The Hindu Business Line : Motilal Oswal net more than doubles to Rs 44 crore

Mumbai, April 21 Net profit of broking firm Motilal Oswal Financial Services more than doubled in the quarter ended March 31, 2008, to Rs 44.21crore from Rs 18.68 crore in the year-ago period.

The consolidated income for the quarter rose 75 per cent to Rs 189.51 crore from Rs 108.41 crore.

For the full year 2007-08, the company has reported a net profit Rs 170.62 crore, up 149 per cent as compared with Rs 68.44 crore in the previous year. The consolidate income increased by 90.68 per cent to Rs 700.9 crore from Rs 367.57 crore.

“Our commitment to strong risk management practices and foray into new businesses like investment banking, asset management, fund based activities and wealth management have yielded us good dividends,” said Mr Motilal Oswal, Chairman and Managing Director of the company.

The diluted earnings per share (EPS) for the quarter ended March 2007-08 was Rs 15.44 compared with Rs 6.01 for the same period last year.

The board of directors recommended a dividend of Rs 4 per share. The board has also approved sub-division of equity share of the face value of Rs 5 each into five equity shares of the face value of Re 1 each subject to the approval of the shareholders.

Revenue from equity broking and other related activities has gone up by 74 per cent to Rs 153 crore in the quarter ended March 31, 2008 from Rs 88.37 crore in the year-ago period.

The stock on Monday closed at Rs 752.55, a rise of 1.48 per cent against the previous close.

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