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Let's do one thing, before you take questions, Ramdev ji has joined us in the studio, let's talk to him, Ramdev ji, good morning and today we will obviously talk about the financial numbers of Motilal Oswal, please show the numbers here once because the net interest income has increased by about 24% and the revenue has also increased by about 5% here, Ramdev ji, good morning, so tell me how is the business and which segment is doing better, good morning, yes, actually the top line is more than 30% and the bottom line is more than 26%, the rest of the market profit, in this quarter it is a little lower than last year, so I think June, July, August, last year, July, August, last year, it was very good, so let's complete it, so the profit is flat, if you look at the profit, but the profit is much more, the gross profit has increased by about 26% Your operating expenses have also slightly elevated.
What is the reason for that? Because I was seeing that both the frontier and the center quarters are quite big. What is there in this? We are building on the wealth side. The boom in the capital market is going on. First, when booking starts, people will come. People are coming now. Then wealth will be created.
Then people will understand that just going alone does not work. We have to be wealth oriented. So, its effect will be seen in wealth management. So, from now on, we are building it. But when you build a wealth team, its productivity is initially low. But there is an expensive game, so one second, it is changing the mix with the booking and there is a through franchise.
So, in franchise, you have to pass on the mix. So, if the business goes more, more comes from franchisees because it is wide spread. So, all that comes from franchising. So, franchising market share. Sorry, the mix is changing with time and that is due to my expenses also growing, so my top line grows proportionately but expenses also grow more by 10%, my profit by 26%.
You have told a very interesting thing that the wealth management work is growing very fast and the way we are also looking at these things, we are doing this and keeping those people, so please explain this a little, how this entire wealth market is growing in India and what are you taking your stand in it, see what happens to wealth, if your GDP is 300 lakh crore then your wealth base will be around 400 lakh crore in half the time, but when your GDP will be 300 lakh crore to 600 lakh crore in the next 12 years, then your wealth base will go up to 3 lakh, so this means that it increases a lot, good wealth, for example, if you have 1000 crores, then if you are a wealth manager If you keep it and you have Rs 1000-5000 crore, then it means the work of a single wealth manager increases, so this is a predictable journey, whether we are good or bad, that only time will tell, but wealth managers will do well in India.
The equity boom that is going on and the financialization of the market is basically a suggestion of the market, see how many IPOs are coming, what is it that your demat account is increasing so much, that is how much inflow is coming, for example, understand that if you put together lakh rupees from demat account, small and big, then you are saying Haj per day, you enter into the market and 365 days, so you understand that 7 lakh crore, 4 lakh crore, that too does not get exhausted after getting collected, it will keep increasing, it means that it keeps filling just like water fills in a dam, and its appreciation also starts from 121, so that entire money that has to be managed by some big, do you understand us a little If it comes, we manage it ourselves, we do not hire, we actually hire, but the professionals who are working in family offices will need the support of wealth managers.
Family offices are also growing at a very fast rate, either it will become very big, I mean they have started in Mumbai, Ahmedabad or Dubai, there too family offices are also available, so I think wealth base will increase and as wealth management increases and so we are building up the pieces, generally there are six pieces of basically it can be said in two parts, one is action part and second is the management part, the part is doing very well, the banking side is doing very well, the banking side is doing very well, that part is doing very well, at management side it is up, we have first 14 to 18, it had a performance issue and now we are coming back, so private equity wealth management and asset management is the two biggest slow down, I was wanting to come to this part.
Actually, you yourself have admitted that the performance of asset management has been a little poor for two-three years, so now you will call your investors. Although your own money is invested in that mutual fund, but you have skin in the game. But why was there that underperformance and why do you think it will reverse now?
What was it like before, like I was really a case of spending in a company, I was a company that I came to, I was a mass stockholder, I was holding a stock in the market, which stock is it not? But if I keep the money, then what happens? If you focus on it, if your outperformance is 15, for four years we gave 15-16 points of performance every year, okay, then the same portfolio will perform very well.
