During the three-month period, the company earned a net profit of Rs 180.76 crore, as against Rs 157.54 crore in the corresponding period a year ago. In a regulatory filing to BSE, this profit figure was marked as “net profit attributable to owners of the company”.
“We believe the IWS business is well-positioned to capitalise on the multi-decade opportunity in financial markets,” said Vishal Kampani, Managing Director, JM Financial Group. “We have a very strong pipeline of transactions.”
Revenues from the IWS segment grew about 5 per cent compared with the September quarter, with the economy showing signs of recovery. However, it still declined when compared on a year-on-year basis. The outbreak of the novel coronavirus hit all non-bank entities hard with businesses coming to a screeching halt in the first two quarters of the financial year.
During the quarter, the distressed asset business expanded with revenues soaring 31 per cent year-on-year.
On a consolidated basis, the group has four business segments including IWS, mortgage lending, distressed credit and asset management.
Tapping record low interest rates, the non-bank entity reduced its funding cost by 21 percent to Rs 278 crore.
Total income was almost flat at Rs 890.99 crore during the three-month period due to the continued adverse conditions in the financial services sector.
The assets under advice (AUA) of the private wealth management business stood at Rs. 56,757 crore as on December 31, 2020, as against Rs 46,886 crore in the year-ago period.