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Nuvama Wealth Management Limited Announces Q4 FY24 Results, Delivering robust Year-over-Year Growth of 57% in Operating PAT

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MUMBAI, India, May 29, 2024 /PRNewswire/ — Nuvama Wealth Management Limited (NSE: NUVAMA) (BSE: NUVAMA), one of India’s leading Wealth Management companies, reported its financial results and business performance for the quarter and year ending 31st March 2024.

Nuvama Group: Consolidated Performance

Revenues: Q4 FY24 stood at US $ 71 million, grew by 35% YoY and FY24 at US $ 247 million, grew by 31% YoY.Operating Profit After Tax (PAT): Q4 FY24 stood at US $ 22 million, grew by 57% YoY and FY24 at US $ 72 million, grew by 62% YoY.Sustained robust growth in Wealth and Asset Management, FY24 revenues grew by 18% YoY. Capital Markets FY24 revenue grew by 64% YoY supported by robust primary and secondary Indian markets.

Particulars – US $ million

Q4 FY23

Q4 FY24

YoY

%

FY23

FY24

YoY

%

Revenues

53

71

35 %

189

247

31 %

Costs

34

43

25 %

130

153

18 %

Operating Profit Before Tax (PBT)

18

29

55 %

59

94

60 %

Operating Profit After Tax (PAT)

14

22

57 %

44

72

62 %

Commenting on the performance Ashish Kehair, MD & CEO of Nuvama Group said, “India’s structural growth journey continues, with robust GDP, healthy corporate earnings, sustained domestic demand and stable macros. Equity markets saw highest ever institutional flows in FY24 making India, one of the best-performing markets. With Nuvama’s comprehensive, diversified, and scaled wealth management platform we were able to leverage full potential of these trends. We closed fiscal 2024 with PAT of US $ 72 million, growing by 62% YoY.

Our client assets stood at US $ 41.5 billion, growing by 50% YoY, powered by ‘client-first’ philosophy, and supported by strong markets. We delivered revenues of US $ 247 million led by growth across our business segments. Execution of our strategic priorities remains on track. In Wealth Management we scaled sales capacity and expanded our footprint. In Nuvama Wealth we added 200+ RMs. In Nuvama Private we added 20 RMs and expanded to 3 new locations in India. We have made important progress on launch of our offshore proposition. In Asset Management, we continue to scale our strategies. Our public market funds AUM witnessed strong flows, grew by 155% YoY, and crossed US $ 240 million mark. Our newly launched commercial real estate fund with Cushman & Wakefield is on track to raise funds as planned. We are expanding our distribution by building network across wealth managers, banks, and Institutions. In our Capital Markets business, we ended the year with a stellar performance supported by increased market volumes and growth in our market share.

As we enter fiscal 2025, we remain watchful on some of key global and domestic trends that may play out in coming quarters. We are confident on the long-term growth prospects of Wealth Management industry in India and excited to grow our capacity and capabilities and sustain this leadership.”

Key Highlights

Wealth ManagementRevenues: US $ 40 million in Q4 FY24, grew by 16% YoY and US $ 142 million in FY24, grew by 17% YoYPBT: US $ 14 million in Q4 FY24, grew by 15% YoY and US $ 50 million in FY24, grew by 24% YoY.Client Assets: US $ 29.7 billion as at end of Q4 FY24, grew by 36% YoY.Added ~230 new RMs this fiscal, taking our RM count to ~1,200.Nuvama Wealth: Revenues and net flows from Managed Products & Investment Solutions (MPIS) remains robust. In FY24, MPIS contributed 86% of the total new flows.Nuvama Private: Revenue and net flows from Annual Recurring Revenue (ARR) earning assets continues to grow at a faster rate. ARR revenues were 57% of total revenues.Asset Management Revenues (ex-carry): US $ 1 million in Q4 FY24, grew by 27% YoY and US $ 6 million in FY24, grew by 34% YoY.AUM: US $ 0.8 billion as at end of Q4 FY24, grew by 25% YoY, of which Public Markets AUM stood at US $ 0.3 billion, grew by 155% YoY.Capital MarketsRevenues: US $ 30 million in Q4 FY24, grew by 71% YoY and US $97 million in FY24, grew by 64% YoY.PBT: US $ 16 million in Q4 FY24, grew by 123% YoY and US $ 45 million in FY24, grew by 180% YoY.Client Assets for Asset Services: US $10.9 billion as at end of Q4 FY24, grew by 109% YoY.Robust primary & secondary capital markets and increased market share led to the growth in business revenue and profitability.

