WEALTHNSE12 May 2025

Wealth First Portfolio Managers Limited has informed the Exchange about Investor Presentation

Wealth First Portfolio Managers Limited

DATE: 12TH MAY, 2025

To Manager - Listing Department National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai-400051

REF: WEALTH FIRST PORTFOLIO MANAGERS LIMITED

SCRIP CODE: WEALTH

SUB: REVISED INVESTOR PRESENTATION ON FINANCIAL RESULT FOR THE QUARTER AND FINANCIAL YEAR ENDED 31ST MARCH, 2025.

Dear Sir,

Please find below the corrections incorporated in the revised Investor Presentation submitted herewith for your records:

This is to apprise that there is a typo error in the investor presentation with heading “Consolidated Profit and Loss Statement” in slide 9 in the following line items of Trail-based AUM and Total AUA. The incorrect amounts have been shown in the column name “Earlier” and correct amount has been shown under “Revised” column in below table below:

Particulars

Trail-based AUM Total AUA 

Mar-24

QoQ

Mar-24

QoQ

Mar-25 Earlier 5,304

4,420

Mar-25 Revised 5,386

4,488

11,541

10,046

11,623

10,114

-5%

-2%

-6%

-3%

We are sorry for the inconvenience caused.

You are requested to kindly display the same on the Notice Board of the Stock Exchange.

Thanking you.

Yours faithfully,

FOR AND ON BEHALF OF WEALTH FIRST PORTFOLIO MANAGERS LIMITED

ASHISH SHAH MANAGING DIRECTOR DIN: 00089075

Encl: Revised Investor Presentation

BENEATH THE TIP OF THE ICEBERG

Investor Presentation Q4 & FY25

Safe Harbour

This presentation and the accompanying slides which have been prepared by Wealth First Portfolio Managers Limited (the “Company”), have

been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any

securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of

securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company

makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness,

fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the

information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly

excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that

are individually and collectively forward-looking statements . Such forward-looking guidance / statements are not guarantees of future

performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and

uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the

performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s

future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the

Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance

or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no

obligation to update any forward-looking information / statement contained in this Presentation. Any forward-looking information / statements

and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such

third-party statements and projections.

Q4 & FY25 PERFORMANCE OVERVIEW

ABOUT US

COMPANY STRATEGY

INDUSTRY OVERVIEW

HISTORICAL PERFORMANCE

Our Performance for FY25

Consolidated Performance for FY25

Rs. 60.1 Cr.

Total Revenue

Rs. 47.5 Cr.

Trail Base Revenue

Rs. 34.1 Cr.

PAT

Rs. 5,386.1 Cr.

ARR AUM

Rs. 11,623.1 Cr.

AUA

Commenting on the results and performance for FY25, Mr. Ashish Shah, Managing Director of Wealth First Portfolio Managers Limited said:

“FY25 marked a strong year for our core business revenue, which constitutes the most substantial portion of our topline. This segment grew by an impressive 40.1% year-on-year to Rs. 58.31 crore, highlighting the strength of our operating model and the depth of our client engagement. Accounting for approximately 97% of our total revenue, this stream continues to demonstrate strong momentum, and we remain confident in our ability to sustain this growth trajectory in the coming quarters and years.

Our total revenue for FY25 stood at Rs. 60.1 crore, reflecting a 10.3% year-on-year decline. This was primarily due to a reduction in revenue from trading activities and other income streams. Performance in these areas was impacted by broader market corrections, leading to mark-to-market drawdowns in the equity portion of our portfolio and limited profit realization. Given the inherent volatility of these revenue streams, such fluctuations are expected and closely tied to prevailing market conditions.

Despite market uncertainties, we delivered strong growth in FY25, with total AUA rising 15% YoY to Rs. 11,623 crore. Our trail- based AUM (includes Mutual Fund, PMS and AIF) stood at Rs. 5,386 crore, marking a robust 20% YoY increase. Additionally, our cost-to-income ratio improved from 28% in FY24 to 26% in FY25, reflecting our ongoing focus on cost efficiency and operational discipline.

Our client base saw healthy expansion, with 1,210 new clients added during the year, taking the total to 20,759. We also welcomed 674 new client families, bringing the total to 6,578 reflecting a 11% YoY increase. In parallel, we grew our Relationship Manager team by 21% and remain committed to further strengthening this critical growth lever.

Aligned with our shareholder value strategy, the Board declared a final dividend of Rs. 4.0 per share, bringing the total FY25 dividend to Rs. 16.0 (160% of face value), in line with our policy to distribute a minimum of 30% of consolidated PAT annually.

We remain confident in India’s long-term growth, with rising incomes, growing financial awareness, and under penetration in organized wealth management creating strong opportunities to scale and expand our market share.”

