Edelweiss Financial Services Limited (EFSL) has delivered a healthy Q2 FY24 performance, with a consolidated profit after tax (PAT) of ₹110 crore, reflecting a 45% year-on-year (YoY) growth. EFSL’s ex-insurance profit stood at ₹163 crore, marking a 6% increase YoY, while consolidated revenue reached ₹2,842 crore.
Key Financial Highlights
- Asset Under Management (AUM): EFSL’s Enterprise Asset Allocation and Advisory (EAAA) AUM rose by 15% YoY to ₹57,250 crore, with a 28% increase in profitability to ₹58 crore.
- Mutual Fund AUM: Saw a 23% YoY rise to ₹1,40,500 crore, with a 21% boost in profitability to ₹15 crore.
- Asset Reconstruction Business: Increased profitability by 12% YoY to ₹91 crore.
- Insurance: Gross Written Premium for Zuno General Insurance rose by 27% YoY to ₹243 crore, with losses decreasing by 66%.
Customer Expansion and Balance Sheet Strength
- Customer Base: Expanded significantly by 45% YoY, reaching 9.1 million.
- Balance Sheet: Net worth stands at ₹6,386 crore, with net debt reduced by ₹2,250 crore YoY. Liquidity remains strong at ₹4,000 crore with over 37% capital adequacy across entities.
Speaking on the occasion, Rashesh Shah, Chairman, Edelweiss Financial Services Limited said: “The Indian economy is witnessing a temporary slowdown, with this quarter’s growth projected to be 20 bps lower than the target. While India Inc is expected to record a 16-quarter low revenue growth, the momentum is expected to recover owing to demand surge in the festive season and strong private investments, particularly in real estate and corporate capex. India’s ability to self-correct, rebalance, and adapt to the realities of the global market further strengthens our outlook. Looking ahead, India’s prospects are well-supported by policy stability, sectoral incentives, and infrastructure investments, giving us confidence in a steady trajectory amidst global uncertainties.
