Motilal Oswal Financial Services (MOFSL), a leading financial services company, announced its quarterly results for Q1 FY 2010 post approval by the Board of Directors at a meeting held in Mumbai on July 13, 2009.
Performance for the Quarter ended June 30, 2009
- Revenues for the quarter at Rs.149 crores, up 64% as compared to previous quarter and up 6% as compared to same quarter of previous year.
- PAT for the quarter at Rs.36 crores, up 91% as compared to previous quarter and up 37% as compared to same quarter of previous year.
- Strong balance sheet size with networth of Rs. 828 crores. Total debt as on 30 June 2009 was Rs. 123 crores
Speaking on the performance of the company, Mr. Motilal Oswal, CMD said.
“After a challenging FY 2009, the current fiscal has started on a positive note for the equity markets with the Sensex rising sharply from recent lows and the daily equity volumes averaging at Rs. 91,711 crores in the first quarter of FY 2010 versus Rs. 55,405 crores in Q4 FY09 and Rs. 61,163 crores in FY09. A focused approach, strong balance sheet, consistent margins, a successful time-tested business model and well diversified income streams have enabled us to deliver sound results.
Sustained improvement in the economy and capital markets augur well for all our key businesses. We are confident of capturing the resulting opportunities through our all season business model and a strong balance sheet.”
Segment results
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- Broking and related revenues was up 87% to Rs.116 crores as compared to Rs.62 crores in the previous quarter and up 16% as compared to Rs.100 crores in the same quarter of previous year.
- Investment Banking fees was up 2% to Rs.9.6 crores as compared to Rs.9.5 crores in the previous quarter and down 47% as compared to Rs.18 crores in the same quarter of previous year.
- Fund based income was up 39% to Rs.17.5 crores as compared to Rs.12.6 crores in the previous quarter and up 30% as compared to Rs.13.5 crores in the same quarter of previous year.
- Asset Management fees was down 16% to Rs.4.7 crores as compared to Rs.5.5 crores in the previous quarter and down 18% as compared to Rs.5.7 crores in the same quarter of previous year.
Business highlights for Q1 FY 2010
- For the period ended June 2009, the customer base increased to 557,373.
- Retail distribution expanded its reach to 1,308 outlets across 555 cities.
- Strategic alliance with AXIS Bank to offer online trading to its Pan-India customer base.
- Total Assets under management/advice for the group is at about Rs.1,368 crores, which includes assets under management under our portfolio management services and assets under advice for private equity funds.
About Motilal Oswal Financial Services Limited.
Motilal Oswal Financial Services Ltd. (NSE :MOTILALOFS, BSE :532892, BLOOMBERG : MOFS IN) is a well-diversified, financial services company focused on wealth creation for all its customers, such as institutional, corporate, HNI and retail. Its services and product offerings include wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking and principal strategies. The company distributes these products through 1,308 business locations spread across 555 cities and the online channel to over 557,373 registered customers. MOFSL has strong research capabilities, which enables them to identify market trends and stocks with high growth potential, facilitating clients to take well- informed and timely decisions. MOFSL has been ranked by various polls such as the Best Local Brokerage 2005, Most Independent Research - Local Brokerage 2006 and Best Overall Country Research - Local Brokerage 2007 in the Asia Money Brokerage Polls for India. In the Starmine India Broker Rankings 2009 from Thomson Reuters, we won awards in 3 out of 4 categories for our research pedigree.