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Geojit’s third quarter profit swells

KOCHI: Geojit Financial Services’ third quarter profit after tax went up by 233 per cent to Rs. 22.23 crore compared to the third quarter of the previous fiscal.

The company reported a consolidated revenue of Rs. 80.89 crore and net profit of Rs. 22.23 crore for the quarter ended December 2007. Compared to the third quarter of the previous year, the income of the company increased by 128 per cent.

Compared to the second quarter of the current fiscal, the income shot up by 59 per cent and the net profit by 78 per cent. The company has also provided Rs.10.42 crore for income tax for the quarter ended December 2007.

A meeting of the Board of Directors held in Chennai on Saturday approved the results, a press release here said.

For the nine months ended December 2007, the income of the company rose by 78 per cent to Rs.173.96 crore from Rs.97.66 crore in the corresponding period last year, while the net profit shot up by 141 per cent to Rs.46.84 crore from Rs.19.47 crore. Profit before tax rose to Rs.69.43 crore from Rs.28.19 crore, an increase of 146 per cent.

The sharp increase in revenue and profits is mainly on account of favourable market conditions and acquisition of new clients. The net profit margin for the quarter ended December 2007 was 27 per cent compared to 19 per cent for the corresponding period last year. For the nine-month period ended December 07, it was 27 per cent.

Income from distribution of financial products for the quarter ended December 2007 rose by 252 per cent compared to the corresponding period in the previous year.

The earnings per share (EPS) for the nine month period (April to December 2007) on Re.1 per share was Rs.2.24.

Geojit has recently promoted a joint venture with the Al Johar Group named Aloula Geojit Brokerage Company. The company is in Saudi Arabia, home to the largest non-resident Indian population in the world. It has received all licences, completed all formalities and is expected to start operations by the first quarter of the next fiscal.

Geojit, the largest stakeholder in Aloula Geojit, will be the first Indian stock broking company to begin domestic retail brokerage operations in any foreign country.

Geojit has promoted another joint venture in Dubai, expected to become operational by the second quarter of the next financial year, for membership in the Dubai Stock Exchange.

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