Financial Performance for FY25 (1/2)

(In Rs. Cr)

YoY Growth

67.0

+40.1%

-140.7%

-45.3%

-10.3%

• Business Activity

Income

income generated

includes commissions and brokerage funds, portfolio management services, trading on BSE/NSE and fixed deposit products, dividend & interest income from equity / bonds and referral fees

through mutual

16.7

-17.9

• Business income is the principal and most substantial

component of revenue

• Witnessed a growth of 40.1% YoY, from Rs. 41.6 crores in

FY24 to Rs. 58.3 crores in FY25

-5.7

60.1

• Trail based revenue increased from Rs. 31.6 crores in FY24 to Rs. 47.5 crores in FY25, reflecting a growth of 50.4% YoY

Total Income FY24

Business Activity Income

Trading Activity Income

Other Income

Total Income FY25

This slide highlights consolidated data

• Trading Activity Income includes buying and selling of various securities in instruments like direct equities, bonds and GSEC

• We aim to maintain a balanced allocation between equities and bonds, though the exact percentage may shift based on market conditions and fluctuations

• Trading Activity Income witnessed a de-growth of 140.7%

YoY, from Rs. 12.7 crore in FY24 to Rs. -5.2 crore in FY25

• The decline in the trading activity income is caused by high

market volatility, impacting mark to market valuations

• The broader market index Nifty 500 also witnessed a decline

of 8% in Q3FY25 and 5% in Q4FY25

• Other Income includes profit and losses from investment in

MF, PMS and AIF

• Other Income witnessed a de-growth of 45.3% YoY, from Rs.

12.6 crore in FY24 to Rs. 6.9 crore in FY25

• The decline in the other income is impacted due to mark to

market valuations and no significant profit booking

Financial Performance for FY25 (2/2)

Trail Base Revenue

PAT & PAT Margin (%)

PAT from Business Activity Income & Margin (%)

+50.4%

47.5

31.6

63.7%

56.8%

41.7%

55.6%

-20.1%

42.7

34.1

+87.3%

32.4

17.3

FY24

FY25

FY24

FY25

FY24

FY25

AUA

+14.9%

11,623

5,304

212

2,224

3,741

10,114

4,420

69 1,985

3,410

Mar-24

Mar-25

PMS/AIF

Insurance Premium Book

183

Fixed Deposit

Direct Equity

Bonds

Cost to income before exceptional item

Exceptional Item

Cost to Income (%)*

-210 bps

27.7%

25.6%

27.7%

23.0%

0.0% FY24

2.6%

FY25

This slide highlights consolidated data

*Calculation of Cost to Income Ratio: (Total Expenses + Exceptional Item) / Revenue from Business Activity Income

(In Rs. Cr)

• The trail base revenue grew by a robust 50.4% YoY to Rs. 47.5 Cr. in FY25 from Rs. 31.6 Cr. in FY24

loss

• The reduction in PAT & PAT Margin in FY25 is majorly because of trading impact of from activities, lower other income and exceptional items of Rs. 1.5 Cr. which pertains to a cyber fraud perpetrated against the Company by third party in FY25

• PAT from Business Activity Income & Margin witnessed a growth of a robust 87% YoY to Rs. 32.4 Cr. in FY25 from Rs. 17.3 Cr. in FY24. PAT from Business Activity Income & Margin excludes trading activity income and other income

• AUA increased by 14.9% YoY to Rs. 11,623 Cr. in FY25 from Rs. 10,114 Cr. in FY24

• Cost to Income improved by 210 bps YoY to 25.6% in FY25 from 27.7% in FY24. However, Cost to Income exceptional items improved by a robust 470 bps YoY to 23.0% in FY25

excluding

Operational Performance

Relationship Managers

Total Clients

Mar-24

Mar-25

5,904

19,549

6,578

20,759

2,412 736 3,487

2,841 989 3,451

12,914

13,478

Mar-24

Mar-25

Total client families

RM Vintage (%)*

Clients Vintage (%)*

41%

24%

31%

37%

11%

23%

29%

12%

18%

66%

14%

17%

65%

• Strong RM Vintage: • RM count increased by 21% YoY • The RM vintage stood strong with 51%

of RMs being associated with the Company for >5 years whereas 29% of RMs being associated with the Company for >10 years

• Client Vintage: • 82% of our clients are with us for >5

years indicating strong client stickiness

• Total client base has increased by 6% YoY to 20,759 with 1,210 clients added in the last 1 year

• Total client families increased by 11% YoY to 6,578 with 674 client families added in the last 1 year

• The client stickiness is a testament of

our client servicing capabilities

Mar-24

Mar-25

Mar-24

Mar-25

*Rounded off to nearest decimal

0 to 3 years

3 to 5 years

5 to 10 years

>10 years

Equity Net Inflows

Mar-21

Mar-22

Mar-23

Mar-24

Mar-25

(In Rs. Cr)

