Nuvama Wealth Management (NUVAMA) Q4 22/23 earnings summary

Executive summary

• Consolidated revenue from operations rose to Rs. 22,147.18 million from Rs. 17,731.84 million; total income reached Rs. 22,303.93 million.

• Consolidated profit for the year was Rs. 3,050.69 million versus Rs. 8,573.93 million, with the prior year including Rs. 6,316.32 million of exceptional provision reversals.

• Standalone profit fell to Rs. 62.98 million from Rs. 1,879.41 million as total expenses rose and revenue from operations eased.

Financial highlights

• Consolidated fee and commission income increased to Rs. 13,229.53 million from Rs. 10,551.97 million; interest income rose to Rs. 6,606.69 million from Rs. 5,120.12 million.

• Consolidated expenses were Rs. 18,252.52 million versus Rs. 14,808.34 million; profit before exceptional items, associate profit and tax was Rs. 4,051.41 million versus Rs. 3,024.74 million.

• Standalone revenue from operations was Rs. 3,504.69 million versus Rs. 3,605.93 million; fee and commission income was Rs. 3,213.14 million versus Rs. 3,490.43 million.

• Standalone finance costs rose to Rs. 308.58 million from Rs. 118.36 million, while depreciation, amortisation and impairment increased to Rs. 458.49 million from Rs. 321.40 million.

Segment performance

• Consolidated Wealth Management revenue was Rs. 17,033.07 million and segment profit before tax was Rs. 3,036.34 million; prior-year comparatives were reclassified.

• Capital Markets generated revenue of Rs. 6,994.98 million and segment profit before tax of Rs. 1,244.53 million; Asset Management revenue was Rs. 536.96 million and segment loss was Rs. 116.30 million.

• Standalone Capital Markets revenue was Rs. 3,080.68 million, Wealth Management revenue Rs. 710.57 million, and Holding Company Activities revenue Rs. 150.93 million.