The Hindu : Business : Geojit BNP Q3 revenue up

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Tuesday, Jan 12, 2010
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Business

Geojit BNP Q3 revenue up

Special Correspondent

Assets under management cross Rs.10,000 crore

KOCHI: Geojit BNP Paribas Financial Services on Monday announced its third quarter results for 2009-10 following a meeting of its Board of Directors in Bangalore.

For the third quarter that ended in December, the consolidated revenues of the company rose by 75 per cent, to Rs.78.12 crore from Rs 44.62 crore for the same quarter of the previous fiscal.

From a marginal Rs.1 crore loss (without considering its extraordinary income of Rs.40 crore) in the corresponding quarter last year, its profit after tax (PAT) grew to Rs.12.39 crore.

Profit doubles

The profit before tax (PBT) rose to Rs.20.47 crore from Rs.33 lakh.

The company provided Rs.7.41 crore for taxes for the third quarter of this fiscal year. For the nine months that ended in December 2009, the consolidated income rose by 65 per cent, to Rs.235.75 crore from Rs.142.58 crore for the same period of the previous year. Its consolidated profit before tax went up by 201 per cent, to Rs.63.75 crore from Rs.21.21 crore and the consolidated net profit for the nine months was Rs.38.70 crore as against Rs.10.96 crore excluding Rs.40-crore extraordinary income.

Commenting on the results, C.J. George, managing director, Geojit BNP Paribas Financial Services, said: “The performance of the company has improved significantly compared to the corresponding quarter in the previous year, mainly on account of an increased activity in the capital market.

Our Assets Under Management [AUM] have crossed the Rs.10,000-crore milestone. Among the many value-added services offered to our clients in this quarter, a significant one is the mobile market watch that delivers real-time market information to the mobile phones of clients. This easy-to-use, secure and feature–rich service empowers the client on the move to take trading decisions and avail of the call and trade facility to execute his order. Clients can select from multiple channels for trading in mutual funds -- they can avail our Advisory Services, trade online on the exchange mutual fund trading system or call and trade via our Call Centre.”

Mr. George added: “The right product/s to meet a client’s financial requirements at the various stages in one’s life is now available under a single roof through our exclusive corporate tie-ups with Royal Sundaram and Metlife for general insurance and life insurance, respectively.”

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