NUVAMA

Investor Presentation

Q4 FY24 and FY24

1
Contents

1 2 3 4 5

About Us Industry Journey Performance Strategy

Landscape Over Years Overview

2
Contents Summary
▪ Strong institutional ownership: PAG (promoter of company),
1. ABOUT US
one of the largest Asia-based alternative investment
managers
2. INDUSTRY
LANDSCAPE ▪ Integrated wealth management platform with exhaustive
suite of offerings
3. JOURNEY OVER
▪ Only established player with proven execution across
YEARS
Affluent, HNI and UHNI client segments
4. PERFORMANCE ▪ High growth company with diversified and superior quality
OVERVIEW of earnings

5. STRATEGY

3
 ABOUT Nuvama
Serving
Client-first UHNI & Family Offices
foundation HNI & Affluent Individuals
Corporates & Institutions

Well Scaled
Wide Presence Client Assets of ~ ₹ 3.5 trillion
3,100+ employees across 90+ offices ~1,200 RMs

Strong Governance Unique Proposition

Experienced board and Multi Client Segment
management team Comprehensive Platform
Hybrid Channel

Legacy Proven Execution

Integrated Wealth
25+ years of existence. Revenue FY24: ₹ 2,063 cr - 27% CAGR 3Y
Management Operating PAT FY24: ₹ 597 cr - 44% CAGR 3Y
platform

1. All figures are as on 31st March 2024 unless mentioned otherwise

4
Majority owned by PAG (promoter of company) a
LEADING INVESTMENT FIRM
One of the largest Asia-based alternative investment managers with over USD 55B of assets under
management in private equity, real assets, credit & markets

Assets Under Management 1 Offices In Asia 2 Total Employees 3

USD 55B+ 9 770+

ASIA’S PREMIER ALTERNATIVE ASSET MANAGER

Deep regional and sectorial Global best practice in risk Deep Global and
expertise across market cycles management and governance India Network

Adding strategic value to Nuvama

1. As on 31st December 2023

2. Additional offices in London and New York 5
3. As on 29th February 2024
COMPREHENSIVE WEALTH MANAGEMENT PLATFORM
with exhaustive suite of offerings
Our vision is to provide our clients with comprehensive
and tailored wealth management solutions and advice
We Serve We Provide Access To

1. Products 2. Advisory 3. Capital Markets

UHNI and Family Offices

Third Party Proprietary Institutional Exchange

(In-house Wealth Investment
Product Investor Traded
Affluent and HNI manufactured Advisory Banking
Distribution products) Access Products

Corporates and Institutions 5. Integrated Technology

4. Capital
Platform
Onboarding, Servicing,
Transactions Reporting,
Lending against Securities Advice
Empowering Clients and
Relationship Managers

6
 Evolved from individual businesses into an
INTEGRATED WEALTH MANAGEMENT PLATFORM

4. Listed, Strong
Governance Company to
3. Transitioned Smoothly, Deliver Long-term Value
Operating with Independent with PAG as the Promoter
2. Global Partnership Board, Governance, Operations
Validating Platform and Management
1. Built Businesses - Backed By High- Strength
quality Parentage

Wealth Management Independent Board

Wealth
& business carved-out and NUVAMA
Asset demerged from Edelweiss Independent Credit Rating
Management as a separate entity Integrated ecosystem driving
Tech transition & investments
superior client experience
Institutional Institutional
Equities Equities Strengthened governance and accelerating business

Investment Investment Investment growth

acquires a controlling stake New Brand & Headquarters
Banking Banking Banking

1996 - 2000 2000 - 2005 2005 - 2021 2021 2022 - 2023 Q2’FY24

7
WELL-POSITIONED in this evolving wealth space
Only scaled player in both client
Culture Client segments with “Full Platform” capabilities

Established
UHNI and Wealth Managers
High

Family Boutique
Offices Private
Banks

High
Orientation
RM / Client

Networth
&
Domestic Banks
Affluent
Individuals
Fintech

Mass Brokers
Low

Retail

Breadth of Single-Product Multi-Product Limited-Solutions Full-Platform

Offering Product Orientation Solution Orientation
8
As an ESTABLISHED WEALTH MANAGER, we cover
client segments constituting majority of wealth

~35K
70-75%
UHNI Households
of total
financial
~30 lacs
HNI & AFFLUENT wealth
Households

MASS MARKET RETAIL

9
A HIGH GROWTH COMPANY with diversified and
superior quality of earnings
Revenue
All figures are in ₹ crore
+31%
₹ 2,063
+19%

₹ 1,575
+32% Wealth & Asset
₹ 1,188
₹ 1,322 Management
₹ 1,016
leading the
₹ 998
₹ 750 growth

