Financial Year: 2023
Singhi & Co., Chartered Accountants, have issued an Independent Auditor's Limited Review Report on the Unaudited Consolidated Financial Results of Motilal Oswal Financial Services Limited (the "Holding Company") and its subsidiaries (the "Group") for the quarter and nine months ended December 31, 2023. The report is pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
The Holding Company's Management is responsible for the Statement, which has been prepared in accordance with Indian Accounting Standard 34 ("Ind AS 34") and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the SEBI Regulations, 2015, as amended. The auditor's responsibility is to express a conclusion on the Statement based on their review.
The review was conducted in accordance with the Standard on Review Engagements (SRE) 2410, issued by the Institute of Chartered Accountants of India. The auditor also performed procedures in accordance with the Circular issued by the SEBI under Regulation 33 (8) of the SEBI Regulations, 2015, as amended.
Based on their review, nothing has come to the auditor's attention that causes them to believe that the accompanying Statement contains any material misstatement or does not disclose the information required by Regulation 33 of the Listing Regulations.
Emphasis of Matter: Attention is drawn to Note 6 regarding the Scheme of Arrangement to restructure the business of the Company and two of its wholly owned subsidiaries w.e.f. April 1, 2023. The Holding Company has initiated the process of obtaining necessary statutory and regulatory approvals and approval of its Shareholders.
Other Matters: The auditor did not review the interim financial results of eight subsidiaries included in the Statement, whose financial results before consolidation adjustments reflects total revenues of Rs. 27,296 Lakh and Rs. 77,475 lakhs, total net profit after tax of Rs. 8,449 lakhs and Rs. 22,092 lakhs, total comprehensive income of Rs. 10,602 lakhs and Rs.26,906 lakhs for the quarter and nine months ended December 31, 2023 respectively. The Statement includes the interim financial results of seven subsidiaries, which have not been reviewed by their auditors, whose interim financial results before consolidation adjustments reflects total revenues of Rs.610 lakhs and Rs. 1,812 lakhs, net profit after tax of Rs. 227 lakhs and Rs. 764 lakhs and total comprehensive income of Rs. 227 lakhs and Rs.764 lakhs for the quarter and nine months ended December 31, 2023 respectively. The Statement also includes the Group's share of net profit/ (loss) after tax of Rs. (25) lakhs and Rs. (1) lakh for the quarter and nine months ended December 31, 2023 respectively in respect of one associate.
The report lists eighteen subsidiaries and one associate included in the Statement for the quarter and nine months ended December 31, 2023.
The Statement of Consolidated Financial Results for the quarter and nine months ended 31 December 2023 shows revenue from operations of Rs. 1,78,431 lakhs for the quarter ended 31 Dec 2023 (Unaudited) compared to Rs. 1,07,552 lakhs for the quarter ended 31 Dec 2022 (Unaudited). Profit after tax stood at Rs. 66,149 lakhs for the current quarter versus Rs. 22,558 lakhs for the corresponding quarter in the previous year. The Board of Directors has declared an interim dividend of Rs. 14/- per equity share for the financial year 2023-24. The Board has also approved the Scheme of Arrangement between Motilal Oswal Financial Services Limited and Motilal Oswal Broking and Distribution Limited and Motilal Oswal Wealth Limited. The company will be issuing Non-Convertible Debentures not exceeding Rs.3,000 Crore by way of Public Issue in one or more tranches.
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