IL&FS Investment Manager Q1 profit declines marginally

Private equity fund management company IL&FS Investment Managers recorded a marginal decline in net profit at Rs 17.68 crore for the quarter ended June 30, 2010, on account of foreign exchange fluctuations.

The firm had a net profit of Rs 17.70 crore in the same quarter a year ago.

Income from operations also declined marginally to Rs 43.11 crore in the first quarter from Rs 43.51 crore in the same period last year, IL&FS Investment Managers said in a filing to the Bombay Stock Exchange (BSE).

Consolidated revenue and profits remained flat despite net increase in funds under management mainly on account of foreign exchange fluctuations, it said.

"The first quarter performance has been on track and as per expectations," IL&FS Investment Managers Chief Executive Officer Arohana Hingorani said in a statement.

The private equity firm manages assets of about USD 2.8 billion (about Rs 12,600 crore) across the sectors.

In terms of new investments through funds under its management, the company invested in four companies across the verticals, it said.

For the year ended March 31, 2010, the company has posted a consolidated net profit of Rs 73.84 crore, up 18.75 per cent, over the same period a year-ago.

Shares of the private equity firm were trading at Rs 47.70, up 4.03 per cent on the Bombay Stock Exchange.