JM Financial net profit falls 18 pc to Rs 197cr in Q2

JM Financial on Wednesday reported 18.1 per cent fall in its consolidated net profit to Rs 196.68 crore in the second quarter ended September 30.

The company's net profit was at Rs 240.20 crore in the year-ago quarter.

Total income of the company fell to Rs 851.39 crore during the three months to September this fiscal, as against Rs 975.70 crore in same period of 2018-19, JM Financial said in a regulatory filing.

During the quarter ended September 30, 2019, the company has acquired 49,16,104 compulsorily convertible debentures aggregating to Rs 183.37 crore of its subsidiary JM Financial Asset Reconstruction Company by way of an allotment arising out of rights issue, it added.

The company said investment banking, wealth management and securities business, mortgage lending, distressed credit and asset management were the four identified reportable segments on a consolidated basis for its quarterly earnings.

Others include property rental income, it said.

Stock of JM Financial closed at Rs 74.60 on the BSE, up 0.47 per cent from previous close.