Edelweiss Fin Services posts 43 pc rise in Dec quarter profit

Edelweiss Financial Services today reported a 43 per cent rise in its December quarter profit at Rs 83 crore from Rs 58 crore in the year-ago period.
Its total income rose by 49 per cent to Rs 967 crore from Rs 648 crore, taking the group's gross networth to Rs 3,381 crore, the company said in a statement.
Gross NPAs stood at 1.39 per cent and net NPAs at 0.21 percent.
Chairman Rashesh Shah attributed the good set of numbers to the diversification of businesses, asset classes, markets, client segments and geographies, which helped the company de-risk its business model, moderate volatility and improve business sustainability.

On the business outlook he said surprise rate cut by the RBI and its positive commentary indicates an early return of rate easing cycle which augurs well for the economy.
The company said its fund based income, which is its largest business, rose 44 per cent to Rs 757 crore from Rs 528 crore. This income stream includes income from credit including retail finance business, commodities business and balance sheet management operations.