NE BUSINESS BUREAU
MUMBAI, OCT 31
Motilal Oswal Financial Services Ltd on Friday reported a 108 percent y-o-y jump in consolidated net profit at ₹296.46 crore for the second quarter ended September 2020 of FY21, against ₹142.35 crore reported in the same year-ago period. Consolidated revenues grew 29 percent at ₹811.16 core (₹627.73 crore).
According to a release by Motilal Oswal, this is the highest-ever consolidated quarterly revenues and profits for the company. Broking vertical has also witnessed the highest ever revenues and PAT with market share gaining 80 bps y-o-y. The AMC’s asset under management is also back to pre-Covid level, the release added.
Consolidated revenues in H1FY21 grew by 8% YoY at ₹1,380 cr, Operating Profit (PAT) for H1FY21 grew by 18% YoY at ₹226 cr and consolidated profit grew by 70% YoY at ₹463 cr.
Speaking on the performance of the company, Motilal Oswal, MD & CEO said, “During this unprecedented time, we have successfully migrated all of our employees to WFH and despite WFH we haven’t witnessed much impact on our businesses. In fact, in most of the fee-based businesses we have seen strong traction; the retail broking business which is our cash cow business has achieved new highs across every parameter. Our strategy to diversify our business model towards linear sources of earnings continues to deliver results. Our Asset Management business is likely to gain from strong product performance and its niche positioning. Our Housing finance business is geared up for profitable growth under new leadership. Our traditional broking business benefitted from industry consolidation with its knowledge-driven digital offerings. Each of our 7 businesses offers headroom for growth.”