-25,966

1,64,405

1,46,754

1,84,091

4,17,053

Net Inflows - SIP Purchases -1,22,046

Net Inflows - SIP Purchases 39,839

Net Inflows - SIP Purchases -9,218

Net Inflows - SIP Purchases -15,127

Net Inflows - SIP Purchases 1,27,701

96,080

1,24,566

1,55,972

1,99,218

2,89,352

183

Net Inflows - SIP Purchases -183

-134

Net Inflows - SIP Purchases 338

Net Inflows - SIP Purchases 45

Net Inflows - SIP Purchases 106

399

123

290

155

Net Inflows - SIP Purchases 479

634

y r t s u d n

L M P F W

Source: AMFI, Company

Net Inflows of Growth / Equity Oriented Schemes

SIP Purchases

Consolidated Profit And Loss Statement

Particulars

Income

Revenue from operations - Business Activity Income

Revenue from operations - Trading Activities

Other Income

Total Revenue

Employee benefit expense

Other expenses

Total Operating Costs

PBT before Exceptional and Extra ordinary items

Exceptional Items

Q4FY25 Q4FY24 YoY Q3FY25

QoQ

FY25

FY24

YoY

13.1

-16.4

1.0

-2.3

2.1

0.8

3.0

-5.4

0.0

13.3

1.3

5.9

20.5

-111%

1.8

0.7

2.5

20%

15.4

0.8

1.0

17.2

2.2

1.2

3.4

58.3

-5.2

6.9

60.1

9.0

4.0

13.0

41.6

12.7

12.6

67.0

-10%

8.1

3.0

11.1

17%

-113%

-12%

17.9

-130%

13.7

-139%

46.6

55.4

-16%

0.0

1.5

0.0

PBT after Exceptional and Extra ordinary items

-5.4

17.9

-130%

12.2

-144%

45.1

55.4

-19%

PBT Margin %

PAT

PAT Margin %

EPS

Particulars

Trail-based AUM*

Insurance Premium Book

Fixed Deposit

Direct Equity

Bonds

Total AUA

*Trail-based AUM includes MF, PMS and AIF

87.3%

71.0%

75.1%

82.8%

-4.3

-4.03

13.9

-131%

9.3

-146%

34.1

42.7

-20%

67.6%

13.02

53.8%

8.70

56.8%

32.05

63.7%

40.06

Mar-25

Mar-24

5,386

4,488

212

2,224

3,741

11,623

183

1,985

3,410

10,114

YoY

20%

25%

16%

12%

10%

15%

Dec-24

QoQ

5,672

168

2,384

3,612

11,892

-5%

26%

-7%

-2%

•

The Business Activity Income is a substantial component of revenue, and it continued to witness strong growth of 40.1% YoY in FY25 Total income growth is impacted due to loss in trading activity income and lower other income

The employee team has expanded, with the Relationship Manager (RM) count increasing by 21% year-over-year to 35 in FY25, up from 29 in FY24

The increase in other expenses in FY25 is due to one time expenses such as PMS Renewal Fees, Consultancy Fees coupled with recurring expenses

• Exceptional items of Rs. 1.5 Cr. in FY25 fraud perpetrated

pertains to a cyber against the Company by third party in FY25

• PAT is impacted due to loss in trading activity income and lower other income, increase in other expenses due to one time cost and an exceptional item of Rs. 1.5 Cr. related to cyber fraud

•

The decline of trail-based AUM of ~5% on QoQ basis is primarily due to MTM impact on our equity portfolio, as 80% of our AUM is allocated to equities. Broad market index Nifty 500 also witnessed a decline of ~5% in absolute terms with mid-cap and small-cap index experiencing steeper falls

Consolidated Balance Sheet Statement

Particulars

ASSETS

Non-current assets

Property, Plant and Equipment

Other Intangible Assets

Investments

Deposits with Bank

Deferred Tax Assets (Net)

Other Non-current Assets

Total Non-Current Assets

Current assets

Inventories

Financial Assets

Positional Investment (F & O)

Trade Receivables

Cash and Cash Equivalents

Current Tax Assets (Net)

Other Current Assets

Total Current Assets

Total Assets

Mar-25 Mar-24

Particulars

EQUITY

Equity share capital

Other equity

Total Equity

LIABILITIES

Other financial liabilities

Total Non-Current Liabilities

Current liabilities

Borrowings

Trade payables

Total outstanding dues of creditors other than micro enterprises and small enterprises

Provisions

Other current liabilities

Total Current Liabilities

0.8

0.1

31.1

9.5

0.1

6.7

0.7

0.2

47.6

1.0

0.1

7.3

48.3

57.0

71.5

57.0

0.1

6.2

2.7

0.6

6.8

0.5

4.8

0.4

87.9

67.9

136.2

124.8

(In Rs. Cr)

Mar-25 Mar-24

10.7

117.9

107.6

128.5

118.3

0.7

0.1

0.8

6.1

7.0

0.1

0.7

5.2

5.9

Total Equity and Liabilities

136.2

124.8

Continuous Dividend Payout Over The Years…

Dividend Payout

6.6%

11.3%

23.1%

17.5%

49.9%

40.1

32.1

The Company has finalised a dividend policy wherein the Company will declare dividend a minimum of 30% of the consolidated profit after tax in a given year to the shareholders

15.1

17.7

13.0

16.0

7.0

1.0

2.0

3.0

FY21

FY22

FY23

FY24

FY25

EPS (in Rs.)

DPS (in Rs.)

The Board of Directors has approved and declared a final dividend of Rs. 4.0 per equity share with a FV of Rs. 10/- each (40% of FV) for the financial year 2024-25. This brings the total dividend to Rs. 16 per share (160% of FV) for FY25.

Q4 & FY25 PERFORMANCE OVERVIEW

ABOUT US

COMPANY STRATEGY

INDUSTRY OVERVIEW

HISTORICAL PERFORMANCE

About Us

• Headquartered in Ahmedabad, Gujarat, Wealth First Portfolio Managers is a client-centric, product agnostic and independent wealth management

firm focused only on wealth management, singularly prioritizing the financial wellbeing of customers

•

The Company brings smart investment solutions through end-to-end handholding

The Company is an individual financial advisor (with no sub-brokers), and occupy 33rd rank at all India level

911

Expert Professional

Person years of Exp.

