Motilal Oswal Financial Services (MOTILALOFS) Q2 24/25 earnings summary

Executive summary

• Achieved record Q2FY25 consolidated PAT of INR 1,242 crore, up 123% YoY, with ROE at 48%.

• Operating net revenue for Q2FY25 was INR 1,366 crore, up 46% YoY; operating PAT at INR 541 crore, up 53% YoY.

• Assets under advice/AUA crossed INR 5.7 lakh crore, up 82% YoY; net worth at INR 11,070 crore, up 48% YoY.

• Client base expanded 57% YoY to 94 lakh; market capitalization as of Oct 25, 2024, was INR 52,226 crore.

• Credit ratings upgraded to AA Positive by CRISIL, India Ratings, and ICRA.

Financial highlights

• Wealth management Q2FY25 net revenue at INR 634 crore, up 53% YoY; PAT at INR 225 crore, up 71% YoY; AUM at INR 2,94,365 crore.

• Asset & private wealth management Q2FY25 PAT at INR 213 crore, up 63% YoY; AUM at INR 2.8 lakh crore.

• Asset management AUM at INR 1,10,769 crore, up 101% YoY; net revenue at INR 201 crore, up 64%; PAT at INR 104 crore, up 68%.

• Private wealth AUM at INR 1,57,000 crore, up 68% YoY; net revenue at INR 242 crore, up 51%; PAT at INR 90 crore, up 66%.

• Capital market Q2FY25 net revenue at INR 174 crore, up 52% YoY; PAT at INR 73 crore, up 45% YoY.

• Housing finance AUM at INR 4,233 crore, up 13% YoY; Q2FY25 PAT at INR 27 crore; GNPA at 1.3%, NNPA at 0.7%.

• Treasury investments PAT (incl. OCI) for H1FY25 at INR 1,291 crore; XIRR since inception at 20.8%.

Outlook and guidance

• Expect continued best-in-class earnings growth and return ratios, supported by strong brand and balance sheet.

• Focus on compounding growth through operating businesses and treasury investments.

• RM count in private wealth to reach 700 by year-end, supporting future growth.

• Ongoing product launches in asset management, with at least one new product per month planned.

• Optimistic outlook leveraging India's economic expansion and financialization of savings.