Motilal Oswal net jumps 66%; Geojit PAT rises 39%

OUR BUREAU Chennai | Updated on January 24, 2018

Brokerages Motilal Oswal Financial Services and Geojit Financial Services on Wednesday came out with robust profit figures.

Motilal Oswal Financial Services reported a 66 per cent surge in its consolidated net profit at ₹148 crore for the three months ended December 2017, against ₹89 crore reported in the same period last year.

Motilal Oswal declared an interim dividend of ₹4 a share of face value ₹1 each.

In a release, the company said this is the highest ever profit for the company in a quarter. The consolidated revenues for Motilal Oswal stood at ₹736 crore (456 crore), up 62 per cent.

For Kerala-based Geojit, consolidated net profit jumped 39 per cent at ₹20.87 crore (₹14.97 crore) and revenues 33 per cent to ₹100.74 crore (₹75.51 crore).

“Our strategy to diversify our business model towards linear sources of earnings such as asset management and housing finance continues to show results, with over half of the revenue pie now coming from these new businesses,” Motilal Oswal, CMD, Motilal Oswal Financial Services, said in a release.

“Even our traditional businesses saw strong uptick during the quarter by registering record revenues. With this strategy, we have achieved the highest ever quarterly revenue and profit during the third quarter of 2017-18,” he added.

Revenues from its capital markets business — retail broking, institutional equities and investment banking — stood at ₹312 crore, an 87 per cent rise from the same period a year ago.

Geojit’s assets under custody and management stood at ₹41,118 crore and its distribution income went up 91 per cent year-on-year.

Commodity derivatives biz

Geojit Managing Director CJ George said to jump-start the commodity derivatives business, the board on Wednesday granted approval to the company to enter into an agreement with Geofin Comtrade to acquire its client base (without any other assets or liabilities), on arm’s length basis for a consideration of ₹8.1 crore (excluding applicable taxes). GeofinComtrade has over 40,000 registered clients.

Published on January 24, 2018

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