New Delhi, Jun 20 (UNI) Future Capital Holdings Ltd (FCHL) today said its net profit has increased a whopping 5462.5 per cent to Rs 8.9 crore for the year ended March 2008 from Rs 0.16 crore for the previous fiscal.
The total income increased 775 per cent to Rs 81.4 crore for FY08 from Rs 9.3 crore during FY07, a company statement said.
''Our investment advisory business has grown significantly and performed very well. We have also grown our retail financial services footprint across India and in a deteriorating credit market have insulated ourselves by maintaining a conservative credit profile,'' FCH MD and CEO Sameer Sain said.
FCH's investment advisory business performed strongly during the year with revenues growing over 70 per cent to Rs 58.5 crore for the year ended March 2008 from Rs 34.1 crore.
Future Money, FCH's consumer credit and financial products distribution business launched in June 2007, saw the number growing to 145 stores across 30 cities in India.
Revenues from the retail financial services business for FY08 stood at Rs 17.4 crore with a segmental loss of Rs 39.1 crore.
''FCH is investing in building out the national footprint of Future Money, which will leverage the captive customer base and more than 200 million annual customer footfalls of the Future Group's retail business,'' hye said.
Future Money currently provides consumer credit, offers Future Cards (a credit cum loyalty card of the Future Group), and distributes life and general insurance products.
In March 2008, Future Capital also invested in Centrum Capital's foreign exchange, retail broking and wealth management businesses in order to expand the Future Money product suite.
In Q4 FY08, FCH also forayed into the wholesale credit business encompassing mezzanine, promoter and project financing, distressed debt, acquisition funding and other special situations-related financing.
UNI SR PDT VC1820