Stocks

Edelweiss Capital Q4 net declines 15% to Rs 47.98 cr

Our Bureau Mumbai | Updated on May 16, 2011

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Edelweiss Capital quarterly net profit for the fourth quarter of FY-11 declined 15 per cent at Rs 47.98 crore (Rs 56.33 crore). The decline was due to a sharp increase in overall expenditure by 72 per cent to Rs 322.03 crore (Rs 187.69 crore). Income from operations for the quarter rose 46 per cent at Rs 380.01 crore (Rs 259.49 crore).

The main contributors to the increase in expenditure were interest costs which rose 177 per cent to Rs 158 crore (Rs 56.94 crore) and employee cost which grew 38 per cent to Rs 64.2 crore (Rs 46.47 crore).

For FY11, the net worth of the group stood at Rs 2,416 crore while the balance sheet size grew 105 per cent year on year to Rs 10,600 crore.

The company has received an R3 approval from IRDA to set up its life insurance business in a joint venture with Tokio Marine. The board recommended a final dividend of Rs 0.35 a share for FY-11 taking the total dividend for the year to Rs 0.6 on a face value of Rs 1.

At the end of the fourth quarter of FY-11, the promoters had pledged 4.33 per cent of the total share capital as against 3.68 per cent of the total share capital of the company in the corresponding quarter of last year.

At the BSE, the shares of the company on Monday closed at Rs 34, 1.04 per cent higher than the previous close.

Published on May 16, 2011

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