Integrated financial services provider, JM Financial, today reported a 64.45 per cent increase in its net profit at Rs 59.50-crore for the third-quarter (Q3) FY11 as against Rs 36.18-crore in the year-ago period.
The company's total income rose by 70.93 per cent to Rs 276.37-crore as compared to Rs 161.68-crore in the same period last year, a press release issued here said.
During the quarter, the company's investment banking business sealed three deals, including public issues of BS Transcomm of Rs 190-crore and Claris Lifesciences of Rs 300-crore and an advisory transaction for investment of $125-million in JSW Infrastructure, the release said.
"The investment advisory and distribution business continued gathering momentum in the distribution of equity and fixed income products. The distribution business has done reasonably well on account of a surge in IPO mobilisations," JM Financial Group Chairman Nimesh Kampani said.
While the securities funding and fund-based activities and alternative asset management businesses of JM Financial continued to gain momentum in the quarter as compared to Q2 of FY11, its mutual fund business continued to be under pressure.
The average assets under management (AUM) for Q3 stood at around Rs 6,209-crore, as against Rs 6,525-crore reported in Q2 FY11, the release said.