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Geojit Financial Services net jumps 26%

Mumbai, May 16 (PTI) Kochi-based Geojit Financial Services today reported a 26 per cent growth in consolidated net profit at Rs 19.3 crore for the three months to March compared to the same period in the previous fiscal.

The company saw a 20 per cent growth in consolidated revenue at Rs 95.7 crore during the reporting quarter over the same period in the previous financial year.

For the full year to March 2018, it reported Rs 73.24 crore in consolidated net profit, which is a 31 per cent growth over FY17, while consolidated revenue grew 20 per cent to Rs 367.95 crore, the company said in a statement.

During the financial year, the companys assets under custody and management stood rose to Rs 38,600 crore, it said. The board has proposed a 200 per cent dividend payout or Rs 2 a share for FY18.

Founder and managing director CJ George attributed the performance to the continued focus on retail distribution of mutual fund SIP which saw the income from this business increasing by 92 per cent on an annualised basis. The company did not quantify this, though.

The company added around 90,000 new clients during this year, George added.

Geojit serves over 9,34,000 clients through its 500 offices, some of them in the five Gulf markets, and manages around Rs 38,000 crore.

Apart from George, its major shareholders include the French financial powerhouse BNP Paribas, the Kerala State Industrial Development Corporation and ace investor Rakesh Jhunjhunwala.

The Geojit counter closed 1.20 per cent up at Rs 98.80 on the BSE against a 0.44 per cent decline in the benchmark Sensex today. PTI BEN DSK DSK DSK DSK

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