Edelweiss Financial Services Q3 pre-tax profit dips to Rs 51.5 crore

Edelweiss Financial Services on Friday reported a sharp drop in profit before tax (PBT) at Rs 51.5 crore for the quarter ended December, against Rs 458 crore in the year-ago period, because of rise in credit costs. 
 

Its stock on Friday closed 1.9 per cent lower at Rs 88.4 per share on the BSE.

The company's net profit also declined to Rs 35.32 crore in Q3FY20, from Rs 258.35 crore in Q3FY19. Total revenues from operations declined to Rs 2,639.6 crore, from Rs 2,881.9 crore in the year-ago period.  Rashesh Shah, chairman and chief executive, said weak economic climate resulted in elevated credit costs, which, along with the cost of managing liquidity, resulted in muted earnings.