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Our Bureau

Mumbai, Oct. 10 Motilal Oswal Financial Services has recorded a 17 per cent dip in its consolidated net profit for the quarter ended September 30, as broking related revenue declined during the period.

The company’s net profit dropped to Rs 27.1 crore from Rs 32.6 crore in the same year-ago quarter.

Net sales for the same period declined nine per cent to Rs 137.7 crore (Rs 151.9 crore).

The company’s broking related revenue dipped 27 per cent to Rs 95.9 crore (Rs 131.9 crore). However, fees from the company’s investment banking advisory were up 66 per cent to Rs 16.5 crore, while fund-based income rose to Rs 20.1 crore (Rs 6.4 crore).

The company’s standalone net profit for the quarter, though, saw an increase of 269 per cent at Rs 9.6 crore against Rs 2.6 crore. The total income jumped to Rs 19.1 crore from Rs 5.9 crore.

“The standalone net profit has seen a rise as it is the results of the holding company which is only into the business of finance,” said Mr Motilal Oswal, Chairman and Managing Director, Motilal Oswal Financial Services Ltd.

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