₹ 484 ₹ 476
₹ 389
₹ 336 ₹ 331 ₹ 329
₹ 167 ₹ 171 ₹ 158
₹ 20 ₹ 68 ₹ 63
-
FY21 FY22 FY23 FY24
1
Wealth Management Asset Management Asset Services 1 IE and IB

1. Capital Markets segment includes Asset Services and Institutional Equities (IE) & Investment Banking (IB)
10
UNIQUE BUSINESS MODEL, enabling value and
seamless client solutioning across ecosystem
Small & Medium
UHNI Business Owners

Family Offices
& Business Owners
HNI

Advisory & Unique

Research Products

Referrals & Client

Distribution Insights
Corporates Affluent
& Institutions Individuals

ONE NUVAMA
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Contents Summary
▪ India's financial services sector has secular tailwinds
1. ABOUT US
o Financial wealth would continue to grow rapidly
2. INDUSTRY
LANDSCAPE o Investment asset class will grow even faster

o Rising formal penetration will multiply the opportunity

3. JOURNEY OVER
YEARS
▪ Making India’s wealth industry a structural and scalable
opportunity
4. PERFORMANCE
OVERVIEW

5. STRATEGY

12
In India WEALTH management is at a nascent
stage and presents a HUGE OPPORTUNITY
1 2 3

GDP Growth Forecast Total Wealth to GDP Ratio (~) Share of Financial Wealth % (~)
Globally India Matured Markets India Matured Markets India

2-3% 6-7% 6.5x 4.5x 70% 25%

4 5
Professionally Managed Financial India Market Capitalization (In trillion)
Wealth (~)
Financial Services Wealth Management
Matured Markets India

75% 15% ₹ 78 ₹ 0.7

> 5 companies
500+ companies

1. Data point 1 is forecast for year 2024-2025, data point 2, 3 and 4 are for year 2020/21/22 and data point 5 is as on 9th April 2024. Refer safe harbor for data sources
13
Investment asset class is growing fast driven by
VALUE MIGRATION and has a LONG RUNWAY
AUM CAGR AUM / Premium to GDP
Asset Class
Last 10Y India US / Global

Mutual Funds
21% 16% 116%

AIF
68% 1% 13%

Insurance
14% 3% 11%
India to become the 4th largest private wealth market globally by 2028

14
Making this a STRUCTURAL and SCALABLE play

▪ Enhanced regulatory focus

Consolidation ▪ Technology disruptions
▪ Increasing product complexity

Greater ▪ Demographics and rising affluence

Growth ▪ Critical to client

Attractive ▪ Low capital requirements - High RoE

Economics ▪ Concentration of wealth - High operating leverage

15
Contents Summary
▪ Delivering the comprehensive, diversified and scaled
1. ABOUT US
wealth management platform. Performance highlights over
last 4 years, FY21 to FY24
2. INDUSTRY
LANDSCAPE o Client Assets: 30% CAGR powered by ‘Client-First’
philosophy and supported by strong markets
3. JOURNEY OVER
o Revenue: 27% CAGR led by Integrated wealth
YEARS
management platform driving sustainable growth
4. PERFORMANCE o Profitability: 44% CAGR led by strategic investments and
OVERVIEW expense discipline, enabling operating leverage

5. STRATEGY

16
Client Assets: 30% CAGR powered by ‘Client-First’
philosophy and supported by strong markets
Wealth Management All figures are in ₹ Cr

o Scaled capacity and expanded footprint 30% CAGR

RM Count - FY21: 750+ | FY24: 1200+

o Onboarded new & deepened existing relationships 3,45,957

Private Families: FY21: 2,600+| FY24: 3,600+
Wealth: FY21: 0.7+ mn |FY24: 1.2+ mn (~20% RM / EWM led)

o Meaningfully improved client satisfaction scores 2,31,079

2,12,993
NPS - FY21: 47 | FY24: 73
1,58,645
Asset management

o Launched multiple strategies & scaling with speed

Number of Strategies - FY22: 2 | FY24: 7

Asset Services

o Niche approach, focus on select client segments FY21 FY22 FY23 FY24
International: HFTs, Quant Hedge Funds|Domestic: AIF, PMS

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Client Assets: By Business Segments All figures are in ₹ Cr

NUVAMA WEALTH NUVAMA PRIVATE

77,930 1,69,904

1,29,391
1,19,540
50,889 52,575
CAGR 98,570 CAGR
33,018
33 % 20 %
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

ASSET MANAGEMENT ASSET SERVICES

91,156
6,967
5,581
CAGR CAGR
3,856 43,532
34 % 27,056
38,708
50 %
-

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

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Revenue: 27% CAGR led by Integrated wealth
management platform driving sustainable growth
Wealth Management All figures are in ₹ Cr

o Scaled presence across UHNI and HNI & Affluent 27% CAGR
client segments, mirroring India wealth growth story
Only scaled player in both segments, vintage of ~15 years
2,063
o Comprehensive product suite and hybrid delivery
channel, mirroring investor portfolio and needs
Amongst very few players with ‘full platform’ capability 1,575
1,322
Asset management
998
o Building strong track records & distribution strength
Distribution: In-house wealth and 20+ external partners

