JM Financial Q1 net profit rises 9% to Rs 199 cr

JM Financial has reported a 8.8 per cent surge in its net profit to Rs 199.23 crore in the first quarter ended June this fiscal.

The company had registered a net profit of Rs 183.08 crore in the corresponding April-June quarter last fiscal.

Total income grew up by 16.9 per cent to Rs 855.34 crore in June quarter of 2018-19 as against Rs 731.63 crore earned in the same period of 2017-18, the company said in a regulatory filing.

"While India's long term economic fundamentals look attractive, global factors such as crude oil prices, tightening monetary conditions in US and anticipated further rate hikes in the US are adding pressure on the macro economy. We are witnessing a lot of opportunities in the distressed credit space and are focused on resolution of the acquired assets and on adding new ones," Vishal Kampani, MD, JM Financial Group, said in a statement.

The company is engaged in services such as investment banking, wealth management and securities business, mortgage lending, distressed credit and asset management.

Stock of JM Financial closed 2.12 per cent down at Rs 119.95 on BSE.