New Delhi: Diversified finance firm Edelweiss Financial Services today reported a rise of 47 per cent in net profit at Rs 155 crore for the third quarter of 2016-17. The company had a profit of Rs 106 crore in the corresponding October-December quarter of previous fiscal 2015-16.
Total income of the company also witnessed an increase of 18 per cent to Rs 1,609 crore in December quarter of 2016-17, against Rs 1,361 crore a year ago, Edelweiss Financial Services said in a release.
"Our focus remains on improving capital and operating efficiency, achieving scale in retail businesses, ensuring sustainability in our performance, strengthening balance sheet, risk and compliance, nurturing leadership, building a customer-centric culture and leverage technology for future growth," Rashesh Shah, Chairman and CEO, Edelweiss Financial Services said in the statement.
Shah said Union Budget 2017-18 signalled government's commitment to fiscal prudence.
"This has several positives for many of Edelweiss's businesses. Giving infrastructure status for the construction of affordable homes, interest subsidies to first time buyers and tax cuts for SMEs and smaller income groups will build momentum for our housing and SME finance business," he added.
On segment performance, company's fund based income for the quarter increased by 3 per cent to Rs 1,130 crore, while fee and commission income grew up 97 per cent to Rs 356 crore.
Also, the company generated gross premium income of Rs 92 crore during the quarter, up 38 per cent from a year earlier from its life insurance business.
"The diversified revenue mix has helped us achieve improvement in our performance on a sustained basis despite volatile environment," Shah said. Shares of the company were down 2.76 per cent at Rs 118.05 on BSE.
