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Our Bureau

Mumbai , April 18

INDIA Bulls Financial Services has reported a 193 per cent growth in net profit at Rs 56.7 crore for the year ended March 31, compared to Rs 19.35 crore in the corresponding period last year.

The total revenues rose by 134 per cent to Rs 168.4 crore in fiscal 2005 compared to Rs 71.9 crore in fiscal 2004, the company statement said on Monday.

Of the total income, 55 per cent came from broking business and the rest from financial services such as distributions of financial products and lending business.

The net profit for the quarter ended March 31 grew 290 per cent to Rs 23.9 crore against Rs 6.1 crore in the corresponding previous period. Total revenues rose by 188 per cent to Rs 70 crore in the quarter ended March 31 (Rs 24.3 crore).

"The results of the company are a testimony to the excellent execution and the large opportunity present in the Indian retail finance market. Our high operating efficiencies, strong technology backbone and operational excellence have propelled us to record revenues, profits and margins," the Indiabulls Chairman and CEO, Mr Sameer Gehlaut, said.

The company recently completed its first securitisation deal in the personal loan segment.

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