Edelweiss Financial Services Q2 net profit at Rs 57.29 cr

Our Bureau Mumbai | Updated on October 28, 2021

Revenue declines 18 per cent to Rs 1,821 cr

Edelweiss Financial Services reported a consolidated net profit of Rs 57.29 crore for the second quarter of the fiscal year as against a net loss of Rs 48.5 crore in the corresponding quarter last fiscal.

For the quarter ended September 30, 2021, its total revenue from operations declined by 18.1 per cent to Rs 1,821.14 crore, from Rs 2,222.82 crore in the same period last fiscal.

“De-merger of Edelweiss Wealth Management is on track. Listing is expected by September to December 2022,” it said in a statement on Thursday.

“Our performance this quarter has been strong across all businesses and the positive trend will continue hereon. We returned to profitability in our NBFC and are moving towards normalisation in retail credit, with about 96 per cent collection efficiency and a scale-up in disbursements. Our customer assets have nearly doubled and our customer franchisee has grown three times in the last two years to about 5 million customers,” said Rashesh Shah, Chairman, Edelweiss Financial Services.

Published on October 28, 2021

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