Motilal Oswal Financial Services net down 15%, to pay ₹5 dividend
Motilal Oswal Financial Services (MOFSL) reported a 15 per cent fall in the December quarter net profit to ₹560 crore against ₹661 crore logged in the same period last year, largely due to higher expenses.
Income was up at ₹2,002 crore (₹1,798 crore). Overall expenses increased to ₹1,262 crore (₹989 crore). The company has announced an interim dividend of ₹5 per equity share and the record date has been fixed as February 1. The dividend will be paid before February 26.
Motilal Oswal, Group MD and CEO, MOFSL, said the operating businesses of wealth management, capital market, asset and private wealth management have delivered strong growth in the quarter under review.
Wealth management
Asset and private wealth management business’ contribution to Q3 net profit was up 63 per cent year on year to ₹234 crore, he said.
MOFSL is rightly positioned to provide all services and products under the financialisation theme and it has many years to go, he added.
Wealth Management revenue was up 30 per cent to ₹570 crore, while net profit increased 16 per cent to ₹190 crore. Assets under advice grew to ₹3.08 lakh crore, up 67 per cent year on year.
Distribution AUM grew 38 per cent to ₹31,918 crore as of December-end. Distribution net flows quadrupled to ₹3,052 crore while distribution revenue grew 89 per cent to ₹104 crore.
