Edelweiss’ Q3 Profit after Tax at Rs29 crore

Edelweiss Financial Services Limited had quarterly revenues of Rs455 crore and quarterly profit after tax of Rs29 crore for the quarter ended 31 December 2011.

Edelweiss Financial Services Limited had quarterly revenues of Rs455 crore for the quarter ended 31 December 2011, compared with Rs372 crore for Q2 FY12. It had quarterly profit after tax of Rs29 crore for the quarter ended 31 December 2011, compared with Rs26 crore for Q2 FY12.

Edelweiss has achieved significant topline growth in the third quarter which reflects the business diversification that it has been striving for. The bottomline growth continues to be challenged due to a combination of external and internal factors. These factors include tough environment leading to marked slowdown in activity levels, continuing investments in incubating new businesses – life insurance and retail businesses, and depreciation on new office property. Collective impact of these at profit after tax level is about Rs12 crore in the third quarter.

According to Rashesh Shah, chairman and CEO, Edelweiss Financial Services Limited, “Third quarter of this year has been a tough quarter where activity levels got impacted due to volatility in markets, high inflation and interest rates and slowdown in industrial output. Rupee depreciation and overall weak global sentiments on the back of continuing Eurozone financial crisis added to the challenging operating conditions.”

“Our performance this quarter demonstrated resilience of our diversified business model as we achieved significant topline growth and a reasonable bottomline growth QoQ (quarter-on-quarter) even in these tough market conditions,” Mr Shah added.

In the late afternoon, Edelweiss was trading at around Rs31.35 per share on the Bombay Stock Exchange, 3.47% up from the previous close.

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