About Nuvama Group

Nuvama has built a strong foundation of trust and reputation in the Indian market over 25 years. As one of India’s leading integrated wealth management firm in India, Nuvama oversees US $ 41.5 billion of client assets and caters to a diverse set of clients which includes ~1.2 million affluent and HNIs and ~3,600 of India’s most prosperous families, as of end of FY24. Nuvama offers wealth management solutions, covering investment advisory, estate planning, investment management, lending and broking services for individuals, institutions, CXOs, professional investors, and family offices. It also offers a wide bouquet of alternative asset management products and is a leading player in capital markets.

For more details, please visit: https://www.nuvama.com

Disclaimer: The US $ values above have been converted using foreign exchange rate of 1 US $ equal to INR 83.3739 for convenience. Due to rounding off, numbers presented in this Earnings Release may not add up to the totals provided and/or correlate with the growth and contribution percentages provided. Data provided in the INR version of the Earnings Release shall prevail in case of disparity.        

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CSharpCorner Announces 2025 Industry-Leading Conference Lineup to Drive Education and Innovation in Software Development

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December 27, 2024

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NEW YORK, Dec. 27, 2024 /PRNewswire/ — CSharpCorner, the world’s premier developer community, is excited to announce its 2025 lineup of industry-leading conferences, addressing the growing demand for events that drive education, networking, and innovation in all areas of software development, including Web3 and AI. These conferences, attended by hundreds of thousands annually, continue to provide valuable opportunities for developers to Learn, Earn, and Grow.

CSharpCorner’s 2025 calendar offers a dynamic mix of virtual and in-person events, providing cutting-edge content, career growth opportunities, and networking with industry experts to support a thriving developer ecosystem.

2025 Conference Lineup:

March: .NET Virtual Conference. A premier event showcasing the latest advancements in .NET technologies, tools, and frameworks to help developers stay at the forefront of innovation.May: Modern Database Conference. Focused on modern database systems, this conference covers trends, solutions, and best practices for efficiently managing data.June: Code Quality Conference. Dedicated to improving software quality, the event explores techniques, tools, and methodologies to write cleaner, more efficient, and maintainable code.July: Cloud Summit. A comprehensive summit covering the major cloud platforms—Amazon Web Services, Microsoft Azure, and Google Cloud—helping developers build, scale, and deploy cloud-based solutions.August: Software Architecture Conference – A deep dive into the principles, strategies, and best practices of software architecture, empowering developers to design scalable and robust systems.October: Action AI Conference & BCrypt Conference. The Action AI Conference highlights the latest breakthroughs in Artificial Intelligence, while the BCrypt Conference focuses on Web3 technologies, blockchain, and decentralized solutions.November: Frontend Days – Angular, React, Vue, and Blazor. A must-attend event for frontend developers to explore trends, frameworks, and tools in building dynamic and engaging user interfaces.December: Growth Mindset Conference. Designed to inspire and motivate, this event focuses on personal and professional development to help developers thrive in their careers and embrace a growth mindset.

“At CSharp, our mission is to empower developers by offering platforms where they can access cutting-edge content, connect with like-minded professionals, and advance their careers,” said Mahesh Chand, founder & CEO of CSharpCorner. “Our 2025 conferences are designed to meet the evolving needs of the developer community, driving innovation in areas like Web3, AI, cloud computing, and software architecture.”

CSharpCorner plays a pivotal role in supporting developers worldwide, equipping them with the knowledge and tools they need to succeed in an ever-changing technology landscape.

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SOURCE CSharp Inc

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Nest Partners with Dinari to Deliver Real World Yield Through First Tokenized Blackstone ETF on Plume

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14 minutes ago

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December 27, 2024

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NEW YORK, Dec. 27, 2024 /PRNewswire/ — Nest, the flagship RWA staking protocol exclusive to Plume Network, today announced the first tokenized Blackstone ETF vault through its partnership with Dinari. Nest’s new permissionless vault features the Blackstone Senior Loan ETF, and will deliver real world yields to DeFi users once the vault is launched on Plume mainnet. This announcement marks a significant expansion of Dinari’s long-term partnership with Plume, as the established tokenization platform brings institutional-grade assets into the rapidly growing Plume ecosystem.

The first tokenized Blackstone ETF on Plume Network joins Nest’s suite of yield-generating solutions, which includes the Treasuries Vault for professional firms and the High Yield Vault for growth-focused strategies.

“By launching this first-ever tokenized Blackstone ETF vault, we’re creating new opportunities for users to access institutional yields,” said Teddy Pornprinya, Co-founder at Plume. “Our partnership with Dinari transforms traditionally exclusive products into accessible opportunities through permissionless infrastructure.”

Through this latest vault, users who stake stablecoins into a vault on Nest receive yield tokens that appreciate in value as SRLN.d, Dinari’s tokenized version of the SPDR Blackstone Senior Loan ETF, generates returns. The ETF provides strong downside protection through floating rate yields indexed to SOFR (Secured Overnight Financing Rate).

