Motilal Oswal Q2 net up 41% at Rs 144 cr on strong overall growth

Motilal Oswal Financial Services has posted a 41.18 per cent jump in its consolidated net profit at Rs 144 crore for the September quarter, backed by strong growth across all businesses.

The company had reported a net profit of 102 crore during the corresponding quarter last financial year, it said in a statement.

The consolidated revenues for the company stood at Rs 713 crore for the quarter under review, up 34.78 per cent from Rs 529 crore in the same quarter last year.

"Our strategy to diversify our business model towards linear sources of earnings like asset management and housing finance continues to show results, with over half of the revenue pie now coming from these new businesses," company's Chairman and Managing Director Motilal Oswal said.

Almost 61 per cent of the revenue came from linear sources like asset and wealth management and housing finance during the second quarter of FY 2017-18.

"Each of these businesses offers significant headroom for growth and operating leverage as they scale up. Even our traditional businesses also saw decisive uptick during the quarter by registering record revenues," he added.

Motilal Oswal's asset management business rose 62 per cent during the second quarter of FY 2017-18 compared to the same period a year ago.

Housing finance saw an increase of 22 per cent and capital market businesses jumped 20 per cent for the period under review.