Motilal Oswal reports multi-fold jump in profit in March quarter - stocks hit 52-week high
In comparison, the company had a profit after tax (PAT) of Rs 167 crore in the year-ago period, Motilal Oswal Financial Services said in a regulatory filing.
Motilal Oswal Financial Services Ltd on Friday reported an over four-fold jump in profit after tax to Rs 724.6 crore for the March 2024 quarter, driven by strong growth in the capital market as well as wealth & asset management businesses.
In comparison, the company had a profit after tax (PAT) of Rs 167 crore in the year-ago period, Motilal Oswal Financial Services said in a regulatory filing.
The company's total income rose to Rs 2,158.15 crore in the January-March quarter of the financial year (FY) 2023-24 from Rs 1,033.54 crore in the same quarter preceding fiscal.
Reacting to the positive development, shares of the company rose as much as 8.66 per cent to a 52-week high of Rs 2,677 apiece on the BSE. The stock finally settled at Rs 2,600.65, up 5.67 per cent from the previous close.
The company's asset and wealth management businesses reported strong growth with a PAT at Rs 210 crore in Q4FY24, a jump of 79 per cent year-on-year basis. Also, the capital market business grew 66 per cent to Rs 251 crore in the three months ended March 2024.
Further, the company's board approved bonus shares in a ratio of 3:1, which means 3 bonus shares for 1 fully paid-up equity share. The record date for the bonus issue of shares is yet to be determined.
For the full financial year 2023-24, the company posted a PAT of Rs 2,445.62 crore and a total income of Rs 7,130.52 crore.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
05:54 PM IST