The Hindu Business Line : JM Financial full-year net up 36%; to pay Rs 5 dividend

Mumbai, June 30 JM Financial Ltd has posted a 36 per cent increase in net consolidated profit at Rs 90.87 crore for the financial year ended March 31, 2007 compared with Rs 66.81 crore for the year ended March 31, 2006.

Total income increased 92 per cent to Rs 444.05 crore (Rs 231.11 crore).

For the fourth quarter ended March 31, 2007, net profit rose to Rs 33.03 crore from Rs 35.43 crore recorded during the corresponding quarter of the previous year.

Total income showed a decrease to Rs 123.51 crore (Rs 140.36 crore).

The earnings per share (EPS) on weighted average number of shares for the March quarter is Rs 11.01 whereas EPS for the financial year is Rs 30.99.

On March 31, 2007, the total shareholders’ funds stood at Rs 605.25 crore comprising equity capital of Rs 30 crore and balance in reserves. The book value per share was Rs 201.75.

The board of directors has proposed a dividend of Rs 5 per share (50 per cent).

The Chairman, Mr Nimesh Kampani, said: “During the last quarter, JM Financial separated from Morgan Stanley in its joint venture in investment banking and securities broking businesses. With our strong investment banking franchise and our institutional relations, we will soon build our own institutional desk to complete the bouquet of financial services. As we look forward, we will continue to invest to grow and integrate all our businesses, take actions to improve efficiency and continue to expand our distribution. ”

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