Prudent Corporate Advisory reports a 51% increase in revenues and a 57% rise in profits

Prudent Corporate Advisory Services, an independent retail wealth management services group, has reported a 51% year-on-year increase in revenue from operations, reaching Rs 249.4 crores for the quarter ended June 2024. The company achieved a net profit of Rs 44 crores for the June quarter, marking a 57% growth compared to the same period last year.

This significant revenue growth was driven by a 52% increase in the quarterly average assets under management (AUM) in the mutual fund sector, alongside a 64% rise in revenues from non-mutual fund products.

On July 26, Prudent reached a major milestone with an AUM of Rs 100,000 crores. The Systematic Investment Plan (SIP) book grew by 41% year-on-year in June, totaling Rs 780 crores. Prudent’s market share of SIP flows in the industry was 3.7% for June 2024.

Commenting on the results, Sanjay Shah, managing director of Prudent Group, stated that this achievement highlights the value Mutual Fund Distributors find in partnering with Prudent due to its technology and on-ground support. “Our next goal is to reach a SIP book of Rs 1,000 crores by March 2025.”