Capital Markets

o World class be-spoke solutions, full-service

capability and deep domain knowledge FY21 FY22 FY23 FY24
Fast growing market share in Asset Services

19
Revenue: By Business Segments All figures are in ₹ Cr

NUVAMA WEALTH NUVAMA PRIVATE

669 519
574 442
409 CAGR 341 CAGR
275
35 % 210
35 %
FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

ASSET MANAGEMENT CAPITAL MARKETS

CAGR
805
49 ASSET SERVICES

25 %
37 559
CAGR 503 489

20
59 % IE & IB
0

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

12 %

1. Asset Management revenue is excluding carried interest of ₹ 31 Cr in FY23 and ₹ 13 Cr in FY24

20
Profitability: 44% CAGR led by strategic investments
& expense discipline, enabling operating leverage
PROFIT AFTER TAX All figures are in ₹ Cr

o Investments in areas of growth 44% CAGR

Wealth Management, Asset Management
597

o Continued focus on operating efficiency

Reduced Cost to Income - FY21: 73% to FY24: 62% 368
292

o Efficient utilization of capital 200

Improved Return on Equity - FY21: 16.3% to FY24: 23.6%

o Leveraging Integrated Platform

FY21 FY22 FY23 FY24
One Nuvama, enabling delivery of right solutions to clients
C/I 73% 70% 69% 62%

RoE 16.3% 16.6% 17.8% 23.6%

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Profit Before Tax: By Business Segments All figures are in ₹ Cr

NUVAMA WEALTH NUVAMA PRIVATE

231
185
177 159

CAGR 119 CAGR

84
106 % 32
79 %
26

FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

ASSET MANAGEMENT CAPITAL MARKETS

376 CAGR

ASSET SERVICES

FY21
0 FY22 FY23 FY24
206 211

134
33 %
IE & IB
-14 -15 -18

FY21 FY22 FY23 FY24

12 %
1. Asset Management PBT is excluding carried interest of ₹ 31 Cr in FY23 and ₹ 13 Cr in FY24 and excluding one off JV related expenses of ₹ 11 Cr in FY24.
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WE ARE DOING IT RIGHT
Building Wealth, Garnering Accolades
o Consistently named Best Wealth Manager by Asian Private Banker for three years
o Securing Best Private Bank award from Global Finance Magazine, 2018-2021
o Acknowledged as the Leading India Custodian at the Global Custodian ABEM Survey, 2017-2022
o Recipient of Best Brokers award at Finance Asia Country Awards 2016-2020, reclaiming title in 2022 & 2023
o Securing unprecedented victories for three consecutive years at NSE
o Won Best Private Bank for Family Offices by Asiamoney Private Banking, 2020-2022
o Four Prestigious Awards for our first ever Marketing Campaign

60+ awards and counting…

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Contents Summary
▪ Revenues: Q4 FY24 stood at ₹ 596 Cr, grew by 35% YoY and
1. ABOUT US
FY24 at ₹ 2,063 Cr, grew by 31% YoY

2. INDUSTRY ▪ Operating PAT: Q4 FY24 stood at ₹ 181 Cr, grew by 57% YoY
LANDSCAPE and FY24 at ₹ 597 Cr, grew by 62% YoY

▪ Sustained robust growth in Wealth and Asset Management,

3. JOURNEY OVER
FY24 revenues grew by 18% YoY. Capital Markets FY24
YEARS
revenue grew by 64% YoY supported by robust primary and
secondary Indian markets
4. PERFORMANCE
OVERVIEW

5. STRATEGY

1. YoY change in Wealth and Asset Management is excluding carried interest of ₹ 31 Cr in FY23 and ₹ 13 Cr in FY24
24
Consolidated Performance
Q4 FY24 and FY24

25
Business Summary: Q4 FY24 and FY24
MOST COMPREHENSIVE WIDE AND GROWING WELL SCALED
SERVING
PRODUCT SUITE SALES COVERAGE PLATFORM

Wealth Management
Investment Solutions
3,600+ ~1,200 ₹ 2,47,835 Cr
Managed Products
Client Assets
Advisory Ultra High Networth Families Wealth RMs
Wealth Management
Exchange Traded
Lending Solutions
Estate Planning Solutions 1.2+ million ~20 ₹ 6,967 Cr
Family Office Solutions AUM
Affluent and High Networth Investment Professionals
Corporate Advisory Individuals Asset Management
Treasury Services
Asset Management
Private Markets 1,000+ ~50 ₹ 91,156 Cr
Public Markets Corporates and Senior Institutional Client Assets
Commercial Real Estate Institutions Coverage Bankers Custody & Clearing

