Geojit BNP net up at Rs 45.3 cr vs Rs 6.1 cr y-o-y

JV stake sale led to exceptional earnings of Rs 36 cr in the quarter

Geojit BNP Paribas had a whopping increase in net profit for the  second quarter of  2012-13. The leading broking firm has earned a net profit of Rs 45.31 crore against Rs 6.05 crore in the same period of last year.

The company has accounted for an  exceptional income of Rs 35.97 crore during the quarter arising from gain on the sale of a substantial portion of its stake in the JV with BNP Paribas for Institutional Broking. This resulted in the quantum jump in net profit during the quarter.

Consolidated Revenue  of the company rose  4%  to Rs 66.2 crore from Rs 63.57 crore for the same quarter of the previous fiscal, a company press release said.

Profit Before Tax increased  to Rs 18.52 crore from Rs 10.44 crore, an increase of 77% for the same quarter of the previous fiscal.

For the six months ended September 2012, Consolidated Income was  Rs 125 crore. Consolidated Profit before Tax before exceptional item went up by 71%  to Rs 32.18 crore from Rs 18.82 crore, while Consolidated Net Profit went up to Rs 53.78 crore from Rs 10.35 crore due to the exceptional item.

Managing Director  C. J. George said that the  sale of Institutional broking business and overall control on cost helped the company to report better results during the quarter.