Motilal Oswal Financial Services has posted a 41.18 percent jump in its consolidated net profit at Rs 144 crore for the September quarter, backed by strong growth across all businesses. The consolidated revenues for the company stood at Rs 713 crore for the quarter under review, up 34.78 per cent from Rs 529 crore in the same quarter last year.
The company is a diversified financial services firm offering a range of financial products and services.
However, the gross non-performing assets grew in the quarter gone by. The Gross NPA in housing business came in at 2.8 percent versus 1 percent.
Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services said the housing finance company Aspire's profits were muted due to heightened gross non-performing assets.
However, now collection mechanisms are in place and have started bearing fruit, he said adding that the collection efficiencies are improving and assured that they were keenly watching GNPAs. Slowdown in Aspire's profitability impacted earnings, he said.
Aspire lends in affordable segment with an average ticket size of Rs 10 lakhs.
He does not think the flush of capital into PSU banks via recapitalisation could be a threat to their lending business because according to him it is a large segment.
He said the asset management and wealth business did extremely well and broking to had good traction in Q2, he said.
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