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India Infoline turns black in Q1

India Infoline turns black in Q1

Mumbai: Domestic brokerage firm India Infoline on 29 July posted a consolidated net profit Rs49.53 crore for the first quarter ended 30 June 2008, against a loss of Rs7.20 crore in the same quarter last year.

The company’s total income rose to 69.04 crore from 133.41 crore for the year-ago period, India Infoline said in a filing to the Bombay Stock Exchange.

The firm posted a standalone net profit Rs41.18 crore for the first quarter, against a loss of Rs13.94 crore for the quarter ended 30 June, 2007.

On standalone basis, the company’s total income rose to 168.99 crore for the quarter under review, from 79.17 crore for the quarter ended 30 June, 2007.

“Despite turbulent conditions in stock markets during the quarter, we have been able to maintain a robust growth. While our business still have a significant dependence on the Indian capital markets, our efforts to de-risk the business model, are already showing results," India Infoline chairman Nirmal Jain said.

“We look forward to further diversify in revenue streams as contribution from our newly commenced businesses of wealth management and consumer finance prices. Our strategy is to build multiple business lines with unwavering focus on financial services space, that is our core competency," he said.

In late afternoon trade, shares of the company were trading at Rs639, down 5.32% on the BSE.

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