Capital Markets

1. All figures are as on 31st March 2024 26

Business Summary: Q4 FY24 and FY24
STRONG FINANCIAL PERFORMANCE DELIVERING QUALITY OUTCOMES

Q4 FY24 FY24 FY24

₹ 596 35 % ₹ 2,063 31 % 62% 695 bps

Revenue (Cr and YoY) Revenue (Cr and YoY) Cost to Income (% and YoY)

₹ 181 57 % ₹ 597 62 % 23.6% 580 bps

Operating PAT (Cr and YoY) Operating PAT (Cr and YoY) Return on Equity (% and YoY)

27
Key Highlights: Q4 FY24 and FY24

▪ Total Revenues: Q4 FY24 stood at ₹ 596 Cr, grew by 35% YoY and FY24 at ₹ 2,063 Cr, grew by 31% YoY
o Wealth Management: ₹ 330 Cr in Q4, grew by 16% YoY and ₹ 1,188 Cr in FY24, grew by 17% YoY
REVENUE
o Asset Management1: ₹ 17 Cr in Q4, grew by 27% YoY and ₹ 63 Cr in FY24, grew by 34% YoY
o Capital Markets: ₹ 248 Cr in Q4, grew by 71% and ₹ 805 Cr in FY24, grew by 64% YoY

▪ Total Cost: Q4 FY24 stood at ₹ 358 Cr, grew by 25% YoY and FY24 at ₹ 1,279 Cr, grew by 18% YoY
COST o Staff costs: ₹ 252 Cr in Q4, grew by 23% YoY and ₹ 906 Cr in FY24, grew by 19% YoY
o Opex: ₹ 106 Cr in Q4, grew by 31% YoY and ₹ 373 Cr in FY24, grew by 14% YoY

PROFITABILITY ▪ Operating PAT: Q4 FY24 stood at ₹ 181 Cr, grew by 57% YoY and FY24 at ₹ 597 Cr, grew by 62% YoY

1. YoY change in Asset Management is excluding carried interest of ₹ 31 Cr in FY23 , ₹ 5 Cr in Q4 FY24 and ₹ 13 Cr in FY24 28
Consolidated Performance: Q4 FY24 and FY24
Particulars – All figures are in ₹ crores Q3 FY24 Q4 FY24 Q4 FY23 YoY FY23 FY24 YoY
Total Revenue 1 558 596 440 35% 1,575 2,063 31%
Wealth Management 305 330 284 16% 1,016 1,188 17%
Asset Management 13 17 9 27% 2 68 63 34% 2
Capital Markets 237 248 145 71% 489 805 64%

Total Costs 328 358 286 25% 1,086 1,279 18%

Employee Cost 234 252 205 23% 759 906 19%
Opex 94 106 81 31% 328 373 14%

Operating PBT 3 230 238 154 55% 489 784 60%

Operating PAT 3 176 181 115 57% 368 597 62%

Cost to Income 59% 60% 65%  504 bps 69% 62%  695 bps

Return On Equity 27.1% 25.8% 20.8%  499 bps 17.8% 23.6%  580 bps

1. Total Revenue includes minor amount towards corporate and eliminations

2. YoY change in Asset Management is excluding carried interest of ₹ 31 Cr in FY23 , ₹ 5 Cr in Q4 FY24 and ₹ 13 Cr in FY24
3. Operating PBT is before share of profit from associates and Operating PAT is after share of profit from associates and Non controlling interests 29
4. Refer Annexure 1 for bridge to financial statements
Segmental Summary: Q4 FY24 and FY24

Wealth Management Asset Management Capital Markets

30
Nuvama Wealth: Introduction
One of the leading wealth managers in Affluent and HNI client segments

Well scaled platform Wide presence across India

₹ ~78,000 Cr of client assets ~1,100 RMs and ~7,000 Active External Wealth Managers (EWM)
1.2+ million clients. ~20% serviced by RMs & External Wealth Managers Covering 450+ locations in India, including ~70 Nuvama branches

Access to range of solutions High customer satisfaction

~50 investment solutions across asset classes Net Promoter Score of 78
Combination of third-party and inhouse manufactured products Delivering superior experience supported by digital platforms

31
Nuvama Wealth: Value Proposition

01 Multi-Product and Open Architecture

Wide bouquet of investment solutions across asset classes and access to seasoned products

Unbiased Solutions
02
Offering unbiased and customized solutions as per client’s needs, portfolio and risk appetite

Hybrid Ecosystem
03
Combining technology with human (RM and EWM) interface to deliver superior customer experience

32
Nuvama Wealth: Performance Metrics
Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY)
By Solutions By Channel
MPIS NII Relationship Manager +30%
+16% Brokerage Others External Wealth Manager
231
669
574 177
52% 48%
75% 73%
+6% -16%
22% 24% 69
172 183 58
17% 18%
25% 27%
8% 10%
Q4 FY23 Q4 FY24 FY23 FY24 FY23 FY24 FY23 FY24 Q4 FY23 Q4 FY24 FY23 FY24

1. Growth momentum continues, FY24 revenues grew by 16% YoY, driven by focus on MPIS and increased capital market activity
2. MPIS revenues remains dominant, FY24: 48% vs FY23: 52%, change primarily due to new AIF regulation, shifting to trail model
3. Invested for growth, added 200+ new RMs this fiscal, largely in Q3 and Q4 FY24, further deepening our client relationships.

