{"id":143731,"date":"2023-04-17T07:47:38","date_gmt":"2023-04-17T11:47:38","guid":{"rendered":"https:\/\/44.250.171.167\/?p=143731"},"modified":"2023-04-17T07:47:40","modified_gmt":"2023-04-17T11:47:40","slug":"anand-rathi-wealth-limited-q4-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/anand-rathi-wealth-limited-q4-fy23-earnings-conference-call-insights\/","title":{"rendered":"Anand Rathi Wealth Limited Q4 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Anand Rathi Wealth Limited (ANANDRATHI) Q4 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:09:27] Lalit Deo at Equirus asked what kinds of primary and secondary MLD product issuances drove the distribution revenue during 4Q23. Jugal Mantri Group CFO replied that the markets have been flat for the full year, meaning that revenues have come primarily from MLD distribution. The company\u2019s net mobilization on the equity mutual fund side was INR900 crores, and in the full year it collected INR2,500 crores in equity MF. ANDRATHI aims to maintain a 50-50 ratio between upfront and trail revenue in the future.<\/li>\n<\/ul>\n<ul>\n<li>[00:18:01] Madhu Kela with MK Ventures enquired about the tax environment impact on debt mutual funds and MLD guidelines in the past year and future outlook. Feroze Azeez Deputy CEO replied that the INR1.5 lakh crore industry which ARWL had zero share and will become non-lucrative for HNI due to the introduction of MLD. ANANDRATHI didn&#8217;t have a share, but were in the unlisted, unrated MLDs. These MLDs had an estimated impact of around INR1.35-1.4 lakh crore on the industry.<\/li>\n<\/ul>\n<ul>\n<li>[00:27:36] Madhu Kela with MK Ventures asked why Anand Rathi has limited international presence and is not considered when looking at Indian markets. Rakesh Rawal CEO answered that the Dubai-based investment company has had great success for the last 6-7 years. ANANDRATHI advise clients to split investments between India and abroad, and are masters in the Indian portion due to recent positive changes in India&#8217;s image. 30% of ANANDRATHI\u2019s money comes from NRIs but said it could be more aggressive in reaching out to them.<\/li>\n<\/ul>\n<ul>\n<li>[00:29:11] Samyak Shah from Sameeksha Capital enquired if the increase in other financial assets a collateral against bank overdraft and what purpose does it serve. Jugal Mantri Group CFO said the interest rates on FDs shot up in Feb. and March, so ANANDRATHI made FDs of more than one year. This moved the FDs from cash and cash equivalent to other financial assets, resulting in the change in balance classification.<\/li>\n<\/ul>\n<ul>\n<li>[00:30:39] Samyak Shah from Sameeksha Capital asked about the bifurcation of net inflows, existing vs. new clients. Jugal Mantri Group CFO said that ANANDRATHI don&#8217;t have a classification of AUM mobilization from new and old clients, because its existing clients move from one bucket to another depending on their AUM.<\/li>\n<\/ul>\n<ul>\n<li>[00:32:00] Mayank Agarwal from InCred Capital queried how many of the new RMs were originally from outside and how many were promoted from AMs. Feroze Azeez Deputy CEO replied that the net addition of RMs for the full year is 22, with a regret attrition rate of 0.35%. 40% of lateral hires were internal, and 60% were external. New RMs typically add 10-14 clients in first 3-4 months, but it may take longer to reconnect with the former organization&#8217;s clients.<\/li>\n<\/ul>\n<ul>\n<li>[00:34:09] Mayank Agarwal from InCred Capital asked when the company expects equity inflows to return to market. Feroze Azeez Deputy CEO said wealth management companies, like ANANDRATHI, can help increase net mobilizations and performance of HNIs by encouraging them to invest in equity mutual funds when Nifty is at lower levels.<\/li>\n<\/ul>\n<ul>\n<li>[00:40:04] Dipanjan Ghosh from Citi enquired about cost, if there is any headroom for improvement. Jugal Mantri Group CFO clarified that The PBT margin of a business is around 42.5%. To improve the margin, increasing the volume of business and associated cost is necessary. The operating costs including employee cost make up 46-47%, with revenue-generating employees constituting two-thirds of the employee cost. There is capacity to handle an additional 50% of the current volume at semi-variable cost.<\/li>\n<\/ul>\n<ul>\n<li>[00:48:16] Varun Pattani from Quant asked what criteria does ANANDRATHI considers when selecting mutual fund schemes, and how it\u2019s explained to clients. Jugal Mantri Group CFO answered that ANANDRATHI uses a regression model and proprietary formula to identify 11 variables with a significant correlation between past performance and future performance, rank 152 fund managers, and create a portfolio of 38 exits and 36 entries with 2.23% alpha over the Nifty.<\/li>\n<\/ul>\n<ul>\n<li>[00:52:46] Aejas Lakhani from Unifi Capital asked about the drivers of MF growth currently and going forward. Feroze Azeez Deputy CEO answered that measurement was used to show clients that regular investing was more successful than direct investing, and it did so by measuring the alpha of 239 external portfolios on a transaction-by-transaction basis. 170 outperformed Nifty while 219 underperformed.<\/li>\n<\/ul>\n<ul>\n<li>[00:56:49] Pallavi Deshpande at Sameeksha Capital queried what is the yield on loans from NBFCs that offer structured products, G6 derivatives, and small amount of loans. Jugal Mantri Group CFO said that on average, NBFCs are earning an 11.5% yield on loan against shares portfolios and a 13% yield on mortgage and construction finance books.