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Mumbai, May 16 Edelweiss Capital Ltd on Friday announced that its standalone net profit for the quarter ended March 31, 2008, increased by 88.86 per cent. Net profit for this quarter amounted to Rs 10.01 crore compared with Rs 5.3 crore posted during the corresponding quarter of the previous year. Total revenues more than tripled to Rs 71.2 crore from Rs 20.1 crore.

The consolidated net profit for the same period more than doubled, to Rs 82.5 crore (Rs 37.3 crore). The total income increased by 198 per cent, from Rs 135.8 crore to Rs 405.7 crore.

Among the income segments, interest income showed the highest revenue growth in the company’s consolidated financials. It rose manifold to Rs 198.55 crore from just Rs 5.72 crore. Fee and commission income almost doubled to Rs 144.5 crore (Rs 74.7 crore); while income from arbitrage and trading in securities and derivatives tripled at Rs 135 crore (Rs 45 crore).

For the year ended March 31, 2008, the company’s standalone net profit rose 6.29 per cent to Rs 28.7 crore (Rs 27 crore). Total income for the year increased to Rs 187.6 crore (Rs 75.3 crore).

The company’s consolidated net profit for the year ended March 31, 2008, increased by 148.8 per cent. Net profit for the year ended March 31, 2008, increased to Rs 273.2 crore from Rs 109.8 crore. The total income increased from Rs 371.6 crore to Rs 1088.8 crore.

The company’s Chairman and CEO, Mr Rashesh Shah, said the company was able to maintain its growth levels due to the strengths of its business model and also due to its highly-diversified revenue streams. The board of directors of the company has recommended a dividend of 40 per cent per share (face value Rs 5 per share). The share price of the company closed 1.53 per cent down from its previous close at Rs 797.45 on the BSE today.

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