Geojit posts 119 per cent growth

Kochi, Oct 12 (UNI) Geojit Financial Services has posted an impressive growth of 119 per cent in net profit at Rs 12.51 crore for the quarter ended September 2007.

According to an official release here today, the company recorded a consolidated revenue of Rs 51.03 crore and this was the first time the quarterly income had crossed the 50 crore mark. Compared to the second quarter of the previous year, income of the company has increased by 71 per cent. The results were approved in a Board of Directors meeting in Mumbai today.

For the half-year ended September, income of the company rose to Rs 92.77 crore from Rs 62.25 crore for the same half of the previous year while the net profit shot up by 92 per cent to Rs 24.61 crore, from Rs 12.79 crore. PBT rose to Rs 36.76 crore from Rs 18.58 crore, an increase of 98 per cent.

Geojit had added 700 employees during the course of last one-year, a growth of 35 per cent when compared to September 2006 figures. Currently, the company has 2,700 employees and the client base had increased by 20 per cent (excluding mutual fund clients) during the last one year from September 2006.

In March 2007, the French Banking major BNP Paribas (one of the leading banks in the euro zone), had acquired 27.2 per cent stake in Geojit Financial Services Ltd (through preferential allotment), which will eventually increase to 34.35 per cent. The company, presently has a network of 400 branches across the country, the release added.

UNI