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JM Financial Quarterly Consolidated Revenues Soar by 53%, Net Profit by 14% Nine Months Consolidated Revenues Soar by 65%, Net Profit by 50%
Mumbai, January 31, 2007: The Board of Directors of JM Financial Limited, at their meeting held today, have considered and taken on record the unaudited financial results for the quarter and nine months’ ended December 31, 2006.
Key Highlights
On a consolidated basis:
Third Quarter of FY 07 compared with Third Quarter of FY 06
- Total income at Rs.137.02 crore as compared to Rs. 89.61 crore, up by 53 %
- Net consolidated profit at Rs.16.61 crore as compared to Rs.14.57 crore, up by 14%
First Nine Months of FY 07 compared with First Nine Months of FY 06
- Total income at Rs.320.53 crore as compared to Rs.194.65 crore, up by 65 %
- Net profit before tax at Rs.109.62 crore as compared to Rs.79.19 crore, up by 38%
- Net consolidated profit at Rs.57.84 crore compared to Rs.38.45 crore, up by 50%
The Earning per Share (EPS) on weighted average number of shares for the quarter ended December 31, 2006 is Rs. 5.54 (not annualized) whereas EPS for the nine months period ended December 31, 2006 is Rs. 19.88 (not annualized).
On December 31, 2006, the total Shareholders’ Funds stood at Rs. 574.04 crore comprising equity capital of Rs. 30.00 crore. The book value per share was Rs. 191.35 as on December 31, 2006. The equity shares of JM Financial are currently listed on The Bombay Stock Exchange Limited (BSE) and The National Stock Exchange of India Limited (NSE).
Number of professional employees grew to 634 as on 31st December 2006 from 471 as on 31st December 2005 and 597 as on 30th September, 2006. Correspondingly, the employee compensation grew for the period. The employees of the Company, its’ Subsidiaries, Joint Ventures and Associates are generally paid the annual performance linked discretionary bonus in the month of December / January every year, which forms significant portion of the employees’ total compensation. The operating companies have taken a substantial expense in employee compensation, an increase of 111% over the corresponding quarter previous year, on account of start of new businesses, increase in strength of employees and larger compensation in light of the competitive market conditions and retention strategy.
Mr. Nimesh Kampani, Chairman, JM Financial said, “We’ve had another quarter of robust and consistent performance, credit for which goes to the entire JM Financial Group’s team. As India plays an ever important role in contributing towards global growth, we see vast opportunities for India’s corporate sector. This, coupled with a favourable demographic profile, will provide a lot of business opportunities, which JM Financial, as a diversified financial services company, is ready to tap going forward. Our new businesses such as private equity funds management have gone on stream last quarter and the results reflect positive contribution from this business. We have and will continue to invest in people and new opportunities such as investment management of real estate, securitization, distressed debt and special situations funds.”
JM Financial is an integrated diversified financial services group offering a broad range of financial products and services including investment banking, securities, wealth management, investment management and equity financing to its Indian and international clients.
The unaudited financial results are attached. Both the press release and unaudited financial results are available online at www.jmfinancial.in
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