Abans Holdings Limited, a leading diversified financial services company, on Thursday announced its financial performance for the second quarter (Q2) and Fiscal half yearly 2024.
The agency income and profit has grown substantially in H1 FY24 compared to H1 FY23 largely due to increase in AUM and acquisition of PMS business.
The operating profit has doubled in H1 FY24 compared to H1 FY23 primarily because of increase in asset management activity, expanding global operations and supported by increase in income from lending business.
YoY highlights – Consolidated numbers
In the first half of Fiscal Year 2024, Abans Holdings Limited achieved remarkable growth in its consolidated numbers. Total revenues surged to Rs 611 crores, marking an impressive 89% year-on-year increase.
Operating profit also saw a significant uptick, soaring by 97% year-on-year, reaching Rs 66 crores in H1 FY24 compared to Rs 33 crores in H1 FY23. The agency income experienced exceptional growth, escalating by 200% year-on-year to Rs 44 crores in H1 FY24 from Rs 14 crores in H1 FY23, while the profit derived from the agency business surged remarkably by 736% year-on-year, attaining Rs 28 crores in H1 FY24 compared to Rs 3 crores in H1 FY23.
Additionally, the profit stemming from the lending business witnessed substantial growth, rising by 106% year-on-year to Rs 9 crores in H1 FY24 from Rs 4 crores in H1 FY23. The Non-Performing Assets (NPA) continued to maintain a Nil status, signifying the company's strong financial health and effective risk management strategies.
Approved by the board, the company has outlined it’s growth path outlined below:
Asset Management: The company has applied for for regulatory approval to operate as an Asset Management Company.
Global footprint: Establish an asset management business in Singapore through its subsidiary, Abans Broking Services Pvt Ltd, expanding its international footprint.
GIFT City: Incorporating a wholly-owned subsidiary in Gujarat International Finance Tec-City (GIFT City) under Abans Finance Pvt Limited, focusing on lending operations. Furthermore, the company is positioning itself as a leader in alternative investments, managing both domestic and international alternative investment funds.
