JM Financial consolidated net for FY17 rises 17.41% to Rs470.20 crore

JM Financial’s net profit saw a 32.63% jump to Rs150.85 crore in March quarter, against Rs113.74 crore a year ago


The average assets under management of JM Financial’s mutual fund schemes during the March quarter stood at Rs13,668 crore, with Rs6,644 crore under equity MF schemes and Rs7,024 crore in debt schemes. Photo: Mint
The average assets under management of JM Financial’s mutual fund schemes during the March quarter stood at Rs13,668 crore, with Rs6,644 crore under equity MF schemes and Rs7,024 crore in debt schemes. Photo: Mint

Mumbai: JM Financial Ltd Tuesday reported a 17.41% growth in consolidated net profit at Rs470.20 crore for 2016-17 against Rs400.46 crore in 2015-16. Consolidated income rose 40% to Rs2,359.26 crore from Rs1,684.66 crore a year ago, the company said in a release.

Nimesh Kampani-promoted JM Financial is engaged in investment banking, institutional equity sales, trading, research and broking, among others.

In the March quarter, the group’s net profit saw a 32.63% jump to Rs150.85 crore, against Rs113.74 crore a year ago.

“..The group’s fund based business showed good traction across real estate, corporate and capital markets lending. We achieved an important milestone wherein we crossed Rs10,000 crore of loan book with almost nil net NPAs (non-performing assets). We continue to stringently evaluate assets for our ARC business and focus on resolutions for existing assets,” said Vishal Kampani, managing director, JM Financial Group.

“During the quarter, in the IPO financing business, we funded seven IPOs wherein the aggregate amount of funding was around Rs8,513 crore,” said a company statement.

The investment banking arm of JM Financial, during the March quarter, was appointed as the financial advisor to Goldman Sachs and KKR for exit in TVS Logistics Services to CDPQ, TVS family members and management for Rs1,235 crore. The company was also appointed as the book running lead manager to the Rs3,350 crore QIP of Hindalco Industries Ltd.

During the January-March period, as several banks and NBFCs continued to announce auctions of NPA portfolios, JM Financial managed to close 18 deals in the space, including acquisition of 10 such accounts.

The average assets under management of JM Financial’s mutual fund schemes during the quarter ended 31 March stood at Rs13,668 crore, with Rs6,644 crore under equity MF schemes and Rs7,024 crore in debt schemes.

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