1. MPIS: Managed Products & Investment Solutions 33

Nuvama Wealth: Performance Metrics
Closing Client Assets (₹ Cr and YoY) Client Assets Composition - Solution (%) Net New Money (₹ Cr and YoY)

MPIS Loan Broking Others +7%

+48%
5,780
77,930 31% ₹ 16,505 30% ₹ 23,018 5,397
5% 4%

52,575
63% 65%

1% 1%
FY23 FY24 FY23 FY24 FY23 FY24

1.09% 1.00%
Yield on average assets

1. Client assets stood at ₹ 77,930 Cr as at end of Q4 FY24, grew by 48% YoY led by MPIS and MTM gains on brokerage assets
2. MPIS client assets, stood at ₹ 23,018 Cr as at end of Q4 FY24, grew at 39% YoY
3. Net new money stood at ₹ 5,780 Cr for FY24, grew by 7% YoY. MPIS contributed 86% of the total new flows

34
Nuvama Private : Introduction
Amongst top 2 independent private wealth players

Well scaled platform High-quality team

₹ ~170,000 Cr of client assets

120+ relationship managers
3,600+ families

Comprehensive Solutions High customer satisfaction

Investments | Lending | Estate Planning Net Promoter Score of 61
Family Office | Corporate Advisory | Treasury Services Delivering superior experience supported by digital platforms

35
Nuvama Private : Value Proposition
Preserve and sustainably grow clients’ wealth through bespoke solutions across suite of offerings

CLIENT PROFILE
(A) Bespoke Solution (B) Investment Advisory (C) Managed Accounts
Suite
Investment Policy Statement (IPS) Institutionalized Portfolio
Family Offices Facilitate opportunities in startups,
based portfolio creation, Management approach through
VC IB, Real Estate etc. that are
good strategic fit management & risk control managed accounts
In-house Expertise For All
Family Office Needs

(E) Research (F) Credit Solutions

(D) Wealth Structuring Capabilities
Business Owners/
LAS
Entrepreneurs Holding Structure/ Ring Fencing/
Margin Funding
Citizenship Planning/ Succession Robust fundamental research across Structured Credit
Bespoke Solution For Planning sectors. In depth alternative & ESOP Financing
Individuals & Their Businesses technical research

(H) Corporate Advisory (I) Other Valued

Cxo & Partners (G) Capital Markets
(IB) Services
Preferred Advisor To Top Leading capital market franchise
providing custody, clearing services Buy Back Tax advisory & tax planning
Brass Of The Corporate
with advisory capabilities Stake Sale Insurance planning
World
M&A Philanthropy

36
Nuvama Private: Performance Metrics
Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr And YoY)

From ARR Earning Assets

+18% From Transactional Assets 16%
519 185
442 159
55% 57%
+32% 90%
147 55
111 29
45% 43%

Q4 FY23 Q4 FY24 FY23 FY24 FY23 FY24 Q4 FY23 Q4 FY24 FY23 FY24

1. FY24 revenues grew by 18% YoY, driven by focus on ARR earning assets. ARR revenues grew by 23% YoY (57% of the total)
2. Q4FY24 revenues grew by 32% YoY, led by continued growth in ARR
3. Invested for growth, added 20 new RMs and expanded to 3 new geographies this fiscal

37
Nuvama Private: Performance Metrics
Closing Client Assets (₹ Cr and YoY) Client Assets Composition (%) 1 Net New Money (₹ Cr and YoY) 1

ARR Earning Assets

+31% Transactional Assets +9%

1,69,904 11,355
24% ₹ 25,504 23% ₹ 33,421
10,390

1,29,391
76% 77%

FY23 FY24 FY23 FY24 FY23 FY24

1.05% 1.02%
Yield on average ARR assets

1. Client assets stood at ₹ 1,69,904 Cr as at end of Q4 FY24, grew by 31% YoY

2. ARR earning assets stood at ₹ 33,421 Cr as at end of Q4 FY24, grew by 31% YoY generating yield of ~1% for FY24
3. NNM stood at ₹ 11,355 Cr for FY24, grew by 9% YoY. NNM from ARR earnings assets grew by 21% YoY for FY24

