stock market today: Dalal Street bulls bought heavily in Abans Holding shares after strong Q3 FY2023 results. Share price of Abans Holdings opened flat today and climbed over 2 percent to intraday high 229 on the NSE after the announcement of third quarter results on Wednesday.
in Q3 results 2023, Abans Holdings LimitedA Globally Diversified Financial Services Organization, Reported Today’s Consolidated Revenues 591.17 crore, showing an annual growth of 21.97 per cent over the previous year.
Abans Holding’s asset management and brokerage business reports consolidated profit before tax (PBT) in Q3FY23 results 8.74 crore (for the nine-month period April-Dec’22), which translates to a significant annual growth of 148.78 per cent. The strong performance can be attributed to the company’s renewed focus on its asset management business and efforts to expand its distribution network and promote MLD (market linked debentures) and offshore investment products managed by the Mauritius unit . Lending activities also showed a strong performance with consolidated PBT of 8.08 crore (for the nine-month period April-Dec’22), showing an annual growth of 86.38 per cent over the previous year.
Commenting on the strong financial results, Mr. Abhishek Bansal, Managing Director, Abans Holdings Limited said, “We are pleased to announce yet another quarter of strong financial results. We have re-focussed our asset management business and this Making significant investments to grow the business. Verticals. Going forward, our growth will be driven by expanding our AUM through distribution network. Distribution by offering MLDs (Market Linked Debentures), offshore investments and other investment products Building strong relationships with partners. These initiatives are expected to significantly improve performance in the future.”
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Abhishek Bansal of Abans Holding further added, “We are committed to delivering value to our customers and shareholders, and these results are a testimony to the hard work and dedication of our team.”
The treasury business of the company registered a marginal decline in PBT. However, the company is optimistic about the future as the inflow of IPO proceeds is expected to propel its interest income in the coming quarters. The company has amended its objectives to act as fund managers at the holding company level.
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