A record rally in the markets and the resultant increase in trading volume helped Geojit Financial Services to nearly double its net profit to Rs 30.60 crore in the quarter to December. Higher trading volume helped its revenue rise to Rs 104.61 crore in the reporting quarter, up 34 percent from Rs 78.31 crore in the year-ago period.
In the December 2019 quarter, the company had booked a net profit of Rs 15.83 crore, which grew by 93 percent in the reporting quarter, the company said in a statement. "Higher volumes in capital market transactions helped us improve performance during the current quarter," C J George, founder and managing director Geojit Financial Services was quoted in the statement.
As of December, the company's assets under custody and management stood at Rs 47,000 crore across 11 lakh clients. Geojit is one of the oldest and leading investment services companies, with a strong presence in the Gulf Corporation Council (GCC) countries with 460 offices.
BNP Paribas, CJ George and Kerala State Industrial Development Corporation and Rakesh Jhunjhunwala are the major shareholders of the company. It serves the GCC markets through joint ventures and partnerships such as Barjeel Geojit Financial Services in the UAE, BBK Geojit Securities in Kuwait, QBG Geojit Securities in Oman and a business partnership with Bank of Bahrain and Kuwait for Bahrain.
The Geojit counter closed 0.47 percent up on the BSE at Rs 53.20last Friday, on a day when the benchmark Sensex had shed 1.26 percent.