This Article is From Jan 25, 2014

Edelweiss Q3 net profit jumps 26 per cent to Rs 57 crore

Edelweiss Q3 net profit jumps 26 per cent to Rs 57 crore
Mumbai:

Edelweiss Financial Services Ltd on Friday posted a 26 per cent jump in net profit at Rs 57.8 crore for the quarter ended December 31.

It had reported a net profit of Rs 46.04 crore for the October-December quarter in 2012-13.

Total revenue in the quarter ended December, 2013 stood at Rs 649 crore, up 20 per cent compared to Rs 540 crore in the year-ago period, Edelweiss said in statement.

The fund-based income for Q3 FY'14 increased by 20 per cent at Rs 528 crore, as against RS 439 crore in the third quarter of the previous fiscal year (FY13).

This includes income from credit such as housing finance business, commodities business and balance sheet management unit operations.

Fee and commission income from agency businesses is higher at Rs 87 crore for the third quarter of the ongoing fiscal year (FY14) as against Rs 83 crore in the corresponding quarter of the previous fiscal year - up 6 per cent. This revenue stream includes income from broking, corporate finance advisory, asset management and wealth advisory businesses. Securities broking income for Q3 constitutes about 5 per cent of the total revenue.

The company said its total revenue moved up by 17 per cent at Rs 1,860 crore in the nine month period ended December 2013 as compared to Rs 1,584 crore for the corresponding quarter of the previous fiscal year. Profit after tax was at Rs 160 crore as against Rs 127 crore for the April-December period, up 25 per cent, the release said.

"While business environment in the previous quarter was tough, conditions gradually improved in third quarter with liquidity and short term interest rates easing, currency rates stabilising and CAD coming under control," Edelweiss Financial chairman and CEO Rashesh Shah said.

"Though inflation is moderating, investment and consumption continue to be low."

Shares in Edelweiss, on Friday, ended at Rs 28.40 apiece on the BSE, down 0.35 per cent from the BSE.