The vault benefits from SRLN.d’s key features: competitive yields with automatic dividend accrual and reinvestment, full backing by the underlying Blackstone ETF, and guaranteed 1:1 USDC redemption. Blackstone oversees the management of the underlying assets, while Alpaca Securities provides brokerage services for asset transactions.

The floating rate structure provides natural protection against interest rate fluctuations. Blackstone’s ETF is included in a variety of vaults on Nest, where it provides the base level stability and yield. It’s paired with liquidity from yield-bearing stablecoin protocols Mountain and M^0, serving both retail users and liquidity providers.

Nest’s infrastructure has been secured by multiple firms. The protocol’s smart contracts have been audited by SlowMist, while Trail of Bits and Zellic have audited the broader protocol infrastructure. All Nest vaults, including this latest offering, are assessed by institutional risk manager Cicada Partners.

The integration of Dinari’s Blackstone ETF products marks only the beginning of a longstanding collaboration between Nest and Dinari. Future plans include deeper integration through shared global neobank initiatives and expanded access to highly liquid, yield-bearing assets, all powered by Plume’s infrastructure.

This growing partnership will continue to bring institutional-grade investment opportunities to Plume’s expanding ecosystem of protocols and users.

About Nest
Nest is a flagship staking protocol for users to earn RWA yield on their stablecoins. Designed to be a precisionless way for global users to deposit into vaults, the protocol lets fund managers, issuers, and RWA protocols create their own structured offerings. Audited by Trail of Bits and Zellic, Nest leverages Plume’s unique infrastructure to let its global user base participate in traditionally limited asset classes. For more information, visit https://nest.credit and https://x.com/NestCredit

About Dinari
Dinari is at the forefront of delivering innovative digital economy solutions, empowering individuals and organizations alike. With a steadfast commitment to transparency and accessibility, Dinari specializes in blockchain-based offerings, including the pioneering Dinari Securities-Backed Tokens (dShares), ensuring direct exposure to globally esteemed assets with unequivocal 1:1 backing. For more information, visit https://dinari.com

About Plume Network
Plume is the first fully integrated L1 modular blockchain focused on RWAfi, offering a composable, EVM-compatible environment for onboarding and managing diverse real-world assets. With 180+ projects on its private devnet, Plume provides an end-to-end tokenization engine and a network of financial infrastructure partners, simplifying asset onboarding and enabling seamless DeFi integration for RWAs. For more information, visit https://plumenetwork.xyz

CONTACT: press@plumenetwork.xyz

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SOURCE Plume Network

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Strictly Money Launches Crowdcube Campaign, Inviting European Investors to Fuel its Growth Journey

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1 hour ago

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December 27, 2024

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LONDON, Dec. 27, 2024 /PRNewswire/ — Strictly Money Ltd, the London-based fintech, has launched a crowdfunding campaign on Crowdcube to invite European investors to fuel its next phase of growth. Crowdcube, Europe’s largest private market investment platform, has powered success stories like Revolut, Qonto, and Monzo. Regulated by the UK’s Financial Conduct Authority (FCA), Crowdcube provides a trusted and innovative platform for investors to participate in transformative ventures.

Strictly Money’s primary objective with this campaign is to accelerate its growth, fuel product development, and expand its shareholder base. The funding will enable Strictly Money to launch its payment card and banking app in early 2025 and to strengthen its market presence in Scandinavia, the UK, and Ireland. The company plans to introduce hedge fund returns products, broadening investment options for consumers by the end of 2025.

Discover how you can be part of Strictly Money’s growth journey by visiting our Crowdcube campaign at https://crowdcube.getstrictlymoney.com.

Will Povey, CEO and Co-Founder of Strictly Money, said: “At Strictly Money, our vision is to empower everyday investors with access to wealth-building tools and opportunities that were previously reserved for high-net-worth individuals. With this crowdfunding campaign, we aim to bring together a diverse community of investors who share our passion for financial innovation and inclusivity. This funding will not only help us launch our innovative debit card and app but also drive the development of new products that deliver real value to our users.”

About Strictly Money:

Strictly Money is a UK-based financial technology company set to launch a debit card and a cutting-edge banking app in early 2025. The company aims to democratize access to high-performing hedge fund returns, providing innovative investment strategies and financial solutions tailored to investors, savers, and entrepreneurs. Strictly Money’s mission is to open up premium investment opportunities traditionally limited to high-net-worth individuals (HNWIs). For more information, visit https://strictly-money.com.

For media inquiries contact:
Mary Prendergast
Email: ir@getstrictlymoney.com 

Important Notice: 

Investing in startups and early-stage businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution. It should be done only as part of a diversified portfolio. Crowdcube is targeted exclusively at investors who are sufficiently sophisticated to understand these risks and make their own investment decisions. Please read the full Risk Warning on Crowdcube’s website before deciding to invest.

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