You cannot keep keeping the same portfolio for very long time, then it leads to underperformance. Your outperformance at 15 may be 5% under. Performance can be the same, so for two-three years, the performance was excellent, the performance went down to a great extent, but you can see that for one year it is well, but for four years it is a concern and everywhere you see, this is what happens, the best performing mutual fund schemes and houses were very well done, so what we said is that now whatever new set is there, what we are saying is we are not looking for the best, we are looking for a good start, but the market should not be like 4-5 years, which means Diwali of four years and this should not happen for two-three years, Chandni Vat style works in private, but I can do it in public, private, whatever happens, I will not sell, let it underperform, then just go to public, PM, so we have absolutely right approach, now so much money will come and we are also seeing a huge amount of money, so for that money, if the size of the economy is increasing then the size of banks will increase, the financial sector, basically not banks Actually, now I want to know if you are very trending, then understand the sector, I will divide the bank sector into two or three, one is the big banks proper which is conventional banking, second is the fintech sector, the entire sector is micro finance, where are you seeing the maximum growth in this, there will be growth everywhere, now see this trend, how much was the saving in the last 25 years, 10-12 lakh, whatever you have made, everything together, the household cap will become 100 to 50 trillion dollars in the next 25 years, wherever the saving will go, there will be an explosion, so earlier in the banks, there will be a pace of banks of 15-17 lakh, now in that there are some good banks, some bad banks, so the good banks will become very big, the successful banks, four-five big banks, only they will earn more money because their franchise is their equity, they have customer relationships, they have all the big customers, so those banks will do very well, okay, right?
What will be the financialization now, what will happen in it, earlier people used to go and deposit money in the bank, now that will not happen, now someone wants to buy mutual funds, someone wants to buy gold, someone wants to buy a house, whatever it will be, but the financial mutual fund is right, this campaign has happened and the participation of demerger account is increasing, people are bringing 25000 rupees, lakh rupees, 6 lakh rupees, but now that which is less than 1 per eta GDP is coming to shares and debentures, that will go to 2 per 5 to 6 lakh tax, so this is a very big movement, this is a very big change in the country, why is this happening now in the current condition of the country, because your digital onboarding has happened, your digital infrastructure has become so good, a complete tested environment has been created, so the infrastructure that NAC has built in 20-30 years, digital infrastructure and safe, and on top of that, there is the Your entire network of L j f j j Lim, Bharti and network l over India, every reach out, all this together makes the condition and here is the return, you will get F and in between there is % S, due to that now your F will be GDP G.
One small question and you told this thing, you told this sector, we are seeing right now that instead of corporate lending, consumer or retail lending is increasing a lot, competition has increased a lot, so what will happen in this, the new age players will gain more by using technology, somewhere the new people who can use digital infrastructure well, they will get a lot of benefit, like today see Bajaj Finance is an old company but they have used digital infrastructure very well, this is Angel One, they have used digital infrastructure very well, Jorda has used broking very well, they are coming into lending, right now like Reliance, you can bring back lakhs in 1 day, so whatever they can do well, means there is a possibility in FITECH that you can earn a lot You can give it and you can also learn a lot about the bar.
A successful model will be created with the help of AI or machine learning or whatever metrics you have, you can collect them, keep NP under control. Then, look at what is happening in the market now because yesterday there was a Fed event, it was a big event and it was a bit of a shock, but the market did not move that much.
Today you do not see the day to day movement, but now whatever is happening in the market, look at 90, or 10, for me, it is all market talk, but I keep watching copper profits. Look at today's, I saw today, I do daily Agri every year, it is a little more fluffy, at 52, in profit for this quarter year on year, top line go only 5-6, last year I think 35-40 was a top line growth, but the bottom line was very small.
So what is happening now is that margins are coming back. Margins of everything are coming back. Wherever there was a beating of commodity stocks. Because of commodity caps, even commodity shooters went crazy. You see, Tesco had a profit of 44000 a year ago and now it has suffered a loss in this sector.
So, these copays of commodi are shifting somewhere to the car owner or the steel pipe user. So, this profit has come in a big way in this quarter and whatever is left will come in the next 10 days, but I think it is a very big, very big event. This corporate profit that has been built, look at first the copay profit and second the total economic activity.
On a monthly basis, you will see the GST collection, the first number is 172 and 172, so economic activity is at a very high level, very still it is picking up. Yes, so on 6 6, 7, as per the growth that is said, your GST growth has come at 13, so nominal growth is now 10 12 and there, so it is a solid that economic activity is at a high level.
Profitable so you can have economic activity but your profit may be low, so by my r, so both are going perfectly well, the l, the l, the l, the l, look at your index right now, for this year, if you are saying between 8 to 80, then right now your index is 19, so TT 19 half is not an out bubble, so but it means it is not very cheap either, this is also true, not very cheap either, I will buy it, wonderful time to go and do shopping and build portfolio, sir, thank you very much and best wishes for your results, your explanation about banking was very interesting and hopefully we will see this journey together, how the economy and the market, thank you very much for joining us, so Ramdev sir, we explained how wealth management is actually a very interesting area, this can be a full half-hour show because wealth management shows how you see growth in asset location and assets in the equity market on which Mala Fall Services is also the focus and we'll be discussing this. A short break. We'll be back after the break and taking some questions.
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