Mumbai, August 8, 2024 : Abans Holdings Limited with a market capitalization of over INR 2800 crs a premier global financial services conglomerate, announced its consolidated financial results for this quarter, showcasing a robust performance across key financial metrics.
Abans Holdings has reported outstanding consolidated financial results for the quarter ended June 30, 2024. The company’s agency business EBIT showed a significant increase of 57% from the previous quarter, reaching INR 21.75 crores. The company’s EBITDA also showed a significant increase of 37%, amounting to INR 43.67 crores. The firm’s assets under management (AUM) grew by 8% during the quarter, indicating consistent growth.
Abhishek Bansal, Chairman and Managing Director of Abans Holdings Ltd, expressed his enthusiasm: “Our Q1 performance is a testament to the strategic initiatives and unwavering dedication of our team. The impressive growth in our agency income and EBITDA reflects our adeptness in navigating market challenges and seizing opportunities. With our AUM increasing steadily, we are reinforcing our market presence. Trust is the cornerstone of our business, and this performance illustrates the confidence our clients place in us. We are committed to delivering sustained value to our stakeholders.”
Additionally, profit before tax increased to INR 28.93 crores, compared to INR 25.25 crores in the trailing quarter, while net profit achieved INR 24.21 crores, up from INR 21.16 crores. This robust performance reflects the company’s strategic initiatives and strong operational execution.
Nirbhay Vassa, Group CFO added: “The financial results for this quarter underscore our strong operational execution and financial prudence. The 57% increase in agency business EBIT to INR 21.75 crores and the 37% rise in EBITDA to INR 43.67 crores highlight our team’s dedication and strategic acumen. These numbers signify our solid growth trajectory and the effectiveness of our financial strategies. The expansion in our AUM is a clear indicator of our growing market footprint. We are poised to build on this momentum and achieve our long-term financial aspirations.”
Abans Holdings has acquired the SATCO Growth and Momentum Portfolio from SATCO Capital Markets Limited to accelerate its expansion. Also its subsidiary Abans Investment Managers Pvt Ltd (AIMPL) valued at INR 150 crs in Series A funding round led by clients who invested in their products and experienced their services firsthand. This demonstrates the confidence of distributors, who channel AUM across the products. The company plans to focus on accelerating AUM growth by building a strong brand, enhancing product offerings, and expanding distribution outreach.
They are also establishing a wholly-owned subsidiary in GIFT City for lending activities, subject to regulatory approvals. Abans practices growth hacking, focusing on innovation, technological integration, strategic relationships, flexibility, and hiring the right people. The company is also expanding its flagship Global Arbitrage Fund to U.S. markets through its subsidiary, aiming to provide investors with access to the fund’s track record of delivering consistent and significant returns after securing regulatory approval.
The exceptional financial results underscore Abans Holdings Limited’s commitment to strategic growth and operational excellence. With significant increases in agency income, EBITDA, and assets under management, the company has demonstrated its ability to navigate market challenges and capitalize on opportunities.
As Abans Holdings continues to expand its market presence and build on this momentum, it remains dedicated to delivering sustained value to its stakeholders, reinforcing the trust and confidence of its clients and partners.