Edelweiss Financial Services Q4 net rises 38% at ₹122 crore | Mint
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Business News/ Companies / Company-results/  Edelweiss Financial Services Q4 net rises 38% at 122 crore
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Edelweiss Financial Services Q4 net rises 38% at ₹122 crore

Revenue of the company rose by 27% to Rs1,538 crore during the last quarter of 2015-16 from Rs1,215 crore a year ago

The company had posted a net profit of Rs88 crore in the corresponding January-March quarter of 2014-15. Photo: Abhijit Bhatlekar/BloombergPremium
The company had posted a net profit of Rs88 crore in the corresponding January-March quarter of 2014-15. Photo: Abhijit Bhatlekar/Bloomberg

New Delhi: Edelweiss Financial Services on Friday reported a 38% increase in consolidated net profit at 122 crore for the March quarter.

The company had posted a net profit of 88 crore in the corresponding January-March quarter of 2014-15.

Revenue of the company rose by 27% to 1,538 crore during the last quarter of 2015-16 from 1,215 crore a year ago, the company said in a regulatory filing.

For full 2015-16 fiscal, the firm reported a rise of 26% in its net profit at 414 crore compared with 329 crore in previous fiscal.

During the fiscal, total revenue grew by 36% at 5,316 crore, from 3,912 crore in 2014-15.

“FY16 saw market sentiment improving led by optimism around the gradual return of growth. We are seeing some amount of consumer spending coming back as well as growth in credit accompanied by the expected cleanup of stressed asset portfolio that has been built up," Rashesh Shah, chairman and CEO of Edelweiss Financial Services said.

The asset quality review process started by the RBI (Reserve Bank of India) is very positive for the economy and marks the beginning of the end of the non-performing asset (NPA) issue, he said.

Edelweiss Group is one of India’s leading diversified financial services company that provides a broad range of financial products and services corporations, institutions and individuals.

Edelweiss Financial Services stock on Friday closed 1.52% up at 60 apiece on BSE.

Beside, the company said its board of directors on Friday approved the issuance of non-convertible debentures for an amount not more than 2,500 crore on a private placement basis. The company would raise the money in one or more tranches, it added.

Further, the board has re-appointed Rujan Panjwani as the executive director of the company for a period of 5 years.

The effective date is from 24 June, 2016, subject to the approval of the members of the company, it said.

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Published: 13 May 2016, 10:50 PM IST
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