Nuvama Wealth Management, formerly known as Edelweiss Securities, witnessed a remarkable surge of nearly 10% in its shares following its robust third-quarter earnings report.
The wealth management firm reported a significant increase in net profit, which nearly doubled to ₹178 crore in the December quarter. This growth was attributed to a strong performance across its fee-based businesses, marking a substantial improvement from the net profit of ₹90 crore recorded in the year-ago period.
Furthermore, the company’s revenue saw a notable uptick, rising by 38% to ₹558 crore during the period under review. For the first nine months of the fiscal year, revenue surged by 29% to ₹1,467 crore.
Despite this impressive growth, the firm also reported a rise in expenses, which increased by 21% to ₹328 crore compared to ₹270 crore in the previous year.
As of 12:47 pm, Nuvama Wealth Management’s shares were trading 9.84% higher at ₹3,746.20, reflecting the positive market response to its strong performance in the third quarter.
