MOFSL records a topline growth of 15% at Rs 141cr

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MOFSL records a topline growth of 15% at Rs 141cr

This article was posted on Jul 9, 2008 and is filed under Press Releases

Motilal Oswal Financial Services (MOFSL), a leading financial intermediary announced its unaudited quarterly results for Q1 FY 2009 post approval by the Board of Directors at a meeting held in Mumbai on July 8, 2008.MOFSL got listed on Indian stock exchanges following their IPO in August 2007.

Results for the Q1 FY09
For Q1 ended June 2008, the company achieved an income of Rs 141 crore, an increase of 15% over the corresponding period of the previous year. Profit after tax grew 3% to Rs. 26 crore.
Speaking on the performance of the company, Mr. Motilal Oswal, CMD said. “The capital markets have gone through challenging times during the last quarter. Sharp correction in the market (approx 14%) over last quarter coupled with rising crude prices and inflation woes have made the environment extremely challenging. Gaining market share profitably is the only panacea for driving business growth in these challenging times. We plan to achieve this through higher employee productivity enabled by a client focused approach and strong monitoring of costs through optimization of resources.

The non-broking business initiatives seeded in the past few years are shaping up well and we are confident that it will enable our company achieve the twin objective of diversifying the revenue streams and establishing itself as a well integrated financial services company.”

Segment results

The investment banking advisory fees was up 12% to Rs 18 crore. The fund based income was up by 199% to Rs 13 crore as compared to Rs 4 crore last year and asset management fees recorded a 102% rise to Rs 6 crore as compared to Rs 3 crore last year.

Business highlights for Q1 09

For the period ended June 2008, the customer base increased to 486,648.
Retail distribution expanded its reach to 1,496 outlets across 452 cities.
“India Business Excellence Fund” which achieved its final closing at $ 125 million has deployed / committed $ 58 million across 8 deals.
Motilal Oswal Venture Capital Advisors Private Limited (MOVC) launched a domestic Real Estate Fund “India Realty Excellence Fund”

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