Retail wealth management firm Prudent Corporate Advisory's revenue jumps 33%, profits 45%

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Retail wealth management services firm Prudent Corporate Advisory Services has reported a 36% jump in revenues from operations at Rs 611 crores for the year ended March 31, 2023, led by 33% growth in average yearly assets under management (AUM) in the mutual fund vertical coupled with insurance revenues almost doubling. Net profits of the company grew 45% at Rs 117 crore compared to Rs 80 crore in FY2022.

The company said that growth in AUM was led by robust systematic investment plan (SIP) flows and acquisition of Karvy’s mutual fund folios. The company, which distributed a wide range of financial products, reported a cash flow from operations of Rs 127 crores during the year.

“Our FY23 results reflect the determined efforts of the entire Prudent team,” said Mr Sanjay Shah, Managing Director. “We achieved three key milestones during FY23. Firstly, our Mutual fund vertical crossed Rs. 500 crores in revenues. Secondly, our cash flow from operations exceeded Rs. 100 crore. And finally, our insurance vertical crossed 10% of the overall revenues.