Arihant Capital Q1 results in a solid performance, shares rebound 

Established in 1992, Arihant Capital is a boutique stockbroking company operating in central India, providing a broad spectrum of financial products and services.

The stock of Arihant Capital Markets rebounded nearly 8 per cent during the early trading session on Monday after the firm reported a robust performance in the quarter ended on June 30, 2023.

Arihant Capital Markets (ACML) reported a 54 per cent climb in the net profit on a year-on-year (YoY) basis to Rs 11.55 crore in the June 2023 quarter. The firm had clocked the lowest line of Rs 7.45 crore in the same quarter the prior year. The income from operations rose nearly 23 per cent on a YoY basis to Rs 42.79 crore in Q1FY24, from Rs 34.78 crore a year back.

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ACML successfully raised its client acquisition rate through a digital-first method. The business management plans to onboard 5 lakh new clients. The firm even intends to increase funds externally to meet the ongoing demand from existing consumers and scale its book.

Following the report of results on the weekend, shares climbed 8 per cent from the day’s low at Rs 56.15 on Monday to Rs 60.44 during the session. The firm commanded a total market capitalization of around Rs 625 crore. The scrip had fixed at Rs 59.19 on Friday. The share has gained around 55 per cent in the last month.

Source – BT