Edelweiss Financial Services, one of India's leading financial services groups, disclosed a substantial rise in consolidated net profit for the quarter ended December 2014.
During the quarter, the profit of the company rose 43.36% to Rs 828.60 million from Rs 578 million in the same quarter last year.
Net sales for the quarter jumped 49.19% to Rs 9,603.90 million, compared with Rs 6,438 million for the prior year period.
As a result, Edelweiss has recorded consistently improved financial and business performance across the cycles of our industry, which makes the company stable and growth ready.
The total Networth of the group now stands at Rs 33.81 billion with Tangible Equity ex-ins and ex-minority at Rs 24.81 billion.
Rashesh Shah, chairman and CEO, Edelweiss said, ''The unexpected rate cut by the RBI and its positive commentary indicates an early return of rate easing cycle which augurs well for Indian economy. The indication that RBI believes that the inflation has come down and is here to stay lower is positive. As growth comes back, all asset classes should do well and reinforce the positive momentum.
We continue to focus on de-risking our business model through long-term strategy of diversifying across businesses, asset classes and client segments. This is also improving sustainability in our performance as our profits are now being increasingly contributed by multiple businesses.
In the third quarter of FY15 we continued the trend of recording a consistent growth in our profitability post the completion of diversification phase in FY12. Our net profit for 9MFY15 is Rs 2.40 billion (compared to Rs 2.20 billion in FY14) and is up 51% over the corresponding period last year. Our return on tangible equity ex-insurance for 9MFY15 has improved to 15.4% compared to 12.1% for 9MFY14. Our current focus areas continue to be improving capital and operating efficiency, achieving scale in retail businesses, improving sustainability in our performance, strengthening balance sheet, risk and compliance, upgrading technology, nurturing leadership and building a customer-centric culture for future growth.''
Shares of the company gained Rs 0.9, or 1.31%, to trade at Rs 69.65. The total volume of shares traded was 1,104,778 at the BSE (12.50 p.m., Friday).
