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Mumbai, July 11 Broking firm Edelweiss Capital reported a 10 per cent drop in standalone net profit at Rs 6.78 crore as against Rs 7.5 crore in the corresponding period of the previous year. The company’s total income stood at Rs 56.63 crore, up from Rs 30.69 crore in the year-ago period. The company got listed on the stock exchanges in December last year.

The consolidated net profit for the same period rose 52 per cent to Rs 63.78 crore (Rs 41.93 crore). The total income increased 87 per cent from Rs 143.74 crore to Rs 268.93 crore.

“Our performance in the current quarter provides a representation of the current market conditions and the resilience of our diversified business model. Our new business initiatives including alternative asset management, wealth management and wholesale financing are progressing well and are expected to contribute strongly on a progressive basis. Following the approval from the regulatory authorities, we are readying the launch of certain key products through our asset management arm shortly,” said Mr Rashesh Shah, Chairman and Chief Executive Officer, Edelweiss Capital.

The net worth of Edelweiss Capital group now stands at more than Rs 2,400 crore, according to a release by the company. The investment banking business of the company has closed four transactions in the first quarter of the current fiscal. The wholesale financing business has an asset base of over Rs 1,000 crore. The diluted EPS of the company increased to Rs 8.51 from Rs 7.78.

The board of directors has declared the dividend at the rate of 40 per cent. The share price of the company closed 5.57 per cent down from its previous close at Rs 524.35 on the BSE on Friday.

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