 64% year-on-year, supported by solid performance in both primary and secondary Indian markets.

Key Highlights

In Q4 FY 2024, revenues reached US $40 million, showing a 16% year-on-year growth, while for the full fiscal year FY 2024, revenues amounted to US $142 million, marking a 17% year-on-year increase. Profit Before Tax (PBT) stood at US $14 million in Q4 FY 2024, reflecting a 15% year-on-year growth, and for FY 2024, it reached US $50 million, indicating a 24% year-on-year increase.

Client assets reached US $29.7 billion by the end of Q4 FY 2024, growing 36% year-on-year. The company added approximately 230 new Relationship Managers (RMs) this fiscal year, bringing the total count to around 1,200.

Nuvama Wealth’s Managed Products & Investment Solutions (MPIS) continued to drive robust revenues and net flows, contributing 86% of the total new flows in FY 2024. Revenue and net flows from Annual Recurring Revenue (ARR) earning assets in Nuvama Private also demonstrated strong growth, with ARR revenues accounting for 57% of total revenues.

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