• Financial performance: Adjusting for one-off fair-value gains and ESOP charges, annual revenue grew 22% and profit rose 29%, keeping operating margins intact at 43% to 44% alongside a 1:1 bonus issue. Reported headline profit grew 40% year-on-year to ₹103 crore on a 29.6% revenue increase to ₹288 crore.
• Branch expansion: The firm operates 18 to 19 branches after recently adding Mangalore and targeting Patna next, with new locations breaking even within their first year due to low fixed costs. Management is pacing openings cautiously and staffing them with existing employees to preserve organizational culture.
• Market outlook: Management assesses that equity markets are currently trading at a 10% to 15% discount to fair value. They expect strong market performance over the next 12 months as macro pressures ease and corporate earnings growth is priced in.
• Portfolio strategy: Client portfolios target a 14% to 15% return at a 0.6 beta (40% lower risk than the Nifty) using a mix of mutual funds and structured products. Asset allocation relies on a core basket of 14 funds designed to generate returns 3% to 4% higher than the Nifty over time.
• Growth initiatives: The business pipeline centers on adding relationship managers, opening new branches, and fine-tuning offerings for the Gold (₹10 to ₹50 crore) and Platinum (over ₹50 crore) client segments.