20,759 (+6% YoY)

Total Clients & YoY Growth

6,578 (+11% YoY)

Client Families

Rs. 5,386 Cr.

Rs. 60 Cr.

Trail-based AUM (MF+PMS+AIF)

Insurance Premium Book

Rs. 212 Cr.

Rs. 2,224 Cr.

Rs. 3,741 Cr.

Rs. 11,623 Cr.

Fixed Deposit

Direct Equity

Bonds

Total AUA

This slide highlights data as on FY25

Our Products & Services

Fixed Deposits

Investment Strategising Asset Research

Treasury Bonds

Direct Bonds

Taxable & Tax-Free Bonds

Direct Equity

Mutual Funds

S S T T C S C U T U C D D U O O D R R O P P R P

International investment options

Trade-Execution-Broking

Portfolio Review and Accounting

S E S R E V S R I E C V R E I C V S E I C S E S

Retirement Planning

Treasury Management

Asset Allocation

Pension Products

Tax Planning

PMS

Inheritance Planning

History & Timeline

1990-1995

1996-2000

2001-2010

2011-2015

2015 & Beyond

1990 - The Beginning

1996 - THE BEGINNING

2002-03 - Expansion

2011 - Welcoming Changes

2015-2016 - New Horizons

▪ Started out as Dalal & Shah

Financial Services Pvt. Ltd. in a humble 12x10 office with prime focus on fixed income, competing with NSC/PPF/LIC/UTI Agents

▪ As the mutual funds industry shifted direction, we were the sole wealth management firm in India to offer Franklin Templeton schemes

1992 – Innovative Selling

▪ Rolled out with selling the

1996-2000 - Smooth Transitions

concept of Direct Bonds, with very limited opportunities in the market for retail clients, via tax-free bonds and becoming market maker for Relief Bond

1994/1995- Market Maker

▪ Developed Institutional

Bond Market with Co-op banks, PFS, Dairies, & trusts along with becoming Market Marker for UNIT’64 scheme

▪ Successfully navigated the NBFC curve with zero market losses, adeptly managing yield curves for PFS, banks, and clients amidst significant transitions

1998-2001- Beating The Y2K

▪ With a keen focus on equity

Brokerage for HNI clients, we successfully rode the Y2K wave

▪ Expanded client base

focusing on High & Medium Net Worth individuals, grew team, invested in advanced tech, and structured Gujarat's largest insurance deal

2006-08 - Rewards & Recognition

▪ Awarded All India CNBC TV- 18 Financial Advisor Award for West Zone & India

2008-09 - Growth Amidst Crisis

▪ During the Lehman crisis, safeguarded client wealth with Nabard ZCB bonds, selling 40% through market FMPS

2000 - Victories Galore

2010 - One Stop Shop

▪ Halted brokerage business

▪ With CDSL Depositary

at market peak, fully leveraging the Bond Market Bull run. Captured 50% of Ahmedabad's retail mutual fund market and pioneered ETF promotion with Benchmark Bees

Services and NSE-BSE cards, we moved towards end-to- end execution, consolidating services under one roof

▪ Focusing on continuous tech and infrastructure upgrades, we shifted towards comprehensive wealth management

▪ Submitted DRHP in Sep

2015, listed on NSE in Mar 2016, pioneering the first IFA practice listing on a stock exchange

2012-13 - Foolproof Protection

2017 - Bigger Wins

▪ Continuous portfolio

▪ Crossed Rs. 1,000 Cr MF

monitoring kept us clear of NSEL, ensuring 100% client wealth protection from the scam

2013-14 - Spreading Awareness

▪ Held extensive client clinics to raise awareness about Long Term Bonds & Equity

2014 - Expanding Market Share

▪ Secured significant market share of All India Tax-Free Bonds Primary Issue through personalized client persuasion.

AUM, obtained RIA license

2018 – More Awards

▪ Awarded the Top Volume

Performers in non- competitive bidding (Gsec & TBills)

2020 - Continuous support

▪ End-to end hand holding throughout the COVID-19 pandemic, with near zero redemptions

2019-2023 - Frontrunner

▪ Distinguished as a national distributor for a top Indian life insurance company

2024 – Touching new highs

▪ MF AUM - Crossed Rs. 4,000

Cr. mark in Mar-24 & Rs. 5,000 Cr. In Jun-24

Board of Directors

Mr. Ashish Navnitlal Shah Managing Director (Promoter)

Ms. Hena Ashish Shah Whole-Time Director (Promoter)

• 30+ years of expertise in the financial services, skilled at boosting revenue through client relationship building • Motivational manager with a track record of building, guiding, and retaining high-performance teams for accelerated growth strategies

• Leverages excellent communication to create presence, build a positive brand, and ensure client satisfaction

•

15+ years of experience in the financial market with expertise in Mutual Funds, Equity Markets, Govt Bonds, & more

• Diverse and rich experience in finance

& biotechnology

• Committed to safeguard clients assets

with her extensive finance and investment expertise

Mr. Rajan Mehta Independent Director

Mr. Devanshu Mehta Independent Director

Ms. Binal Gandhi Independent Director

Mr. Sanjiv Shah Mr. Sanjiv Shah Independent Director Independent Director

• 25+ years of experience in varied financial sectors & institutions • Patent holder in EFTs (Exchange

Traded Funds)

• Founder of MyCare Health Solutions, a

successful healthcare startup

• 30+ years of leadership experience • Technical Manager at Veer Plastido

Pvt. Ltd.

