Motilal Oswal profits jump 28% in Q1 FY'18

Motilal Oswal Financial Services today reported a 29 per cent jump in net profits at Rs 101.6 crore, for the first quarter of 2017-18, and saw strong growth across its businesses including asset management.
The company's net profit stood at Rs 79.2 crore during the April-June period of 2016-17.
Besides, the consolidated revenues surged by about 58 per cent to Rs 576.1 crore, for the period under review, the company said in a statement.
"Our strategy to diversify our business model towards linear sources of earnings is continued to show results, with over half of the revenue pie now coming from these new businesses," Motilal Oswal CMD Motilal Oswal said.

"These businesses continue to build scale, while maintaining critical operating parameters along with profitability. Our traditional businesses also saw decisive uptick during the quarter by registering record revenues," Oswal added.
Motilal Oswal's asset management business rose 102 per cent during the first quarter of 2017-18 compared to the same period year-ago, the company said.

Besides, housing finance was saw an increase of 60 per cent and capital market businesses jumped 53 per cent, for period under review.
"While the share of Capital Markets reduced in the mix, it continues to grow in absolute terms. Both asset management and housing finance businesses saw rapid growth in assets, and improved in profitability despite significant investments in areas like manpower, network and marketing," the firm said.

"Broking business registered highest ever quarterly revenue led by increase in volume coupled with stable market share," it added.