Nuvama Wealth Management (NUVAMA) Q4 23/24 earnings summary

Executive summary

• FY24 marked a transition to an independently listed platform after the demerger from Edelweiss; PAG became promoter and shares listed on September 26, 2023.

• Client assets reached Rs 3,460 billion; FY21–FY24 CAGRs were 30% for client assets, 27% for revenue and 44% for operating PAT.

• Broad-based growth across Wealth Management, Asset Management and Capital Markets benefited from buoyant Indian markets and strategic investment with expense discipline.

Financial highlights

• FY24 net revenue was Rs 20,627 million, up 31% YoY; operating PAT was Rs 5,970 million, up 62% YoY.

• Consolidated revenue from operations was Rs 31,509.84 million vs Rs 22,147.18 million; profit for the year was Rs 6,248.42 million vs Rs 3,050.69 million.

• Consolidated basic EPS was Rs 177.97 vs Rs 92.07; diluted EPS was Rs 174.14 vs Rs 92.07.

• Adjusted operating PAT excludes non-recurring demerger, listing, brand-change and transition expenses; net revenue is stated after finance costs and variable business expenses.

Outlook and guidance

• FY25 growth momentum is expected to continue, supported by Indian reforms, infrastructure spending, digitalisation, wealth creation and greater penetration of organised wealth management.

• Priorities include expanding Wealth and Asset Management, sustaining Capital Markets leadership, improving cost-to-income and scaling Asset Services clients, footprint and product range.

• Five-year execution markers: grow clients and client assets 2–2.5x, double relationship-manager capacity in 3–5 years, and scale Asset Management AUM 6–8x.

• Global outlook remains uncertain; India growth assumptions include a normal monsoon, continued government capex, strong private balance sheets and easing export drag.