• Worked in leading organizations such

as Ingersoll-Rand (India) & Lohia Starlinger Ltd.

• 20+ years of rich experience in core

finance domains

• Founder & CEO of “The Learning Curve

Academy”

• Served as Senior VP at Wells Fargo • Visiting faculty at NMIMS and SP Jain University for Corporate Finance & Wealth Management

• 35+ years of experience in the financial

market

• Pioneer in Passive Investing • Strategic Force in ETF Development

Key Management Personnel

Mr. Rakesh Shah Chief Investment Officer

Mr. Dhiren Parikh Chief Financial Officer

Mr. Manish Kansara Chief Operations Officer

• 30+ years of experience in financial markets, mutual funds, and more • Expertise in MF/DEBT income, macro

markets, risk management, and liquidity position

• Robust quantitative skills with a tech- focused approach towards wealth management

• Chartered Accountant with 28+ years of

expertise in Project Finance, Consultancy, GST, and audits

• Focuses on balancing financial growth, optimizing resource allocation, and mitigating risk.

• Skilled in fund management, financial

planning, and collaborating with government agencies

• 30+ years of experience at WealthFirst • Deep expertise in equity, debt, mutual

funds, & compliance

• Helped WealthFirst launch its IPO &

acquire NSE, BSE, & DP memberships

Mr. Nirad Shah Senior Vice President - Sales

Mr. Nishil Pandya Mr. Nishil Pandya Head - Business Development & Strategy Head - Business Development & Strategy

Ms. Sajni Patel Head - Business Development & Strategy

Mr. Swapneel Shah Chief Operations Manager

• 20+ years of experience in financial

services

•

10+ years of experience in wealth management & investment strategies

•

15+ years of experience in wealth management & investment strategies

• Strong expertise in handling a diverse

• Key team member serving &

• Establishing lasting client

client base

• Forging strong long-term advisory-

client relationships

managing ultra-large institutions and HNIs

relationships that endure across years and generations

• Proficient in data analysis and well- versed in financial markets and products

• Brings new ideas, methods & best practices to the domain of Wealth Management

• Chief Operations Manager in charge of

daily operations activities

• Fostering client-centric culture and

corporate objectives

• Certifications in Equity Analyst, SAP, MF Distribution, Equity Derivatives, and a Six-Sigma Green Belt

Awards & Accolades

CNBC TV 18 Best Financial Advisor

CNBC TV 18 All India Best Financial Advisor

West Zone in the year 2006

Year 2008

Best Performing Regional Financial Advisor

West Zone in the year 2019

Q4 & FY25 PERFORMANCE OVERVIEW

ABOUT US

COMPANY STRATEGY

INDUSTRY OVERVIEW

HISTORICAL FINANCIAL PERFORMANCE

Active Product Selection Strategy While Remaining Watchful

At Wealth First, our clear strategy outlines what we do. More importantly it highlights what we do not do.

At Wealth First, we are always awake and alive to realities transpiring in the finance world.

We remain

steadfast in

our

PRODUCT

SELECTION

STRATEGY

We do not do anything Earth shattering. We stick to the basics. It is one truth that has not changed for more than three decades.

Sift through reams We carefully assess all new policies, announcements and guidelines, to understand their significance, revealing valuable insights and anticipating challenges. We sift carefully from among the investment avenues that are overcrowding the space and mind.

We keep it simple and smart Consistent returns in Indian wealth management don't require complex products. Our decades of experience affirm the effectiveness of our simple, smart approach, even if it seems ordinary.

Our clients trust us deeply, not just with their checks, but with a part of themselves. To nurture the priceless intangible, we go above and beyond.

We stay detached from brands Our product selection has a simple premise, ‘Customer returns’. We remain loyal to high-yielding products not high-recall brands.

Connect to Protect We've built strong ties with finance experts and market leaders, fostering valuable discussions to anticipate challenges and protect our clients' wealth.

unfailingly

REMAIN

WATCHFUL

Absorb, assimilate & analyse We meet executives representing funds where we invest our financial resources. We also meet executives showcasing financial products where we will never invest. We listen patiently. We quiz extensively. We make sure we get every ounce of knowledge from them.

Search, Research and Re-Research We diligently research new financial products, scrutinizing them thoroughly to advise clients on better investment choices.

Our Customer Centric Practices

Our CUSTOMER CENTRIC practices

One shoe does not fill all We understand that every client’s requirement is different. We spend time with the client to understand their financial aspiration and their risk appetite

All cards are on the table

We put all the cards on the table. We communicate completely and clearly every possibility – return and risk – before the cheque is signed by our client. Further, we inform our client of every little detail of every investment made on his behalf

Bank from the buck

We recommend the most tax and cost-efficient products. Moreover, when our client have the appetite for taking risks with their investments, we ensure that our customers derive the maximum value from the investment risk they wish to take

One step at a time

We have always believed in moderation. Our phased investment process allows us to assist our client capitalise on upsides and protect them from downturns. Our legacy policy continues to work well for us

“At Wealth First, we've established processes that have already proven resilient and will persist over time”

Stay in touch

We interact with our clients at frequent intervals. Updating them about the financial ecosystem, their investment progress, returns, possible headwinds that could emerge and mitigation measures and probable shifts in investment products for superior returns, etc.

