The Hindu Business Line : Geojit Q4 net zooms to Rs 11.8 cr

Mumbai, April 15 The net profit of Kerala-based broking firm Geojit Financial Services more than doubled in the quarter ended March 31, 2008, to Rs 11.80 crore from Rs 5.74 crore in the year ago period.

Higher income from selling mutual funds and insurance products and contributions from the overseas arms helped the company. “We have recorded 100 per cent growth in our distribution business. Also our Dubai subsidiary has done exceedingly well,” said Mr C.J. George, Managing Director, Geojit Financial Services.

The consolidated income from operations rose by 77 per cent to Rs 64.11 crore for the quarter from Rs 36.14 crore.

BNP Paribas stake

The company, in which BNP Paribas is the single largest shareholder, said that the sharp increase in revenue and profits are mainly on account of an 83 per cent increase in equities and derivatives and an 88 per cent increase in distribution income as compared to the previous fiscal year.

For the full year 2007-08, the company has reported a net profit 58.64 crore, up by 133 per cent as compared to Rs 25.21 in the previous year. The consolidated income from operations increased by 72 per cent to Rs 225.55 crore (Rs 131.25 crore).

The diluted earnings per share (EPS) for the quarter ended March 2007-08 was Rs 0.55 (Rs 0.37).

The EPS for the fiscal year ended March 2008 on Re 1 per share is Rs 2.86.

Saudi venture

Aloula Geojit Brokerage Company, Geojit’s joint venture with the Al Johar Group in Saudi Arabia, will be operational from May, the company said in a release.