Home / Companies / FTIL posts loss of Rs35 crore for September quarter

Mumbai: Financial Technologies India Ltd (FTIL) has reported a loss of 34.99 crore in the quarter ended 30 September, compared to a profit of 327.42 crore in the same quarter last year.

As per the unaudited standalone results declared by the Jignesh Shah-promoted entity, the loss has been primarily on account of a significant fall in the other income that fell to 27.81 crore in the three-month period ended 30 September from 175.15 crore in the corresponding quarter of the previous financial year.

Other income of the company comprises of gain from sale of investments along with dividend and interest income. As per the notes released with the financial results, dividend income fell by over 94% in the September quarter compared with the year-ago period.

On 30 September, the Bombay high court passed an order barring the company from distributing any dividend to its shareholders until it decides on a petition filed by L J Tanna Shares and Securities Pvt. Ltd. The petition seeks an injunction against the distribution of dividend on account of the alleged role of FTIL in the 5,574 crore settlement scam at the National Spot Exchange Ltd (NSEL), in which FTIL holds 99.99% stake.

The second quarter of the previous financial year also saw the company registering a one-time gain of 842.89 crore from sale of equity shares and warrants.

The total income in the quarter has remained largely flat at 39.09 crore when compared to the corresponding quarter of the previous financial year. Expenses rose marginally from 72.63 crore to 77.65 crore between the two quarters.

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