1. Client Asset Composition % calculation and Net New Money excludes held away assets 38
Nuvama Asset Management: Introduction
Focused and high-performing alternatives asset management business

Scaling with Speed Active Strategies

AUM of ₹ 6,967 Cr
Private Markets + Public Markets + Commercial Real Estate
79% of this being fee paying

High-Quality Investment Team Strong Distribution

20+ investment professionals with long and successful track record Includes in-house wealth and 20+ third party distributors

39
Nuvama Asset Management: Value Proposition

01 Differentiated Solutions
Addressing client needs by offering unique products, powered by deep insights from wealth clients

Proven Fund Management Capabilities

02
Established track record across public markets and private products. Delivering top quartile performance

Technology Platform Enabling Reach

03
Feature-rich digital platform enhancing experience and allowing access to tier 2 and 3 cities

40
Nuvama Asset Management: Performance Metrics
Revenue ex-carry (₹ Cr and YoY) Client Assets (₹ Cr and YoY) Fee Paying Client Assets (₹ Cr and YoY)

+25% +40%
+34%
6,967 5,495
49
5,581
37 3,912

+27%
12
9

Q4 FY23 Q4 FY24 FY23 FY24 Yield on FY23 FY24

FY23 FY24
average
fee-paying 1.01% 0.97%
assets

1. AUM continues to grow with scale-up of existing strategies and launch of new strategies
2. Closing AUM stood at ₹ 6,967 Cr as at end of Q4 FY24, grew by 25% YoY:
a) Private Markets: continued focus on deployment, closing AUM at ₹ 4,778 Cr
b) Public Markets: witnessed strong flows, closing AUM at ₹ 2,070 Cr, grew by 155% YoY
c) Commercial Real Estate: recently launched, fund raising in progress

1. Commercial real estate (CRE) is a 50:50 JV with Cushman and Wakefield. Nuvama’s share in Profit/ loss of this JV is included in the consolidated financials. 41
Accordingly, the revenue of the JV entity is not included in the revenue reported above
Nuvama Capital Markets: Performance Metrics
Revenue (₹ Cr and YoY) Revenue Composition (%) Profit Before Tax (₹ Cr and YoY)

+64% Asset Services 180%

Institutional Equities and Investment Banking 376
805

32% 41%
489
123%
+71%
248 133 134
145 68% 59% 60

Q4 FY23 Q4 FY24 FY23 FY24 FY23 FY24 Q4 FY23 Q4 FY24 FY23 FY24

1. FY24 revenues grew by 64% YoY, driven by robust primary and secondary capital markets
a) Asset Services: Growth driven by normalized business operations and increased volumes
b) Institutional Equities and Investment Banking: Growth driven by increased volumes and increased market share
2. Closed 60+ core deals across equity and debt products
3. One Nuvama; improved synergies, 11 new Nuvama Private relationships established through referrals from Capital Markets

42
Contents Summary
1. ABOUT US ▪ Necessary fundamentals in place

2. INDUSTRY ▪ Adequately capitalized to achieve future goals

LANDSCAPE

3. JOURNEY OVER ▪ Well defined trajectory for each segment

YEARS

4. PERFORMANCE
OVERVIEW

5. STRATEGY

43
Our STRATEGIC ADVANTAGE
Strong promoters with experienced management team
PAG, promoter of the company, is a leading investment firm, with AUM of over USD 55 billion
Management team with visionary leadership having experienced multiple business cycles

Integrated and differentiated platform

Comprehensive suite of solutions, Best-in-class

Scaled & Multi-client segments with reach across India

Only pure play wealth manager serving HNI, Affluent clientele, a large and
under serviced client segment

Unique hybrid fulfilment model of Technology + RMs

Full stack digital capabilities across value chain + Proven engine for RM
acquisition and growth

Proven execution with diversified & scalable revenue streams and strong capital base
All revenue streams have grown consistently and are profitable. Revenue share of wealth and
asset management grew from 45-50% to 60-65% in last 3 years. Significant potential up-side from
Asset Management in coming years

44
LONG-TERM objectives

Wealth and Asset Operating leverage to deliver Be client-first in

Management to be key drivers significant improvement in cost everything we do
and would constitute 75 - 80% to income ratio
of the earnings

45
Well DEFINED TRAJECTORY for each segment
EXECUTION
STRATEGY FOCUS AREAS
MARKERS

Building entire Leverage tech to Continue journey Expand to NRI client

ecosystem with optimize cost-to- from product to segment and
People at center. serve, improve portfolio solutions deepen existing
Double RM capacity productivity and relationships
in 3-5 years enhance experience In 5 years grow
Grow Wealth Client, RM, EWM
clients and client
Management
assets to 2-2.5x