Our Competitive Moat

CLIENT CENTRIC Our enduring client relationships have matured alongside us, built upon trust, rigorous investment practices, and consistent performance.

CONNECT TO SHEILD We have persevered patiently to build relations with finance experts and respected market participants

ABILITY TO RETAIN TALENT Being the preferred firm, we excel in retaining top talent across sales, investment, and operational teams.

EXAMINE, INVESTIGATE AND REVIEW Research all financial products that are introduced in the market. Our width and depth of product knowledge allows us to handhold clients to switch to better investment options

PRODUCT SELECTION Provide comparative investment options as per client needs and risk appetite

INVESTMENT & RISK MANAGEMENT The company consistently monitors both internal and external environments to pinpoint potential emerging risks and assess their impact on our operations

Q4 & FY25 PERFORMANCE OVERVIEW

ABOUT US

COMPANY STRATEGY

INDUSTRY OVERVIEW

HISTORICAL PERFORMANCE

Addressable AUM of HNI/UHNI

•

~200K households which are clubbed in UHNI / HNI segment are expected to grow to ~300K households by FY27E

• HNI and HNI wealth in financial assets is expected to grow at a faster pace vs. overall financial household wealth for the country in the next few years

(as per the McKinsey Global Wealth report)

• Expect 13-14% CAGR in the asset base for these classes over CY22-27E

Addressable AUM of HNI/UHNI to grow in double digits Addressable AUM of HNI/UHNI to grow in double digits

$1 = Rs 83.44

2022

2027E

Total HH fin. Assets (Rs bn)

Households (#,’000s)

Total HH fin. Assets (Rs bn)

CAGR (22-27E) %

67.6K-68.4K

30-35

128.5K-130.2K

13-14%

17.1K-17.5K

160-170

31.7K-32.5K

13-14%

32.5K-33.5K

2.5-2.6K

59.2K-60.1K

12-13%

25.9K-26.7K

31-33K

50.9K-52.6K

11-13%

74.3-76K

207-210K

0.11K-0.12K

8-10%

UHNI >Rs. 42 Cr

HNI Rs. 8 Cr-42 Cr

Affluent Rs. 1 Cr-8 Cr

Emerging Affluent Rs. 0.5-1 Cr

Mass Market Rs. <0.5 Cr

Source: Public Data, Broker Report

Financial Assets Of Indian Households

Total Indian Household Assets

14.0%

5.9%

5.8%

3.4%

4.7%

15.5%

50.7%

Property Bank Deposits Provident & Pension Fund Equities

Gold Insurance Fund Cash

Estimated annual structural domestic equity flow

Growth in Equities as % of Indian Household Assets

4.7%

3.8%

2.2%

Mar-13

Mar-18

Mar-23

16%

Retail Inflows in MFs EPFO & NPS Insurance

24%

60%

Key Takeaways • Majority of the Indian household assets ownership include investment in

properties, with share of over 50%, with Gold in second spot at 15.5%

• The % share of equities in Indian household assets has more than doubled from

March 2013 to March 2023

• About 60% of the flows in mutual funds are contributed by retail. While 40% are

contributed by insurance companies and EPFO & NPS

Source: Public Data, Broker Report

Huge Opportunity to Wealth Management Business

No. of Ind income tax filed - AY13-23 CAGR

17.7%

9.8%

All Tax filers

Income >10mn

Income tax filers with gross income >10mn

0.25%

188

0.17%

0.13%

AY13

AY18

AY23

Ind income tax filers income > 10mn (’000) % of tax filers with gross income >10mn

Income tax file >Rs 10mn gross income have grown 1.8x vs. overall tax filers and the gross income of more >10mn has grown in-line with overall tax filers

Gross income CAGR - AY13-22 CAGR

15.6%

15.5%

Contribution of >Rs 10 mn gross income to the total gross income (from all tax filers)

8.1%

7.8%

7.4%

Source: Public Data, Broker Report

All Tax filers

Income >10mn

AY14

AY18

AY22

AUM to GDP penetration is rising…

MF AUM as a % of GDP

Equity segment in AUM is expanding

FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

• The mutual fund QAAUM achieved a CAGR of 19% over FY15-24,

reaching Rs. 54tn.

• FY24 witnessed significant inflows, contributing to a 35% YoY in

AUM, aided by mark-to-market gains

• As a proportion of GDP, QAAUM (Quarterly Average AUM)

increased from 10% at the end of FY15 to 15% by the end of FY23, and further to 18% by the end of FY24

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24

31%

32%

42%

40%

46%

49%

54%

Equity

Debt

45%

43%

44%

35%

29%

34%

27%

22%

19%

Liquid/Money Market

23%

24%

22%

20%

24%

22%

14%

13%

14%

11%

12%

14%

15%

16%

ETF

• Growth in the MF industry is being fuelled by the equity segment where QAAUM share has ramped up from 31% in FY15 to 49% in FY23 and further to 54% in FY24

