Prudent Corporate Advisory Services, one of the leading financial product distributors, has reported a 10 per cent increase in September quarter net profit at Rs 30 crore, led by strong operational growth.
Revenue from operations grew 29 per cent to Rs 190 crore as the average assets under management were up 29 per cent at Rs 66,584 crore (Rs 51,630 crore).
The monthly SIP flow as of September-end was Rs 595 crore and its market share was 4 per cent.
Sanjay Shah, Managing Director, Prudent Group, said the company is uniquely placed in the wealth management space as it focuses on the largely underserved retail segment.
There are just 4 crore unique mutual fund investors in the country and this number is set to grow rapidly during the ‘Amrit kaal’ phase when per capita income is set to grow 10 times in the next 25 years, he said.
Over the years, it has been well established that mutual funds as an asset class have delivered inflation-beating returns and this product will eat into the share of bank deposits slowly, Shah added.
The company expects to achieve assets under management of Rs 1 lakh crore and monthly SIP flow of Rs 1,000 crore by March 2026.