Mumbai: Diversified financial services company Motilal Oswal Financial Services (MOFS) on Wednesday reported an over four fold increase in its consolidated net profit at Rs 165 crore in the quarter ended December, driven by healthy growth in broking and asset management businesses.
In the year-ago period, the company had reported a profit after tax of Rs 39.6 crore on the consolidated basis.
“Our strategy to diversify our business model towards linear sources of earnings continues to show results. The capital markets businesses that include broking and investment banking, and asset management businesses showed good progress during the quarter leading to healthy profit,” the company’s Managing Director and CEO Motilal Oswal told PTI.
For the nine-month period, profit after tax grew 196 per cent to Rs 437 crore from Rs 148 crore.
Asset management business (AUM) across mutual fund, portfolio management services (PMS) and alternative investment fund (AIF) grew 7 per cent to Rs 40,096 crore.
Its asset management business reported a 22 per cent jump in its net profit at Rs 41 crore in the quarter under consideration from Rs 34 crore in the year-ago period.
Capital markets businesses that comprises of retail broking, institutional equities and investment banking reported a net profit of Rs 47 crore in the third quarter compared to Rs 34 crore last year same period.
Its housing finance business’s profit stood at Rs 16.1 crore in October-December quarter compared to a loss of Rs 94 crore in the year-ago period.
“Our housing finance business is set for new beginning as all legacy issues are behind with incremental focus on profitable growth,” Oswal said.
As of end-December, loan book stood at Rs 3,779 crore.
Source: Economic Times