Grow ARR Expand Build full stack Make ecosystem

Assets and Income capacity and offshore wealth future ready. Focus
footprint. Double RM management on tech, data and
capacity in 3-5 years governance
46
Well DEFINED TRAJECTORY for each segment
EXECUTION
STRATEGY FOCUS AREAS
MARKERS

Build full suite of Continue to scale public Expand

alternatives market strategies Distribution
Significantly
In 5 years grow
Scale Asset
AUM to 6-8x
Management
On-going On-going Nuvama
Private Equity Long Only Private
Venture Debt Long Short Wealth
Real Assets1 Absolute Return
Gift City Domestic
Launch Planned Banks, Wealth Managers,
Credit Institutions

International
Institutions, NRIs
1. Commercial Real Estate Fund - JV with Cushman & Wakefield 47
Well DEFINED TRAJECTORY for each segment
EXECUTION
STRATEGY FOCUS AREAS
MARKERS

Asset Services
International Institutional Domestic Institutional Enterprise (Technology
Client Group Client Group (AIF, PMS) and Operations) In 5 years grow
Grow assets
clients assets to
under
Grow clients and expand Grow clients and Get future ready to 2-2.5x
Clearing and
footprint. Continue to enhance product support scale. Increase
Custody
invest in areas of strength proposition automation, improve
client experience and
enhance controls

48
 Environmental
Social
Governance

“Let's do it right: For people, planet, and profit”

We made key progress last fiscal through ESG
initiatives, our plan is to build further on these efforts
Environment Social Governance
o IGBC Gold certified – Head Office o ISO 27001 for information security o Published first ESG report for FY23
management system
o Minimizing scope 2 emissions by procuring o Board approved ESG policy in place
Green energy for Mumbai Corporate o 73 NPS for FY24 increased from 71 in FY23
Office o Formed Board level ESG Committee
o Impacted 0.25 Mn + beneficiaries through
o Waste reduced to 298 tonnes in Mar-24 CSR programs o Zero cases of environmental non-
from 340 tonnes in Mar-23 (segregation compliance, corruption, bribery, conflict of
practices implemented) o Gender diversity as of Mar-24 stood at 25% interest and data privacy breaches
across organization, 12% at senior
o All e-waste is disposed via certified vendors management and 9% at Board

o Water saving initiatives undertaken like o 3 differently abled employees across the
sensors and aerators in taps, dual flush firm as of Mar-24
system, etc.
o Employee turnover rate reduced to 28% in
o Awareness around conscious usage of Mar-24 from 37% in Mar-23
natural resources
o Average number of training hours for
o 44% of our office space are plastic bottle employees increased to 68.2 manhours
free, have plants from 66.3 manhours which is 3% higher
than in FY23
o Replaced tissues with hand dryers in
washrooms

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Our commitment to CSR stands strong. We are
getting organized to make meaningful difference
Education Women Empowerment
Promoting Education, Supporting
higher education for children
Reducing from marginalized communities
Inequalities
Community
Improving school
environment Prevention and Resilience and
dealing with gender-
based violence and Climate Action
abuse for children
and women
(CRCA)
Promoting gender
equality Enhancing Providing access
vocational skills to Justice Ensuring
Empowering women - environmental
Reducing inequalities sustainability,

Creating income
for socially and
economically 46% 24% ecological
balance and Enhance the
wellbeing of rural
backward groups Promoting conservation
generating and tribal farmer
opportunities 25% 5%
livelihood
enhancement
of natural
resources communities

Percentage of total CSR Budget

25 lakhs (5% of the CSR Budget) was spent in Aspirational Districts impacting 4k+ beneficiaries in these districts

51
Annexures

52
Annexure 1: Bridge to financial statements
Q3 FY24 Q4 FY24

# Particulars - ₹ cr As per As per

Netting Netting
Financial Adjusted Financial Adjusted
(1) (1)
Statements Statements

A Revenue 842 -284 558 929 -333 596

B Expense 612 -284 328 691 -333 358

C PBT 230 - 230 238 - 238

D Share of Profit in Associate 0 - 0 -1 - -1

E Non-controlling interest 0 - 0 0 - 0

F Operating PAT after share of profit from associates 176 - 176 181 - 181

Notes:
(1) Expenses directly attributable to revenue mainly include such expenses as interest/ related expenses, referral, sub-broker payouts and exchange related expenses

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Annexure 2: Our Board
Experienced and Independent composition with good mix of business and functional skills

Birendra Kumar Ashish Kehair Shiv Sehgal Nikhil Srivastava Anthony Miller Aswin Vikram
Chairperson & Independent Managing Director and Executive Director Non-Executive Nominee Non-Executive Nominee Non-Executive Nominee
Director CEO Director Director Director

Ramesh Abhishek Navtej Nandra Anisha Motwani Sameer Kaji Kamlesh S. Vikamsey
Non-Executive Nominee Independent Director Independent Director Independent Director Independent Director
Director

