According to exchange data for bulk and block deals, Rashesh Chandrakant Shah, Chairman of the Edelweiss Group, acquired 2 crore shares representing a 2.1% stake in Edelweiss Financial Services Ltd from promoter Venkatchalam Arakoni Ramaswamy on Monday, February 23. The shares were transacted at ₹118 each, as reported by CNBC TV18. Following this transaction, Shah's individual holding in the non-banking finance company will increase to approximately 17.5%, while Ramaswamy's stake will reduce to around 4.2%.
The company delivered robust financial results with net profit increasing to ₹264 crore from ₹124.3 crore in the previous year, according to CNBC TV18 reports. Revenue surged significantly to ₹4,404.4 crore from ₹1,898 crore in the year-ago period. Edelweiss reported that its alternative asset management witnessed a 33% increase in fee-paying assets under management (FPAUM) at ₹41,920 crore. The company's mutual fund business equity AUM also surged 33% to ₹83,000 crore, with its SIP book crossing the ₹500 crore-mark after increasing 55% from the previous year.
In the lending segment, Edelweiss disbursed MSME loans of ₹298 crore in the third quarter, up 5.7 times from the previous year, as reported by CNBC TV18. The company's disbursements in housing finance increased 36% to ₹559 crore, while its AUM grew 21% to ₹4,804 crore. The gross written premium for general insurance increased 47% to ₹404 crore in the December quarter, with the company achieving record quarterly policy issuance of 2.54 lakh. In life insurance, gross premium increased by 15% to ₹514 crore from the previous year, with AUM growing by 17% to ₹10,486 crore.
Shares of Edelweiss Financial Services Ltd ended at ₹123.00, up by ₹1.60, or 1.32%, on the BSE following the positive quarterly results announcement, according to CNBC TV18. The stock performance reflects investor confidence in the company's strong financial performance and diversified business growth across multiple segments.
