Abans Holdings Limited, a leading diversified financial services company, announced strong financial performance for the fourth quarter (Q4) and fiscal year 2023. For the Financial Year 2023, company reported net profit of Rs. 70.3 crore, growth of 14% Y-o-Y as compared to the net profit of Rs. 61.8 crore in FY22. Operating profit during FY23 grew 15% Y-o-Y to Rs. 76 crore. Revenue from operation during FY23 was reported at Rs. 1,150.97 crore, rise of 80.2% Y-o-Y as compared to revenue of Rs. 638.62 crore in FY22. Agency income surged by 83% YoY, reaching Rs 43 crore in Mar 23. EPS for the FY23 stood at Rs. 14.81 per share. Company continues to maintain strong risk management with Net NPA continues to remain at Zero.
In addition to its strong results, Abans Holdings outlined its strategic expansion plans, aiming to drive future growth and strengthen its leadership position. The company aims to expand beyond its current holding company status and also act as sponsors and investment managers for managing schemes floated by all categories of Alternative Investment Funds (AIF). Despite capital market volatility, Abans Holdings has successfully achieved an impressive 83% YoY growth in agency income by expanding its global footprint.
Corporate Avenue Services Limited (CASL), a subsidiary of Abans Holdings, has obtained a licence from the FCA UK, enabling the provision of remittance services to global clients transacting in multiple currencies. This business segment holds tremendous potential and is expected to serve as a growth driver for the group. To further enhance its assets under management (AUM), Abans Broking Services Private Limited (ABSPL), a subsidiary of Abans Holdings, has entered into a MoU with SATCO Capital Markets Limited (SATCO). The agreement entails taking over the SATCO Growth and Momentum Portfolio, including its performance history, investors, AUM, and fund management, subject to regulatory approval.
Mr. Abhishek Bansal, Managing Director of Abans Group, expressed his enthusiasm about the company's performance and future plans, stating, "We are delighted with the robust financial results achieved in fiscal year 2023. Our strong growth across various metrics is a testament to our focused approach and unwavering commitment. As we move forward, our strategic focus on Asset & Wealth Management will further strengthen our position in the industry and deliver long-term value to our stakeholders."
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