Edelweiss Financial Services net jumps 53 pc to Rs 276 crore in Q2

Edelweiss Financial Services Ltd (Edelweiss) Friday reported a jump of 53 per cent in its consolidated net profit at Rs 276.38 crore in second quarter ended September driven by a healthy core income.

The company had registered a net profit of Rs 180.88 crore in the similar July-September period of 2017-18.

Total income (consolidated) during the period grew to Rs 2,672.59 crore in the September quarter of 2018-19, as against Rs 2,030.23 crore in the same period of the preceding fiscal, Edelweiss said in a regulatory filing.

The interest income during the period rose to Rs 1,712.98 crore from Rs 1,170.04 crore. There was however, a fall in dividend and rental income, but an increase in fee and commission income.

The basic earnings per share (not annualised) improved to Rs 3.08 for each share during the second quarter of the current fiscal against Rs 2.31 a year ago same period.

Total assets of the company as on September 30, 2018 stood at Rs 67,821.96 crore.

On standalone basis, the net profit of the company in July-September 2018-19 declined to Rs 25.25 crore as against Rs 26.08 crore. Income dipped to Rs 75.20 crore from Rs 106.06 crore in the year ago period.

Edelweiss is present across business like broking, advisory, product distribution and fee based businesses. Capital based business includes income from treasury operations, investment income and financing and insurance.

Stock of Edelweiss Financial Services was trading at Rs 140, higher by 5 per cent on BSE.