Diversified financial services player JM Financial Thursday reported an 8.2 per cent growth in consolidated net income at Rs 163.4 crore for the three months to September due to higher tax payout.
The company, which saw total income grow 27 per cent to Rs 975.70 crore for the quarter over the same period last year, attributed the lower bottomline growth to higher tax outgo as it does not create deferred tax assets.
Net income after tax but excluding minority interest rose 14 per cent to Rs 240.27 crore, it said in a statement.
Despite trying times, the company improved its asset quality with gross NPAs and net NPAs improving to 0.5 per cent and 0.4 per cent respectively from 0.6 per cent and 0.5 per cent each on a sequential basis. It did not share the comparative numbers on an annualised basis.
For the first half of the fiscal, its consolidated net rose 10.2 per cent to Rs 306.1 crore on an income of Rs 1,828.17 crore, which was up 21.9 per cent.
Commenting on the results Vishal Kampani, group managing director said, "our conservative lending philosophy, focus on balancesheet and asset liability management framework has helped us maintain adequate liquidity buffers."
On the ARC business, he said the company is "witnessing exciting opportunities in the distressed credit space. We believe our diverse set of businesses, strong underwriting processes and operating capabilities will hold us in good stead to achieve long term growth and help us moderate the impact of volatile market conditions."