Equitas Holdings Q2 net up 16% at Rs 46 cr

Total income from operations rises 32% to Rs 348 cr

Financial service provider Equitas Holdings Ltd has posted a growth of 16 per cent in net profit for the quarter ended September 30, 2016 at Rs 46.34 crore as against Rs 39.93 crore during the same quarter of the previous year.

The total income from operations stood at Rs 348.11 crore during the quarter, as compared to Rs 263.07 crore during the corresponding quarter of last year, with an increase of 32 per cent.

The assets under management has grown 45 per cent to Rs 7,079 crore compared to Rs 4,892 crore posted during the corresponding quarter last year.

The company today announced that its Board of Directors has appointed S Bhaskar, Chief Financial Officer (CFO) of the company has been appointed as Executive Director and CEO with effect from October 21 and S Vasudevan as CFO of the Company.

"We had a reasonable quarter. AUM as of September 16 grew by 45 per cent on a YoY basis along with a 16 per cent growth in profits for the quarter on a YoY basis. However, if we calculate PAT excluding One time impact of bank transition costs, the growth in PAT is 50 per cent on a YoY basis," said S Bhaskar, executive director and CEO, Equitas Holdings Ltd.