Brokerage firm Geojit BNP Paribas Financial Services has clocked a net profit of Rs 13.06 crore in the second quarter this fiscal, registering a 150 per cent growth over Rs 5.22 crore in the same period last year.
Geojit MD C J George attributed the positive results to favourable market conditions and renewed investor confidence that have led to the growth of the company.
The company’s revenue in the same period stood at Rs 80.95 crore, witnessing a growth of 60 per cent over the Rs 50.61 crore in the corresponding period last year, George said.
The company’s Profit Before Tax (PBT) rose 110 per cent to Rs 22.11 crore from Rs 10.54 crore in the same period last year.
For the six months ending September, the company’s consolidated income rose by 61 per cent to Rs 157.63 crore from Rs 97.96 crore during the same period last year.
Its Consolidated PBT went up by 107 per cent to Rs 43.28 crore from Rs 20.88 crore, while the consolidated net profit rose by 113 per cent to Rs 26.31 crore from Rs 12.33 crore.
The company has added about 68,000 clients over the past year and was confident that these numbers will grow in this financial year, he added.
Geojit has opened new branches in North India, Gujarat, West Bengal and Orissa to reach out to local investors, he said.
“India is turning out to be a hot investment destination with quality foreign funds making their way to the Indian capital market. Unlike in the past, hedge funds are now less visible in the Indian market,” George said and added that present funds were interested in long term framework.
Geojit Technologies, a software arm of the Geojit group, plans to provide services to a niche segment in trading and settlement software. It would also engage in outsourcing work for Geojit BNP Paribas Financial Services, he added.