JM Financial's Sept quarter net up 25% on surge in share sale fee income

JM Financial Services on Thursday reported a 25.44 per cent rise in net profit in the September quarter due to a surge in fee income emanating from share sales.

The company posted a net profit of Rs 174.43 crore in the three-month period, compared with Rs 139.06 crore in the same period of last year. Revenue for September quarter jumped by 20.67 per cent to Rs 969.49 crore from Rs 803.40 crore in September 2020.

"We have delivered another strong quarter and the numbers look encouraging reflecting sustainable growth. We continue to diversify our liabilities franchise and have successfully concluded the public issue of secured Non-Convertible Debentures by JM Financial Products Limited of Rs 500 crore," said Vishal Kampani, Non-executive Vice Chairman, JM Financial.