J M Financial consolidated Net down 15%

Written by PTI | Mumbai | Updated: May 7 2014, 03:27am hrs
Investment banker J M Financial today reported a 15 per cent drop in its consolidated net profit to Rs 59.43 crore, against Rs 69.76 crore a year ago.

Its consolidated income also fell to Rs 255.16 crore from Rs 278.35 crore, a decline of 8.3 per cent.

For the full fiscal, its income rise declined to Rs 1,006.67 crore from Rs 1,042.23 crore, while net profit rose to Rs 209.53 crore from Rs 182.92 crore.

Company chairman Nimesh Kampani attributed the dip in numbers to challenging market conditions.

"The investment banking and asset reconstruction businesses have done particularly well during the quarter. Given the improving growth prospects, we believe we are well positioned to take benefit of the same and continue with our growth trajectory," Kampani said.

The institutional equity business continues to gain traction with investors being optimistic about growth prospects given the positive political outlook, he said, adding, while in the non-institutional equity brokerage business, the major focus was on advisory-based services. The companies brokerage is present in 248 locations spread across 116 cities.

Its wealth management business saw the assets under advice rise to Rs 13,500 crore.

He said the company mobilised more than Rs 1,300 crore during the quarter in fixed deposits and fixed income products.

Its funding business, given against securities and commercial realty and against securities rose to Rs 2,978 crore, growth of 15 per cent growth.

The asset reconstruction business saw a surge in acquisition activity during the quarter as banks announced several portfolio auctions and a number of deals were closed.