Wealth First Portfolio Managers Limited — PPTs, 12-05-2025: Investor Presentation

1. Financial Highlights:

Trail-based revenue rose 50.4% YoY to Rs. 47.5 Cr, making up 97% of total revenue. However, total revenue declined 10.3% YoY to Rs. 60.1 Cr due to a sharp fall in trading income (loss of Rs. 5.2 Cr vs. gain last year) and a 45.3% drop in other income to Rs. 6.9 Cr. PAT fell 20.1% YoY to Rs. 34.1 Cr, affected by trading losses, an exceptional Rs. 1.5 Cr cyber fraud cost, and higher operating expenses. Cost-to-income ratio improved by 210 bps to 25.6% (23.0% excluding exceptional items), reflecting operational efficiency. Total Assets stood at Rs. 136.2 Cr, equity at Rs. 128.5 Cr. Assets Under Advice (AUA) rose 14.9% YoY to Rs. 11,623 Cr; trail-based AUM grew 20% to Rs. 5,386 Cr.

2. Strategic Initiatives & Growth Drivers:

The RM team expanded 21% to 35, with 51% having over 5 years’ experience, enhancing client engagement. Client families increased 11% to 6,578 and total clients rose 6% to 20,759. Wealth First stays focused on product-agnostic, cost-efficient investment strategies and adjusts offerings based on market shifts. Continued investment in RM hiring and technology aims to boost client servicing and efficiency.

3. Business Developments:

No recent inorganic moves; growth driven organically through new client acquisition and expanded offerings including fixed deposits, bonds, mutual funds, PMS, and AIFs. Cyber fraud resulted in an exceptional charge but no lasting business impact.

4. Market Position & Competitive Advantage:

Positioned as a trusted, independent wealth manager with a legacy since 1990 and strong product research. Ranked 33rd nationally among individual financial advisors, with a high client retention rate (82% >5 years). Differentiated by transparent communication, investor education, and tailored solutions matching client risk profiles. Experienced leadership with deep industry ties strengthens its moat.

5. Investor Implications:

Core business shows positive growth potential despite near-term earnings pressure from volatile trading and a cyber fraud event. Strong AUA/AUM and client base growth support a favorable outlook amid rising Indian HNI wealth and financial awareness. Efficient cost management and steady dividend policy add confidence, though monitoring execution risks from market volatility remains important.