Edelweiss Q2 net at Rs 66 cr; total income up 44%

Edelweiss Capital has reported a marginal rise of 2 per cent in its second quarter profit after tax to Rs 66 crore, compared to Rs 65 crore of the same period a year earlier.

Total revenue of the company rose sharply by 44 per cent to Rs 376 crore during the quarter ended September 30, against Rs 261 crore of the corresponding quarter last financial year, the financial services firm said in a statement.

"For us, the second quarter has seen strong activity in investment banking, brokering, corporate debt syndication and financing while the other businesses have performed in line with the markets," Edelweiss Capital Chairman, CEO & Founder Rashesh Shah said.
    
Edelweiss has presence in investment banking, brokerage services, asset management and financing.
    
During the September quarter, investment banking handled 16 transactions this quarter across equity markets, advisory and debt capital market and earned fee and commission revenues worth Rs 144 crore, it said, adding that the deal pipeline continued to be strong.
    
In IPO distribution, Edelweiss claimed, it continues to be a major player and for the half year ended September 30, it is ranked third in the HNI category with a 17 per cent market share and fifth in retail category with a 6 per cent market share in total amount mobilised in IPOs.
    
For the six-month period ended September 2010, Edelweiss recorded a rise of 3.3 per cent in profit to Rs 127.46 crore.
    
Shares of Edelweiss were quoting at Rs 64.60, up 1.73 per cent in the late afternoon trade on the Bombay Stock Exchange.
    
On his views on the stock market, Shah said "after almost a year of sideways movement, the markets have rallied recently on the back of re-allocation of FII flows to emerging markets including India."