Abans Holdings Limited reports results for Q2 FY24 and H1 FY24

YoY highlights – Consolidated numbers

• For the first half of FY24, consolidated revenues were INR 611 crores, showing an 89% YoY increase
• Operating Profit up by 97% YoY at Rs 66 Cr in H1 FY24 from Rs 33 Cr in H1 FY23
• Agency income grew by 200% YoY to Rs 44 Cr in H1 FY24 from Rs 14 Cr in H1 FY23
• Profit from agency business grew by 736% YoY to Rs 28 Cr in H1 FY24 from Rs 3 Cr in H1 FY23
• Profit from Lending business grew by 106% YoY to Rs 9 Cr in H1 FY24 from Rs 4 Cr in H1 FY23
• NPA continues to be Nil

MUMBAI, India, Nov. 15, 2023 /PRNewswire/ -- Abans Holdings Limited (NSE: AHL), a leading diversified financial services company, is pleased to announce its robust financial performance for the second quarter (Q2) and Fiscal half yearly 2024. The company reported significant growth across various financial metrics, reinforcing its position as a key player in the industry.

The agency income and profit has grown substantially in H1 FY24 compared to H1 FY23 largely due to increase in AUM and acquisition of PMS business.

The operating profit has doubled in H1 FY24 compared to H1 FY23 primarily because of the increase in asset management activity and expanding global operations, supported by the increase in income from lending business. The company's agency business played a pivotal role in propelling its advancement, driven by the expansion of its AUM, augmented income from remittance services, and burgeoning consultancy revenue.

As reported earlier, the company is embarking on a strategic expansion to enhance its presence in the financial markets and achieve sustained growth. Approved by the board, the company has outlined its growth path as outlined below:

1. Asset Management: The company has applied for regulatory approval to operate as an Asset Management Company.
2. Global footprint: Establish an asset management business in Singapore through its subsidiary, Abans Broking Services Pvt Limited, expanding its international footprint.
3. GIFT City: Incorporating a wholly-owned subsidiary in Gujarat International Finance Tec-City (GIFT City) under Abans Finance Pvt Limited, focusing on lending operations. Furthermore, the company is positioning itself as a leader in alternative investments, managing both domestic and international alternative investment funds.

About Abans Holdings Limited

Abans Holdings Ltd. is a diversified financial services company, which caters to whole gamut of financial businesses such as Institutional Broking, Asset Management, Financial Lending, Treasury operations and Remittance Services. AHL aspires to emerge and become a dominant player in the global asset management space.