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Anand Rathi Wealth Limited (ANANDRATHI) Q4 FY23 Earnings Concall Q&amp;A Highlights: [00:09:27] Lalit Deo at Equirus asked what kinds of primary and secondary MLD product issuances drove the distribution revenue during 4Q23. Jugal Mantri Group CFO replied that the markets have been flat for the full year, meaning that revenues have come [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"Anand Rathi Wealth Limited Q4 FY23 Earnings Conference Call Insights #ANANDRATHI #Q4 #FY23 #Earnings #Stocks","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,1],"tags":[10169,8265,11596],"class_list":["post-143731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-finance-stocks","tag-earnings","tag-finance","tag-investments"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128477,"url":"https:\/\/alphastreet.com\/india\/anand-rathi-wealth-limited-q4-fy22-earnings-conference-call-summary\/","url_meta":{"origin":143731,"position":0},"title":"Anand Rathi Wealth Limited Q4 FY22 Earnings Conference Call Summary","author":"Praveen","date":"April 14, 2022","format":false,"excerpt":"https:\/\/youtu.be\/krU_aB6Ghps Key highlights from Anand Rathi Wealth Limited (ANANDRATHI) Q4 FY22 Earnings Concall Management Update: ANANDRATHI said that going forward, with broad based recovery in the economy, improved market condition and growing awareness of a dedicated wealth management advisor, the company expects an increased inflow of funds and consistent growth\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":143715,"url":"https:\/\/alphastreet.com\/india\/anand-rathi-wealth-limited-anandrathi-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":143731,"position":1},"title":"Anand Rathi Wealth Limited (ANANDRATHI) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"April 13, 2023","format":false,"excerpt":"Anand Rathi Wealth Limited (NSE: ANANDRATHI) Q4 FY23 earnings concall dated Apr. 13, 2023 Corporate Participants: Feroze Azeez\u00a0--\u00a0Deputy Chief Executive Officer Chethan Shenoy\u00a0--\u00a0Director and Head, Product and Research Jugal Mantri\u00a0--\u00a0Group Chief Financial Officer Rakesh Rawal\u00a0--\u00a0Chief Executive Officer Analysts: Lalit Deo\u00a0--\u00a0Equirus Securities Private Limited -- Analyst Madhusudan Kela\u00a0--\u00a0MK Ventures -- Analyst\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":171470,"url":"https:\/\/alphastreet.com\/india\/anand-rathi-wealth-q2-fy26-earnings-analysis\/","url_meta":{"origin":143731,"position":2},"title":"Anand Rathi Wealth Q2 FY26 Earnings Analysis","author":"Divyansh_Kasana","date":"October 13, 2025","format":false,"excerpt":"Company Overview: Anand Rathi Wealth Ltd, incorporated in 1995, is a leading non-bank wealth solutions firm in India and a top-ranked AMFI registered mutual fund distributor. The company offers a diverse portfolio of wealth management, financial product distribution, and technology solutions to its clients. Presenting below its Q2 FY26 Earnings\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"ANANDRATHI Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANANDR.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANANDR.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANANDR.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANANDR.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANANDR.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ANANDR.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":169209,"url":"https:\/\/alphastreet.com\/india\/anand-rathi-wealth-ltd-q1fy26-29-rise-in-profits\/","url_meta":{"origin":143731,"position":3},"title":"Anand Rathi Wealth Ltd Q1FY26; 29% rise in Profits","author":"Divyansh_Kasana","date":"July 21, 2025","format":false,"excerpt":"Anand Rathi Wealth Ltd was incorporated on March 22, 1995. It is an AMFI registered mutual fund distributor and is one of the leading non-bank wealth solutions firms in India, being ranked amongst the top three non-bank mutual fund distributors in the country. The company offers a wide product portfolio\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/Anan.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/Anan.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/Anan.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/Anan.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/Anan.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/07\/Anan.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":173180,"url":"https:\/\/alphastreet.com\/india\/anand-rathi-q3-fy26-earnings-results\/","url_meta":{"origin":143731,"position":4},"title":"Anand Rathi Q3 FY26 Earnings Results","author":"Divyansh_Kasana","date":"January 20, 2026","format":false,"excerpt":"Anand Rathi Wealth Ltd was incorporated on March 22, 1995. It is an AMFI registered mutual fund distributor and is one of the leading non-bank wealth solutions firms in India, being ranked amongst the top three non-bank mutual fund distributors in the country. The company offers a wide product portfolio\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Q3 FY26","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/an.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/an.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/an.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/an.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/an.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/an.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":131137,"url":"https:\/\/alphastreet.com\/india\/anand-rathi-wealth-ltd-anandrathi-q1-fy23-earnings-concall-transcript\/","url_meta":{"origin":143731,"position":5},"title":"Anand Rathi Wealth Ltd (ANANDRATHI) Q1 FY23 Earnings Concall Transcript","author":"Sahil","date":"July 14, 2022","format":false,"excerpt":"Anand Rathi Wealth Limited\u00a0 (NSE:ANANDRATHI) Q1 FY23 Earnings Concall dated Jul. 13, 2022 Corporate Participants: Feroze Azeez -- Deputy Chief Executive Officer Jugal Mantri -- Group Chief Financial Officer Rajesh Bhutara -- Chief Financial Officer Analysts: Rohan Mandora -- Equirus Securities -- Analyst Umang Shah -- Kotak Mutual Fund --\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"stock earnings conference call transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/143731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=143731"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/143731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/125416"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=143731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=143731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=143731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}