Comments
Prudent Corporate Advisory Services has reported that its net profit in June quarter was up 57 per cent at ₹44 crore against ₹28 crore logged in the same period last year.
Revenue increased 51 per cent at ₹249 crore (₹165 crore) led by 52 per cent growth in Quarterly Average AUM in the mutual fund verticle and 64 per cent rise in revenues from non-mutual fund products.
Last month, Prudent surpassed an AUM of ₹1 lakh crore, with a mark-to-market impact contributing ₹26,000 crore to the gain over the past twelve months, the company said. Systematic Investment Plan book grew by 41 per cent to ₹780 crore in June. Prudent’s market share of SIP flow in the industry was at 4 per cent for June.
Sanjay Shah, Managing Director, Prudent Group, said it took nearly 18 years for the company to reach ₹20,000 crore in AUM, but the last ₹20,000 crore was added in just six months.
“Our next goal is to reach a SIP book of ₹1,000 crore by March 2025,” he said.
Shirish Patel, CEO, said net equity sales were strong at ₹2,500 crore during the quarter, making up almost 40 per cent of total net equity sales for FY24.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.