Edelweiss Financial Services Q4 profit rises 40%
Mumbai: Edelweiss Financial Services on Wednesday reported a 39.65% increase in consolidated net profit for the March quarter.
The company posted a net profit of Rs170.03 crore in the March quarter compared to Rs121.75 crore a year ago.
Revenue rose by 27% to Rs1,929.30 crore during the January-March quarter compared to Rs1,519.05 crore a year ago.
Total expenses stood at Rs1,682.95 crore at the end of the March quarter compared to Rs1,345.34 crore a year ago.
“Major growth has come from credit and wealth management business this quarter. Credit for the financial year 2016-17 grew by 23% but our retail credit grew at 48%. With ordinance coming into play, we plan to double the capital invested in asset reconstruction business (ARC) in next three years,” said Rashesh Shah, chairman and chief executive officer of Edelweiss Financial Services.
The company, in a notification to the stock exchanges, said that the board of directors have recommended a dividend of Rs0.30 per equity share.