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Reliance Securities Q2 profit drops 37% to Rs 13 cr

Press Trust of India  |  New Delhi 

Securities, the broking and distribution arm of Capital, today posted a 37 per cent decline in profit before to Rs 13 crore for the second quarter ended September 30, 2017.

The company had reported a profit before of Rs 20.6 crore in July-September period of 2016-17.

The firm's total for the three months stood at Rs 83 crore, an increase of five per cent from the year-ago period, Securities said in a statement.

In equity broking, the average daily stock exchange turnover jumped 52 per cent from the year-ago period to Rs 4,144 crore during the second quarter of the current fiscal. The average daily turnover in -- equity segment-- rose by 33 per cent to Rs 299 crore.

"Our consistency in quarter over quarter performance is mainly driven by the increase in the volume of Market segment and distribution of investment products, backed by transformation initiatives across segments undertaken over the last 18 months," Reliance Securities ED and CEO B Gopkumar said.

As on September 30, the brokerage firm had over 8.3 lakh accounts, a surge of six per cent from the year-ago period.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 12 2017. 15:42 IST