The Hindu Business Line : Geojit reports 55% drop in net

Mumbai, July 12 Geojit Financial Services reported a 55 per cent drop in its standalone net profit at Rs 4.93 crore against Rs 10.96 crore in the same year ago quarter. Total income rose 12.5 per cent to Rs 39.52 crore (Rs 35.12 crore).

Total expenditure however rose 36 per cent to Rs 32.71 crore from Rs 24.03 crore. Operational costs rose because of the company’s continuing expansion of its branch network, and this is expected to produce results over the next two quarters, said a company statement.

Geojit’s consolidated net profit fell by 41.3 per cent to Rs 7.1 crore (Rs 12.1 crore).

(The company had made a profit of Rs 4.74 crore from sale of non-trade investments during the same period last year.)

“The fall in profit before tax after adjusting for the Exceptional Item is therefore only 22.6 per cent,” said the statement. The consolidated total income for the quarter rose 13.4 per cent to Rs 47.34 crore (Rs 41.75 crore).

The company’s income from other operations increased to Rs 43.82 crore from Rs 37.90 crore.

The diluted EPS of the company decreased to Rs 0.33 from Rs 0.56.

Geojit’s joint venture with BNP Paribas for institutional broking will commence operations in the current quarter, said the statement.

The shares of the company closed at Rs 39.6 on Friday, 0.88 per cent down from its previous close.

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