Edelweiss Q3 net profit jumps 26%

Edelweiss Financial Services Ltd today posted 26 per cent jump in net profit at Rs 57.8 crore for the third quarter ended December 31, 2013-14 fiscal.
It had reported Rs 46.04 crore profit for the October- December quarter in 2012-13.
The total Q3, 2013-24 revenue stood at Rs 649 crore, up 20 per cent, compared to Rs 540 crore in the year-ago period, Edelweiss said in statement.
The fund-based income for Q3 FY'14 increased by 20 per cent at Rs 528 crore, as against RS 439 crore in Q3 FY'13.
This includes income from credit such as housing finance business, commodities business and balance sheet management unit operations.

Fee and commission income from agency businesses is higher at Rs 87 crore for Q3 FY'14 as against Rs 83 crore in Q3 FY'13, up 6 per cent. This revenue stream includes income from broking, corporate finance advisory, asset management and wealth advisory businesses. Securities broking income for Q3 constitutes about 5 per cent of the total revenue.

The company said its total revenue moved up by 17 per cent at Rs 1,860 crore in nine months period ended December 2013 as compared to Rs 1,584 crore for 9M FY13.
Profit after tax was at Rs 160 crore as against Rs 127 crore for the 9-month (April-December) period, up 25 per cent, the release said.

Edelweiss Financial Chairman and CEO Rashesh Shah said: "While business environment in the previous quarter was tough, conditions gradually improved in third quarter with liquidity and short term interest rates easing, currency rates stabilising and CAD coming under control.
"Though inflation is moderating, investment and consumption continue to be low."
The company scrip closed at 28.40, down 0.35 per cent, on the BSE.