Geojit BNP Paribas Financial Services Ltd reported a 53% fall in its first quarter net profit due to losses in its two joint ventures.
For the quarter to end-June, the company reported a net profit of Rs6.19 crore from Rs13.3 crore as its total revenues fell 16% to Rs64.5 crore from Rs76.7 crore, same period last year.
The decline in profitability is mainly due to the losses of two joint ventures, BNP Paribas Securities India Pvt Ltd and Aloula Geojit in Saudi Arabia, it said in a regulatory filing.
On Tuesday, the company shares closed 2.6% down at Rs33 on the Bombay Stock Exchange, while the Sensex ended at 0.3% up at 17,985 points.
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