The Hindu Business Line : Geojit’s net rises 4-fold as client base widens

Mumbai, Jan 12 The net profit of Kochi-based Geojit Financial Services Ltd increased more than four times for the third quarter, with profits jumping from Rs 4.6 crore to Rs 18.9 crore.

Higher revenue from increased client base and the bullish stock market helped the company to better its performance.

The broking firm has been adding new customers at the rate of about 10,000 per month, said Mr C.J. George, Managing Director, Geojit Financial Services Ltd.

For the quarter ended December 31, 2007, the company had a total income of Rs 71.6 crore (Rs 28.5 crore). The net profit margin was 27 per cent (16 per cent).

On a consolidated basis, the net profit was Rs 22.24 crore (Rs 6.68 crore), a rise of 233 per cent.

The consolidated figures include the operations of subsidiaries (one of which is a commodity broking outfit) and joint venture in the UAE.

Geojit recently entered into a joint venture with the Al Johar Group of Saudi Arabia to set up Aloula Geojit Brokerage Company, which is expected to start operations by the first quarter of the next fiscal.

Geojit has promoted another joint venture in Dubai, Shares of Geojit closed at Rs 104.85 on the BSE on Friday, down 1.73 per cent from the earlier close of Rs 106.7.

Related Stories:
Geojit begins operations in Saudi
Volumes push Geojit Fin Q2 profit up 119%
Geojit Comm full-year net rises 123%

More Stories on : Financial Performance | Financial Services

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Geojit’s net rises 4-fold as client base widens