Edelweiss Financial dips 7% on disappointing Q1 results

The stock dipped 7% to Rs 303 on the BSE in intra-day trade after the company reported a lower-than-expected 31% YoY growth in consolidated net profit at Rs 2.64 billion in June quarter.

Edelweiss Financial Services dipped 7% to Rs 303 on the BSE in intra-day trade after the company reported a lower-than-expected 31% year on year (YoY) growth in consolidated net profit at Rs 2.64 billion in June quarter (Q1FY19).

The company’s insurance business reported a net loss of Rs 460 million during the quarter against loss of Rs 240 million in year ago quarter. Excluding insurance, net profit grew 37% on YoY basis.

The company’s Balance Sheet Management Unit (BMU), Corp & other segment reported a net loss of Rs 140 million against net profit of Rs 370 million