• Barring the pandemic-ridden FY21, equity net flows have been positive

since FY15, hitting a peak of Rs. 2.7tn in FY22

• Through the SIP approach, monthly inflows into mutual funds have steadily increased, rising from Rs. 37bn in FY17 to Rs. 130bn in FY23 and Rs. 166bn in FY24. Further, SIP QAAUM has swelled to Rs. 10.7tn in FY24, forming 36% of equity assets as compared to 21% (Rs. 2tn) in FY18

Source: Public Data, Broker Report

Mutual Funds Growth In India

Mutual Fund AUM Growth over the years…

Growth/Equity Oriented Schemes’ Growth over the years…

(In Rs. Tn)

65.7

+25.9%

53.4

37.6

39.4

31.4

21.3

29.5

23.5

+40.6%

13.7

15.2

10.0

6.0

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Industry AUM grew by ~26% CAGR in the last 5 years

Industry AUM grew by ~41% CAGR in the last 5 years

SIP AUM growth over the years…

SIP contribution over the years…

+52.1%

5.8

6.8

4.3

2.0

13.4

10.7

2.9

+18.8%

1.2

1.6

2.0

1.0

Source: AMFI

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Industry SIP AUM grew by ~52% CAGR in the last 5 years

Industry SIP Contribution grew by ~19% CAGR in the last 5 years

Notable growth of Capital Markets over the years…

Demat account base has jumped ~9x over the past decade and ~4x during the past five years

NSE active client base has surged 10x over FY14 -24 and 2.5x over the past five years

179

151

FY14

FY20

FY24

Oct’24

FY14

FY20

FY24

Oct’24

MF unique investors are on an uptrend…

...leading to an all -time high monthly SIP inflows

253

204

FY18

FY20

FY24

Oct’24

Apr-18

Apr-20

Apr-24

Oct-24

Source: Public Data, Broker Report

…with large headroom for Growth

Penetration of demat accounts (%)

MF penetration in India vs. other countries in 2023 (%)

123

India (Sep’24)

China (Mar’23)

USA (2023)

USA

Germany

World

India

India’s market cap-to-GDP ratio catching up aggressively with global peers (%) – based on CY23 data

Market Cap as a % of GDP for CY2023 (%)

209

100

119

125

144

147

Germany

Indonesia

China

Australia

Singapore

India

Canada

Japan

USA

Source: Public Data, Broker Report

Escalation in Affluent Individuals' Income Levels

Number of higher income individuals has risen fast in the last few years

The wealth possessed by wealthy individuals has grown markedly

Gross Income

2020

2021

2022

2023

2024

Gross Income

2020

2021

2022

2023

2024

Individuals

> 100mn

16,906

17,263

20,304

28,945

31,821

> 100mn

17,405

17,056

22,460

33,443

37,844

> 50mn

32,862

32,587

36,970

52,577

58,200

> 50mn

18,514

18,122

23,617

35,088

39,676

> 5mn

4,97,762

5,30,733

5,69,786

7,88,237

9,39,891

> 5mn

23,631

23,582

29,433

43,212

49,222

> 1mn

69,40,986

77,13,701

83,61,294

1,06,46,138

1,30,16,778

> 1mn

34,724

35,940

42,961

60,556

70,604

• • • •

•

Over FY19-24, the number of Indians with gross total incomes exceeding over Rs 100mn increased at a 63% CAGR to about 31,800 during FY19-24 Those earning >Rs 50mn increased by 49% compounded to 58,200 Over FY19-24, the number of people making over Rs 5mn grew at a 25% CAGR to around 1mn Individuals with gross incomes of over Rs 100mn clocked a 121% CAGR over FY19-24 to Rs 38tn. Those exceeding Rs 50mn saw a 106% compound growth in their total income over FY19-24, reaching Rs 40tn Similarly, the total income of individuals with gross incomes over Rs 5mn recorded a 64% CAGR, reaching Rs49tn

Source: Public Data, Broker Report

Number of UHNIs on the rise

UHNI Population (USD 30mn+)

HNI Population (USD 1mn+)

