Abans Holdings is embarking on a strategic expansion to enhance its presence in the financial markets
MUMBAI, Nov 13 (The CONNECT) - Abans Holdings Limited, a leading diversified financial services company, has reported consolidated revenues of INR 611 crores for the first half of FY24, showing an 89% YoY increase.
Operating Profit up by 97% YoY at Rs 66 Cr in H1 FY24 from Rs 33 Cr in H1 FY23, while the agency income grew by 200% YoY to Rs 44 Cr in H1 FY24 from Rs 14 Cr in H1 FY23.
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.
Profit from agency business grew by 736% YoY to Rs 28 Cr in H1 FY24 from Rs 3 Cr in H1 FY23, while profit from Lending business grew by 106% YoY to Rs 9 Cr in H1 FY24 from Rs 4 Cr in H1 FY23.
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.
The company’s NPA continues to be nil.
The agency business played a pivotal role in propelling our advancement, driven by the expansion of company’s AUM, augmented income from remittance services, and burgeoning consultancy revenue.
The company is embarking on a strategic expansion to enhance its presence in the financial markets and achieve sustained growth.
The company has applied for regulatory approval to operate as an Asset Management Company.