JM Fincl Apr-Jun net profit up 3% on minor rise in revenue from ops
This story was originally published at 20:09 IST on 6 August 2024
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--JM Fincl Apr-Jun consol revenue 10.77 bln rupees vs 10.67 bln
--JM Fincl Apr-Jun consol net profit 1.71 bln rupees vs 1.66 bln
NEW DELHI – The consolidated net profit of JM Financial rose to 1.71 bln rupees in Apr-Jun, up 3% on year, on account of a marginal improvement in the company's revenue from operations. The company had reported a loss of 2.29 bln rupees in the quarter ended March.
JM Financial's revenue from operations was up about 1% at 10.77 bln rupees in the June quarter. On a sequential basis, the company's revenue from operations fell 14.6%.
Despite revenue growth in Jan-Mar, JM Financial had reported a loss due to an exceptional expense incurred on account of its subsidiary JM Financial Asset Reconstruction Co Ltd. The financier had spent 8.47 bln rupees due to the fair value loss and impairment provision in the asset reconstruction arm.
In Apr-Jun, the total expenses of JM Financial fell marginally to 8.49 bln rupees from 8.51 bln rupees a year ago. Sequentially, the expenses were down 15.3%.
Since March, the Reserve Bank of India has barred JM Financial's subsidiary JM Financial Products Ltd from providing any financing against shares and debentures, including sanction and disbursal of loans against initial public offering and subscription to debentures. JM Financial holds 99.71% stake in JM Financial Products.
The non-banking finance company's shares closed at 98.61 rupees today, down 0.2%, on the National Stock Exchange. End
Reported by Krity Ambey
Edited by Akul Nishant Akhoury
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