Stocks

JM Financial net rises 27% in Sept quarter

Our Bureau Mumbai | Updated on January 08, 2018 Published on October 16, 2017

JM Financial has posted a 27.2 per cent raise in consolidated net profit at ₹145.84 crore for the second quarter ended September 30, riding on its fund-based businesses performance. In comparison, the diversified financial services group had posted a net profit of ₹114.65 crore during the same period a year ago.

During the reporting quarter, the company’s total income rose 33.99 per cent to ₹755.44 crore from ₹563.80 crore recorded during the year-ago quarter, it said in a statement.

“Our fund-based businesses performed steadily during the quarter and continue to be key contributors to our profits. Our asset reconstruction business remains focussed on resolution of the existing assets and we remain selective on acquiring new assets. Capital markets continue to remain buoyant with a consistent rise in the number of companies looking to raise capital,” said Vishal Kampani, Managing Director at JM Financial Group.

“Economic growth is going through an aberration caused by temporary disruptions in implementation of the GST, which we believe will get corrected,” he added.

Under the fund-based business, the lending book of JM Financial Products stood at ₹6,102 crore as of September-end.

The average AUM of its mutual fund schemes stood at ₹13,952 crore, comprising ₹6,987 crore in equity schemes and ₹6,965 crore in debt schemes.

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Published on October 16, 2017
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