Motilal Oswal Financial Services (MOFSL) announced its un-audited results for Q3 FY 2008 and for the nine months ended December 2007, following its approval by the Board of Directors in a meeting held in Mumbai on January 10, 2008.MOFSL recently got listed on Indian stock exchanges following their IPO in August 2007.

Performance Highlights

  
Results for the quarter ended December 2007 (Q3 FY08)

The company showed a strong top line growth of 128% to Rs. 233 crore as compared to Rs. 102 crore, last year. This growth has been propelled by various strategic initiatives backed by favourable market conditions. New business lines like Investment banking, asset management and fund based activities have contributed 21% of this growth.

Results for the Nine months ended December 2007

For Nine months ended December 2007, the company achieved an income of Rs 507 crore, an increase of 89% over the corresponding period of the previous year. Profit after tax grew 103% to Rs. 112 crore from last year’s figure of Rs. 55 crore.

Speaking on the performance of the company, Mr. Motilal Oswal, CMD said “The various strategic initiatives taken by the company in adding businesses such as investment banking, asset management and wealth management have yielded us good results. In addition to de-risking our portfolio, it has helped us establish ourselves as a full fledged financial services company.

True to our positioning as knowledge based company, Asia Money Polls 2007 awarded us the ‘Best Overall Country Research – Local Brokerage’. Our effort on building a robust franchisee network was recognized by Franchising World Magazine by awarding us the Best Franchisee award in Financial Services category – India for 2007.

During the current year, our client base has increased to 385,536 from 268,916 in March 2007. The company has also expanded its reach to 1,339 outlets across 426 cities.

The Investment Banking arm of MOFSL, Motilal Oswal Investment Advisors Private Limited, closed 17 deals aggregating to approx. $ 865 million in the 9 months of the current financial year.”

Sourced From: Adfactors Public Relations Pvt Ltd

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