Geojit BNP Paribas Q1 net slumps 30% at Rs 4.3cr

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Geojit BNP Paribas Q1 net slumps 30% at Rs 4.3cr

Geojit BNP Paribas Financial Services' profit slumped 30% at 4.3 crore for quarter-ended June 2011. Revenues too were under pressure for at Rs 61.80 crore a decline of 4% year-on-year.

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Geojit BNP Paribas Financial Services ' profit slumped 30% at 4.3 crore for quarter-ended June 2011. Revenues too were under pressure for at Rs 61.80 crore a decline of 4% year-on-year .

Commenting on the results CJ George, managing director, Geojit BNP Paribas said, "The adverse stock market conditions caused by the high inflation-high interest environment have affected the profitability of the operations during the first quarter of this fiscal year."

GBPFS had reported a net profit of Rs 3 crore for the quarter ended March 2011, a fall of nearly 65%.

The broking industry is going through one of its most difficult periods as low trading volumes, declining trading interest by retail investors and lacklustre stock market force broking houses to shut down operations or reduce the workforce in a big way.

However, George expects the market volumes to pick up once the interest rate starts declining.