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Mumbai, Jan. 10 Mumbai-based brokerage Motilal Oswal Financial Services Ltd said its net profit for the third quarter ended December 2007 more than doubled from a year ago.

Net profit amounted to Rs 53.7 crore, against Rs 20.5 crore a year ago. Revenues rose by 128 per cent, to Rs 233 crore, against Rs 102 crore.

Several new strategic initiatives backed by favourable market conditions propelled revenue growth during the quarter, said the company.

The wealth management and brokerage business which accounts for over 80 per cent of the company’s revenues grew 106 per cent, while the new initiatives such as investment banking, asset management and fund-based activities grew 400 per cent, although on a smaller base, said Mr Motilal Oswal, Chairman & Managing Director.

The scrip closed at Rs 1958.45.

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