+8%

19,908

+16%

16,57,272

12,495

13,263

7,63,674

7,97,714

2022

2023

2028

2021

2022

2027

Number of UHNIs to grow at 8% CAGR over CY23-28E

No. of HNIs to grow at a ~16% CAGR over 2022-27

About 60% of investible corpus of UHNIs invested in financial assets

34%

17%

16%

10%

Equities

Direct Commencial Property

Indirect Commencial Property

Source: Public Data, Broker Report

Bonds

PE/VC

Gold

Others

Breakup of No. of HNIs in India

$100-…

$50-100m, 0.38%

$500m+, 0.03%

$10-50m, 4.66%

$5-10m, 7.36%

$1-5m, 87.35%

Q4 & FY25 PERFORMANCE OVERVIEW

ABOUT US

COMPANY STRATEGY

INDUSTRY OVERVIEW

HISTORICAL PERFORMANCE

Operational Performance

Relationship Managers

RM Vintage (%)*

1 7

36%

14%

36%

18%

23%

36%

43%

42%

11%

27%

24%

31%

37%

23%

29%

0 to 3 years 3 to 5 years

5 to 10 years >10 years

Mar-21

Mar-22

Mar-23

Mar-24

Mar-25

Mar-21

Mar-22

Mar-23

Mar-24

Mar-25

Total Clients

Clients Vintage (%)*

4,968

5,205

5,471

5,904

6,578

17,175

17,835

18,540

19,549

20,759

1,541 1,786 1,940

1,488 1,882 2,253

1,802 986 3,197

2,412 736 3,487

2,841 989 3,451

10%

12%

11%

13%

10%

17%

12%

18%

14%

17%

11,908

12,212

12,555

12,914

13,478

69%

68%

66%

65%

0 to 3 years 3 to 5 years

5 to 10 years >10 years

Mar-21 Total client families

Mar-22

Mar-23

Mar-24

Mar-25

Mar-21 *Rounded off to nearest decimal

Mar-22

Mar-23

Mar-24

Mar-25

AUA Growth Over The Years…

Mar-21

Mar-22

Mar-23

Mar-24

Mar-25

3,119

1,862

440

988

3,449

2,620

3,253

3,109

3,410

3,741

4,488

5,386

410

1,281

204

1,468

1,985

183

2,224

212 60

Rs. 6,427 Cr.

Rs. 7,782 Cr.

Rs. 8,078 Cr.

Rs. 10,114 Cr.

Rs. 11,623 Cr.

Trail-based AUM*

Insurance Premium Book

Fixed Deposit

Direct Equity

Bonds

Rs. 1,862 Cr.

Rs. 2,620 Cr.

Rs. 3,109 Cr.

Rs. 4,488 Cr.

Rs. 5,386 Cr.

*Trail-based AUM includes MF, PMS and AIF

+30% CAGR

a t o T

A U A

R R A

a t o T

M U A

Historical Consolidated Profit & Loss Statement

Particulars

FY25

FY24

FY23

FY22

FY21

(In Rs. Cr)

Income

Revenue from operations - Business Activities

Revenue from operations - Trading Activities

Other Income

Total Revenue (I+II)

Employee benefit expense

Other expenses

Total Operating Expenses

PBT*

PBT Margin %

PAT*

PAT Margin %

EPS

58.3

-5.2

6.9

60.1

9.0

4.0

13.0

45.1

75.1%

34.1

56.8%

32.05

41.6

12.7

12.6

67.0

8.1

3.0

11.1

32.0

-2.5

-0.1

29.4

6.7

3.5

10.2

25.2

6.3

1.9

33.3

5.3

2.9

8.2

18.4

5.3

1.0

24.8

4.2

2.0

6.3

55.4

18.7

24.7

18.2

82.8%

63.4%

74.2%

73.5%

42.7

63.7%

40.06

13.8

18.9

12.9

47.0%

56.6%

52.0%

12.98

17.69

15.10

*PBT & PAT includes exceptional item of Rs. 1.5 Cr which pertains to a cyber fraud perpetrated against the Company by third party in FY25

Historical Consolidated Balance Sheet Statement

Total Non-Current Assets

48.3

57.0

49.2

30.8

11.3

Particulars

ASSETS

Non-current assets

Property, Plant and Equipment

Other Intangible Assets

Financial Assets

Investments

Deposits with Bank

Deferred Tax Assets (Net)

Other Non-current Assets

Current assets

Inventories

Financial Assets

Positional Investment (F & O)

Trade Receivables

Cash and Cash Equivalents

Current Tax Assets (Net)

Other Current Assets

Total Current Assets

Total Assets

Mar-25 Mar-24 Mar-23 Mar-22 Mar-21

Particulars

Mar-25 Mar-24 Mar-23 Mar-22 Mar-21

(In Rs. Cr)

0.8

0.1

31.1

9.5

0.1

6.7

0.7

0.2

0.7

0.3

0.8

0.6

0.5

47.6

38.6

17.4

2.4

1.0

0.1

7.3

1.0

0.1

8.5

3.0

0.1

9.0

0.2

8.2

71.5

57.0

23.8

31.7

34.0

EQUITY

Equity share capital

10.7

Other equity

Total Equity

LIABILITIES

117.9

107.6

66.0

54.9

35.6

128.5

118.3

76.7

65.6

46.2

Other financial liabilities

Total Non-Current Liabilities

0.7

Current liabilities

Borrowings

Trade payables

0.04

1.9

0.1

6.2

2.7

0.6

6.8

0.5

4.8

0.4

87.9

67.9

3.4

2.6

1.0

0.4

31.1

3.4

5.4

0.4

1.5

2.6

4.5

0.2

Total outstanding dues of creditors other than micro enterprises and small enterprises

0.1

0.04

0.2

Provisions

Other current liabilities

Current Tax Liabilities (Net)

0.8

6.1

0.7

5.2

0.4

0.3

2.5

1.6

1.4

40.9

42.8

Total Current Liabilities

7.0

5.9

2.9

5.4

7.2

136.2

124.8

80.3

71.7

54.2

Total Equity and Liabilities

136.2

124.8

80.3

71.7

54.2

6.6

0.7

THANK YOU

Wealth First Portfolio Managers Limited:

Investor Relations Advisors :

For further information, please contact

CIN: L67120GJ2002PLC040636

CIN: U74140MH2010PTC204285

Mr. Nishil Pandya Email id : nishil@wealthfirst.biz

nishil@wealthfirst.biz

karan.thakker@sgapl.net

Mr. Karan Thakker Ms. Dhresha Shah karan.thakker@sgapl.net / Dhresha.shah@sgapl.net +91 81699 62562 / +91 98331 05108

Dhresha.shah@sgapl.net

www.wealth-firstonline.com

www.sgapl.net

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