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The net profit of Geojit BNP Paribas Financial Services has increased by 97 per cent to Rs 8.5 crore for Q1 from Rs 4.3 crore for the same quarter of previous fiscal.
However, the consolidated revenues decreased marginally by five per cent to Rs 59 crore from Rs 62 crore for the same quarter of the previous fiscal.
The increase in profitability is attributed to better cost management, strong performance of Geojit Technologies Private Ltd as well as the sale of stake in the loss-making joint venture institutional brokerage company.
As a result of this sale, the accounts have not been consolidated during this quarter, a statement issued after the board of directors meeting here, said. Geojit Technologies Pvt Ltd, a subsidiary of the company engaged in software development and exports, has reported a net profit of Rs 3 crore during this quarter on a turnover of Rs 5.6 crore.
According to Mr C.J. George, Managing Director of Geojit BNP Paribas, said: Although the first quarter of the calendar year witnessed significant foreign inflows and good activity in the secondary market, April to June period witnessed subdued markets, resulting in a marginal decline in top-line.
However, the excellent cost management strategies, strong performance of Geojit Technologies and sale of the joint venture brokerage company helped improve the profitability substantially, he said.
On Thursday, the shares of Geojit BNP closed down 2.21 per cent lower at Rs 19.90 on the BSE.
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