Edelweiss Financial Services Q2 net up 21% at Rs 96 crore

Total income up 36% to Rs 1,240 cr, from Rs 910 cr a year ago

Edelweiss Financial Services today reported 21 per cent rise in its consolidated net profit at Rs 95.69 crore for the second quarter ended September 30.

Company's net profit in the same quarter (July-September) of 2014-15 stood at Rs 79.24 crore.

Total income increased to Rs 1,240.34 crore during the quarter under review, up from Rs 909.51 crore in the same period a year earlier, it said in a filing on BSE.

On standalone basis, the net profit stood at Rs 28.53 crore during the quarter, as compared with Rs 23.90 crore year ago.

Total income on standalone basis rose to Rs 59.41 crore in the second quarter of 2015-16, from Rs 56.31 crore for the quarter ended September 30 of 2014-15.

Further, the company informed that the board of directors at a meeting held today accorded "in-principle approval for establishment of Sponsored Level I ADR Programme in accordance with the provisions of Depository Receipts Scheme, 2014."

American Depository Receipt (ADR) are foreign currency denominated instrument issued by a foreign depository on the back of securities deposited with a domestic custodian.

Edelweiss scrips were trading at Rs 59 apiece on BSE, down 0.67 per cent from previous close.