Motilal Oswal reports multi-fold jump in profit in March quarter - stocks hit 52-week high

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.