Profit statements

Geojit net profit jumps 26% to Rs 39.7 cr in December quarter

Brokerage leader Geojit Financial Services on Monday announced a 26% increase in its consolidated net profit to Rs 39.7 crore for the December 2021 quarter.

The Kochi-based company had recorded a net profit of Rs 31.5 crore in the corresponding period last year, it said in a statement.

Its consolidated revenue from October to December 2021 was Rs 129.6 crore, up 24% from Rs 104.61 crore a year ago.

Operating profit jumped 26% to Rs 60.84 crore in the December 2021 quarter.

CJ George, founder and chief executive of Geojit Group, attributed the good run of numbers to a focus on third-party distribution, whose revenue grew 48% in the quarter.

He added that this revenue stream will continue to be a focus going forward, along with brokerage.

For the nine-month period, the group achieved revenue of Rs 377.8 crore, compared to Rs 304.3 crore a year ago. From this, he earned a net income of Rs 118.6 crore, down from Rs 89.4 crore.

As of December 2021, assets under custody and management stood at Rs 64,200 crore and had over 11.5 lakh clients.

The group has stakes in French banking giant BNP Paribas (which owns around 33%), Kerala State Industrial Development Corporation and Rakesh Jhunjhunwala.

Geojit Financial Services is one of the country’s leading investment services companies and has a strong presence in the Gulf Cooperation Council countries. It serves over 11.58 lakh customers, through a network of 473 offices.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)