Dear Shareholders,
It gives me immense pleasure to welcome you all as a part of Nuvama family.
As I present the Annual Report for Nuvama Wealth Management Limited for the financial
year 2023-24, I am filled with pride and gratitude for the remarkable progress we have
made.
The last financial year was a transformational year for Nuvama that saw completion of
its demerger from Edelweiss Group to become an independent entity and consequent listing
of its shares on stock exchanges on September 26, 2023. This process also marked the
culmination of a multi-stage process of transfer of wealth and capital market businesses
curated by Edelweiss Group into Nuvama fold through which PAG, a leading private equity
group, acquired majority interest in Nuvama. The year also marked successful transition to
new brand "Nuvama" well received by our clientele, reorganisation of the Board
and governance structure, independent credit rating for the Group and technology and
establishment infrastructure.
Fiscal 2024 was a difficult year for many countries. The global backdrop was not
constructive, characterised by slow growth, inflation, high interest rates, geopolitical
tensions and shifting supply chains. In the midst of this upheaval, India remains an
enviable haven. The economy delivered significant resilience and growth, despite the
global headwinds. We saw strong domestic demand, robust private investment, and spending
on infrastructure. As per the initial estimates, Indian economy's growth in FY 2023-24
surged to 8.2%, largely on the back of growth in manufacturing and service sectors
supported by prudent fiscal and monetary policies. This growth in real economy reflected
in the performance of Indian financial and capital markets last year. As at FY 2023-24,
year-end headline index Nifty 50 closed at 22,326 points and reported a growth of about
29% over FY 2022-23 year-end level.
Nuvama, your company, fired on all cylinders and took advantage of the tailwinds
prevalent in India. Through resilience and strategic focus,
Nuvama has achieved commendable performance across its product lines, strengthened
relationships with clients and partners, and laid the groundwork for future growth. At
Nuvama, we witnessed significant growth in business volumes, revenues, and profitability
across all our businesses which in turn reflected strengths of each of our businesses to
leverage opportunities provided by the buoyancy in the markets.
While we feel proud of our accomplishments in Fiscal 2024, we know that our focus must
remain on staying competitive for tomorrow. We believe India will continue to offer
tremendous opportunities, with world leading GDP growth and wealth creation:
• Strong domestic consumption, government reforms, and favourable young
demographic profile
• Continued adoption of digital payments and e-commerce
• Investments in infrastructure, including transportation, energy, and urban
development
• Flourishing start-up ecosystem, with increased funding and support for
innovation
All of these play to Nuvama's strengths. As savings and wealth increase, customers and
companies will need increasing support for wealth management, asset management and capital
markets. Our focus is to continue to thoughtfully grow to meet the increasing demand from
our expanding customer base:
• Wealth management, addressing our select segments of the market, with increased
presence at strategic locations, and strong advisory force
• Asset management, delivering exemplary performance and offering solutions across
both Public and Private markets
• Capital markets, with leading institutional equities capabilities, coupled with
advisory services
As we move forward, we will continue to focus on enhancing our franchise proposition by
investing in capacity enhancement by way of augmenting our relationship managers, client
facing business teams, products, and investment teams across the businesses, adding new
locations in India and overseas and technology platforms.
We will continue to deepen our client engagement proposition by broad basing and
customising our product offerings and platform with emphasis on quality and
diversification of our revenue streams.
While focusing on growth and scale is critical, we are also mindful of our role as
responsible stewards. Our priorities include Risk management, Expense management,
Regulatory compliance, Information security, Strong governances, ESG and CSR efforts, in
particular, supporting financial literacy.
It should be underscored that meeting customer needs and enabling Nuvama's success is
possible only because of the team. It is the commitment of our colleagues to provide
industryleading products and services to our customers that ensures we can grow with
confidence. Our people are at the core of our businesses and operations. We are proud of
human talent and leadership breadth available with us. We continuously strive to create an
environment of employee empowerment, reward and recognition programmes and learning and
development initiatives by adopting the best practices in these areas. The Human Resources
Team at Nuvama has streamlined processes and launched initiatives to enhance
organisational efficiency and support business goals.
Overall, HR has fostered a culture of One-Nuvama, aligned with strategic goals,
and focussed on values, vision, meritocracy, and talent growth.
We have used technology at all stages of client engagement to deliver seamless client
experience, operations, risk management and back-office. We will continue to enhance our
technology and digital capabilities in all aspects of our businesses and operations to
drive business growth and operational efficiencies.
At the Board, our focus has been on governance and stability underpinning the conduct
of our organisation and businesses built around the guardrails of compliance, risk
management and governance framework through the quality of information shared, periodical
reviews of relevant policies and oversight over assurance practices. Further, we firmly
believe in our responsibility to the society. As a good corporate citizen, we continue to
evaluate our CSR framework and initiatives through the lens of the impact on the society.
In closing, I would like to thank our customers and stakeholders for the trust they
place in Nuvama and look forward to their continued support. On our part, we promise to
continuously strive to meet their expectations.
With Best wishes,
Birendra Kumar
Chairperson
Nuvama Wealth Management Limited.