JM Financial (523405) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated revenue rose 45% YoY to ₹4,832.16 crore; PAT attributable to owners and non-controlling interests was ₹409.84 crore, down 31%, reflecting distressed-credit and mortgage weakness and a large exceptional provision.

• Highest-ever annual operating revenue; Integrated Investment Bank delivered ~25% ROE, while mutual-fund equity AUM exceeded ₹5,000 crore.

Financial highlights

• Consolidated revenue ₹4,832.16 crore vs ₹3,343.07 crore; PBT before exceptional item ₹1,200.23 crore vs ₹952.61 crore; reported PBT ₹353.37 crore vs ₹952.61 crore.

• Consolidated PAT ₹409.84 crore vs ₹597.29 crore; standalone PAT ₹309.60 crore, up 21% YoY, supported by investment-banking fees of ₹508.24 crore vs ₹259.97 crore.

• Consolidated interest income ₹2,555.59 crore, fees and commission ₹1,097.78 crore, brokerage ₹491.86 crore and fair-value gains ₹559.55 crore.

• Adjusted consolidated PPOP increased 48% to ₹1,915.60 crore; adjusted PBT rose 12% to ₹1,338.37 crore and adjusted PAT after NCI rose 40% to ₹983.89 crore, excluding additional distressed-credit provisions.

Outlook and guidance

• Wholesale credit is pivoting from on-balance-sheet lending toward syndication and originate-to-distribute models; transition over 3–4 years is expected to release ~₹2,000 crore of incremental cash.

• Fee and commission businesses are targeted for expansion; adjusted PAT from investment banking, institutional equities and retail/HNI-facing businesses was ~₹500 crore in FY24 vs ₹312 crore in FY23.

• Retail mortgage AUM target: ₹6,000 crore by FY27; investment-banking transaction pipeline described as healthy, with execution dependent on market conditions.