Reliance Securities, the broking and distribution arm of Reliance Capital, today said its profit before tax (PBT) for the first quarter ended June, 2017 -18, rose to Rs 7 crore.
Reliance Securities, the broking and distribution arm of Reliance Capital, today said its profit before tax (PBT) for the first quarter ended June, 2017 -18, rose to Rs 7 crore. PBT for the April-June quarter of last fiscal, 2016-17, was Rs 28 lakh. The total income for the quarter ended June 30, 2017-18, was Rs 82 crore, up 51 per cent. It had revenue of Rs 54 crore in the June quarter of last year, the company said in a statement. “Profit Before Tax rose to Rs 7 crore in Q1 FY18, vis-a- vis marginal profit in the corresponding previous period,” it said.
“Our growth is driven by digital transformation we undertook over the last 18 months, with continued focus on cash market segment along with enhanced focus on distribution of investment products which has driven our profitability,” said B Gopkumar, ED & CEO, Reliance Securities. In equity broking, the average daily equities turnover grew to Rs 3,942 crore, an increase of 52 per cent on an year-on-year basis. The average daily turnover in cash equity segment rose by 42 per cent to Rs 278 crore, the company said. Commodity broking accounts rose by 30 per cent to about 85,800 as on June 30, with average daily commodities turnover of over Rs 234 crore.
Wealth management continued its robust growth and ended with assets under management (AUM) at Rs 3,989 crore, an increase of 44 per cent, it said. As on June 30, there were over 8 lakh broking accounts, up 3 per cent from the year-ago period.