Any current/future new fundraising through debt or equity?

No explicit mention of new fundraising through equity or debt in the transcript. Treasury investment book has been self-sustaining with no capital raise since listing; net worth grew 22% CAGR over last decade. Private equity and real estate funds have ongoing fundraises, e.g. IREF VI with a Rs. 20 billion fundraise plan, first close expected January 2024, final close next year. Launch of growth fund IBEF V planned in FY25. Several fund closures and carry bookings expected in FY25 and FY26. Focus appears on internal capital deployment and asset management fundraises rather than external equity

Any current/future capex/capital investment/strategic investment?

IREF VI fund, a Rs. 20 billion real estate fund, is expected to have its first close in January 2024, with final closure and fundraising continuing into the next year (FY25). Launch of IBEF V growth fund planned for FY25. Completion of fund flows for IREF VI and closing of IREF II (real estate funds) expected by FY25. Closing of the IBEF II private equity fund expected by FY26. Overall, there is significant activity planned in fund raising on both growth capital and real estate sides over the next 1-2 years. The firm is also strengthening sales force, optimizing productivity, and investing in

Future growth expectations in sales/revenue/volumes?

Distribution business targeted as a significant growth driver for FY'25 and FY'26, especially via cross-selling mutual funds, PMS, AIFs, and insurance to active broking customers. Focus on increasing penetration of distribution AUM (~currently 12-15%) among ~8 lakh active clients, with strong traction in AIFs, PMS, private equity, and mutual funds. Retail broking volumes ending Q3 strong, with January 2024 expected to scale even higher. Expanded RM teams (e.g., 856 RMs in home finance, 51 wealth RMs added) to boost AUM growth and sales, with margin recovery anticipated in coming years.

Future growth expectations in earnings/operating earnings/profits/EPS?

Operating businesses' profit after tax has compounded at 31% p.a. over the last 10 years and 38% p.a. over the last 4 years. Expectation of 20%+ growth runway for equity-focused asset management companies driven by rising SIP flows and demat account additions. Wealth Management margins expected to recover to historical 35%-40% as AUM grows and new relationship managers stabilize. Brokerage revenue in retail segment is strong with improved market shares in cash and F&O premium; future quarterly growth expected. Private equity and real estate funds are raising new funds and planning exit

Motilal Oswal Financial Services LtdQ3 FY24Capital Markets

Motilal Oswal Financial Services Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,021P/E: 31.1Market Cap: ₹61.6K CrSector: Capital Markets

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Distribution business targeted as a significant growth driver for FY'25 and FY'26, especially via cross-selling mutual funds, PMS, AIFs, and insurance to active broking customers.
Focus on increasing penetration of distribution AUM (~currently 12-15%) among ~8 lakh active clients, with strong traction in AIFs, PMS, private equity, and mutual funds.
Retail broking volumes ending Q3 strong, with January 2024 expected to scale even higher.
Expanded RM teams (e.g., 856 RMs in home finance, 51 wealth RMs added) to boost AUM growth and sales, with margin recovery anticipated in coming years.
Asset & Wealth Management AUM has risen to Rs. 1.64 trillion, with mutual fund AUM up 45% year-on-year, indicating continued robust inflows.
Launch of new funds like IBEF V and IREF VI planned for FY25 and FY26 to support fund-raising and asset growth.
Capital markets and retail broking businesses expect continued market share gains and client additions sustaining revenue growth.

Margin guidance

Category 3

Operating businesses' profit after tax has compounded at 31% p.a. over the last 10 years and 38% p.a. over the last 4 years.
Expectation of 20%+ growth runway for equity-focused asset management companies driven by rising SIP flows and demat account additions.
Wealth Management margins expected to recover to historical 35%-40% as AUM grows and new relationship managers stabilize.
Brokerage revenue in retail segment is strong with improved market shares in cash and F&O premium; future quarterly growth expected.
Private equity and real estate funds are raising new funds and planning exits in FY25 and FY26, supporting fee earning AUM growth.
Capital markets business outlook positive with strong pipeline and improved profitability, despite recent sequential dip in institutional brokerage volumes.
Overall, the company is excited about growth prospects across capital markets, asset management, wealth management, and home finance businesses over next 2 years.

See what Motilal Oswal Financial Services Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

No explicit mention of new fundraising through equity or debt in the transcript.
Treasury investment book has been self-sustaining with no capital raise since listing; net worth grew 22% CAGR over last decade.
Private equity and real estate funds have ongoing fundraises, e.g. IREF VI with a Rs. 20 billion fundraise plan, first close expected January 2024, final close next year.
Launch of growth fund IBEF V planned in FY25.
Several fund closures and carry bookings expected in FY25 and FY26.
Focus appears on internal capital deployment and asset management fundraises rather than external equity or debt issuance at the corporate level.

Order book

The provided transcript of Motilal Oswal Financial Services' Q3 FY24 earnings call does not explicitly mention the current or expected order book or pending orders for any segment of the business. The discussion primarily focuses on: - Financial performance and segmental growth (Capital Markets, Asset & Wealth Management, Housing Finance). - Client acquisition and active client base. - Market share in retail broking and distribution. - Product sales and distribution strategies. - Fundraising plans for private equity and real estate funds (e.g., IREF VI expected first close in January 2024). - Cross-selling initiatives to improve distribution and customer engagement. No specific figures or qualitative commentary related to order books or pending orders were disclosed in the transcript.

See what Motilal Oswal Financial Services Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

IREF VI fund, a Rs. 20 billion real estate fund, is expected to have its first close in January 2024, with final closure and fundraising continuing into the next year (FY25).
Launch of IBEF V growth fund planned for FY25.
Completion of fund flows for IREF VI and closing of IREF II (real estate funds) expected by FY25.
Closing of the IBEF II private equity fund expected by FY26.
Overall, there is significant activity planned in fund raising on both growth capital and real estate sides over the next 1-2 years.
The firm is also strengthening sales force, optimizing productivity, and investing in relationship managers in wealth and housing finance businesses to drive growth.
Dedicated Pan-India distribution team is being ramped up, including adding dedicated RMs for distribution to increase cross-selling capabilities.

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