Edelweiss Financial Services today reported a decline of 3.3% in its consolidated net profit to ₹232 crore in the fourth quarter of the fiscal ended March 2019.
The company had posted a net profit of ₹240 crore during the corresponding January-March quarter of 2017-18.
Its total revenue during the March quarter of 2018-19, however, went up by 14 per cent to ₹2,942 crore as against ₹2,586 crore in the same quarter of 2017-18, it said in a regulatory filing.
For the full year 2018-19, the company's net profit grew 15% to ₹995 crore as against ₹863 crore a year ago. Total revenue during the fiscal was up by 22 per cent to ₹10,886 crore from ₹8,920 crore in fiscal ended March 2018.
"We have remained resilient in the tough market conditions due to the sheer strength of our diversified business model which helped us post steady profits in FY19 despite a flat balance sheet. We continue to focus on strengthening the balance sheet through raising equity as well as long-term debt," Rashesh Shah, chairman and CEO, Edelweiss Financial Services, said.
He said the company raised long-term borrowing of over ₹7,800 crore in the past six months and have been more selective in growing the credit book.
"This gives our NBFC enough equity for the next 3-4 years to fund the next phase of growth," Shah said.
As on March 30, 2019, the book size of retail credit was ₹18,075 crore which equals corporate credit book of ₹18,055 crore, Edelweiss said.
Total credit book, including distressed credit, stood at ₹43,510 crore as of March 31, 2019.
The asset quality of the overall credit book continued to remain under control with gross non-performing assets (NPAs) at 1.87 per cent and net NPAs at 0.83 per cent.
The diversified financial conglomerate had a balance sheet of ₹53,932 crore as of March 31, 2019.
Shares of the company traded 3.94% down at ₹157.25 apiece on the BSE.
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