JM Financial Sees 27% Jump In Q2 Net At Rs 145.84 Crore
JM Financial today (16 October) reported a 27 per cent rise in consolidated net profit at Rs 145.84 crore for the second quarter ended September 30, owing to steady performance of its fund-based businesses.
Net profit after tax, minority interest and share of associates stood at Rs 114.65 crore in the corresponding July- September quarter of the previous fiscal.
Total income in the September quarter rose nearly 34 per cent to Rs 755.44 crore as against Rs 563.80 crore, the company said.
"Our fund-based businesses performed steadily during the quarter and continue to be key contributors to our profits," JM Financial Group managing director Vishal Kampani said.
"Our ARC (asset Reconstruction Company) business remains focused on resolution of the existing assets and we remain selective on acquiring new assets," Kampani added.
Under the fund-based business, the lending book of JM Financial Products stood at Rs 6,102 crore at end of September.
"Out of the said lending book, the corporate credit and structured financing and capital market lending book stood at Rs 4,148 crore and the real estate lending at Rs 1,954 crore," the company said.
"During the (second) quarter, in IPO financing business, we funded 16 IPOs wherein the aggregate amount of funding was around Rs 15,664 crore," it added.
The asset under management of the firm's wealth management business stood at Rs 27,289 crore (excluding custody assets) as on September 30 compared to Rs 21,895 crore in the year-ago period.
JM Financial businesses include investment banking, institutional equity sales, trading, research and broking, private and corporate wealth management, equity broking, portfolio management, asset management, commodity broking, fixed income broking, non-banking finance products, private equity and asset reconstruction.
(PTI)
