Geojit BNP Paribas dips on disappointing Q4 nos

Geojit BNP Paribas Financial Services has dipped 6% to Rs 25.70 after reporting 61% year-on-year (y-o-y) drop in its consolidated net profit at Rs 2.92 crore for the fourth quarter ended March 2011. The consolidated revenues too, came down by 6% from Rs 68 crore to Rs 64 crore.

The joint venture with BNP Paribas for institutional broking has reported a loss of Rs 4.6 crore during the quarter.

"Despite increase in market share in retail segment, an overall decline in retail market volumes coupled with the loss in the JV has led to a decline in profits," the company said in a filing to the stock exchanges.

For the year under review the consolidated revenues of the company have come down by 7% to Rs 281 crore (Rs 304 crore) and profit after tax by 39% to Rs 64 crore (Rs 28.4 crore), the financial services company said.

The stock opened at Rs 26.70 and hit a low of Rs 25.20 on the NSE. A combined 289,706 shares have changed hands on the counter till 1051 hours.