Assets under management at Rs60,000 cr as of June end
BBN Bureau
KOCHI/August 02-2022: Geojt Financial Services reported a net profit of Rs22.02 crore for the first quarter (Q1) of the current year (FY23), down by 43 per cent compared with Rs38.39 crore the company reported for the same period a year ago.
The Q1 profit for the current year was down by 38.5 per cent sequentially, compared with Rs35.80 crore Geojit earned for the fourth quarter of the previous year.
The revenue for the quarter under discussion was Rs102.02 crore, which was 16 per cent down compared with Rs120.96 crore a year ago and Rs123.34 crore in the immediate previous quarter.
C J George, Founder and Managing Director of Geojit, said the EBITDA declined by 35 per cent compared with Rs58 crore a year ago due to increase in head count, increase in marketing expenditure and other expenses which went up after the post lockdown normalisation. “We have seen a robust growth of 31 per cent year on year (YoY) in the distribution income in this quarter,” George said.
As on June 30, 2022, the company’s assets under custody and management were at Rs60,000 crore and the company had over 12 lakh clients as of June end, 2022.
