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Prudent Corporate Advisory has reported a 25% year-on-year increase in profit in the first quarter of FY 2023 at Rs.15.60 crore.
The national distributor reported a 43% surge in equity AUM at Rs. 43,618 crore, driven mostly by acquisition of Karvy's mutual fund distribution business.
As per the company, the gross flows from SIPs was the highest in its history at Rs. 1,274 crore in Q1 FY 2023. In June 2022, the monthly mobilisation through SIPs stood at Rs. 431 crore, implying a market share of 3.5%.
The company said it plans to empanel more MFDs and focus on becoming a multi-product distribution platform to fuel growth.
Commenting on the result, CEO and Whole-time Director Shirish Patel said, "We have added liquiloans & smallcase to our platform in this quarter. We are continually adding new products to our platforms to diversify our revenue base and create multiple pillars of growth. Insurance is one such product vertical which is helping us in our diversification journey, forming around 8% of revenues. We expect to scale this vertical further through our strong network of more than 6,800 Point of Sales Persons."