54
Safe harbour
DISCLAIMER :
This presentation and the discussion may contain certain words or phrases that are forward-looking statements, which are tentative, based on current expectations of the management of Nuvama Wealth
Management Limited or any of its subsidiaries and associate companies (“Nuvama”). Actual results may vary from the forward-looking statements contained in this presentations due to various risks and
uncertainties. These risks and uncertainties include the effect of economic and political conditions in India and outside India, volatility in interest rates and in the securities market, new regulations and
Government policies that may impact the businesses of Nuvama as well as the ability to implement its strategy. The information contained herein is as of the date referenced and Nuvama does not
undertake any obligation to update these statements. Nuvama has obtained all market data and other information from sources believed to be reliable or are its internal estimates unless otherwise stated,
although its accuracy or completeness can not be guaranteed. Some part of the presentation relating to business wise financial performance, balance sheet, asset books of Nuvama and industry data
herein is reclassified/regrouped based on Management estimates and may not directly correspond to published data. The numbers have also been rounded off in the interest of easier understanding.
Numbers have been re-casted, wherever required. Prior period figures have been regrouped/reclassified wherever necessary. All information in this presentation has been prepared solely by the company
and has not been independently verified by anyone else. Past performance may not be indicative of the performance in the future and no representation or warranty expressed or implied is made
regarding future performance.
This presentation is for information purposes only and does not constitute an offer or recommendation to buy or sell any securities of Nuvama. This presentation also does not constitute an offer or
recommendation to buy or sell any financial products offered by Nuvama. Any action taken by you based on the information contained herein is your responsibility alone and Nuvama or its directors or
employees will not be liable in any manner for the consequences of such action taken by you. Nuvama and/or its directors and/or its employees may have interests or positions, financial or otherwise, in
the securities mentioned in this presentation.
Nuvama Wealth Management Limited. (Formerly known as Edelweiss Securities Limited) | Corporate Identity Number • L67110MH1993PLC344634
For more information, please visit www.nuvama.com
NOTES:
Slide 1: Nuvama formerly known as Edelweiss Wealth Management
Slide 7: Pursuant to approvals received from SEBI and exchanges, Nuvama Wealth Management Limited was listed on BSE and NSE on 26th September 2023
Slide 8: Company research and estimates
Slide 9: Kotak Wealth Report, Karvy Wealth Report, Mckinsey Wealth Reports, Credit Suisse Global Wealth Reports | 2017-2022 and company estimates
Slide 10: Revenue incorporates impact of phase 3 demerger to include merchant banking & advisory services businesses. Revenue calculated by reducing finance cost and variable
business expenses from gross revenue. Total revenue includes minor amount towards corporate and eliminations - FY21 ₹ 10 Cr, FY22 ₹ (8) Cr, FY23 ₹ 2 Cr and FY24 ₹ 7 Cr. Asset
Management business was started in FY21 and new schemes were launched in FY22
Slide 12-13: Source for data points are IMF, OECD, Federal Reserve, Karvy Wealth Reports, World Bank, Credit Suisse Global Wealth Reports 2021,2022, Citi Research and BSE
Slide 14: Source: AMFI, SEBI, IRDAI, IBEF and BCG reports for period 2000-2024. Investment assets includes Insurance, Direct Equity, MF, Unlisted Equity, Alternative Investments & International Assets
Slide 31 & 35 Source company internal data sources, company research, Asian Private Banker and Care Report
Slide 16-55: Revenue and Operating PAT incorporates impact of phase 3 demerger to include merchant banking and advisory services businesses. Revenue is calculated by reducing
finance cost and variable business expenses from gross revenue. Operating PAT excludes non-recurring expenses mainly includes demerger, listing, change in brand name and
transition related expenses - FY21: ₹ 53 cr, FY22: ₹ 58 cr, FY23: ₹ 60 cr and Q1FY24: ₹14 cr. Operating PBT is before share of profit from associates and Operating PAT is after share of profit
from associates and non-controlling interests
Slide 1-55: Nuvama data and metrics presented are for or as on end of period as specified and may have been rounded off for presentation purposes
Slide 1-55 Commercial real estate (CRE) is a 50:50 JV with Cushman and Wakefield. Nuvama’s share in Profit/ loss of this JV is included in the consolidated financials. Accordingly, the revenue and
costs of the JV entity are not included in the revenues and costs in asset management
55
Thank You
For more details refer data book published on our website. Click here to access.

# Data Book Contents

1 Consolidated Performance

2 Segmental Performance - Wealth Management

a) Nuvama Wealth

b) Nuvama Private

3 Segmental Performance - Nuvama Asset Management

4 Segmental Performance - Nuvama Capital Markets

5 Bridge to Financial Statements

For any investor related information of the company kindly email us at [email protected]

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