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Geojit net slumps

KOCHI: The consolidated revenues of Geojit Financial Services went up by 13.4 per cent to Rs. 47.34 crore for the quarter ended June 30, 2008 from the Rs. 41.75 crore of the first quarter of 2007-08. The consolidated net profit went down by 41.3 per cent to Rs. 7.1 crore from Rs. 12.1 crore during the period.

The company announced on Saturday its first quarter results following a meeting of its Board of Directors in Mumbai.

In the 2007-08 quarter, the company made exceptional profit from sale of shares in the Bombay Stock Exchange. The fall in profit before tax after adjusting for this is only 22.6 per cent.

The company has provided Rs. 3.3 crore for income tax during this year’s first quarter. Despite the uncertain market conditions, Geojit continues to grow as it focusses on client acquisition, branch expansion and risk management strategies, the company says.

In the first quarter, over 25,000 clients were acquired. From July 2007 to June 2008, 75 branches were opened. This has increased the operational cost and the full revenue potential is yet to be realised.

Aloula Geojit Brokerage Co., a joint venture with the Al Johar group of Saudi Arabia, will start operations during the current quarter. BNP Paribas Securities India Private Ltd., a joint venture between BNP Paribas S.A. and Geojit Financial Services for institutional broking, will also begin operations.

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