JM Financial Q2 net Rs 15.91cr

JM Financial today reported a consolidated net profit of Rs 15.91 crore and total income of Rs 86.36 crore for the second quarter ended September 30, 2006.

On a stand-alone basis, the company posted a 39.1% increase in net profit at Rs 3.59 crore for the quarter ended 30 September 2006 as against Rs 2.58 crore in the same period previous year.  Turnover increased 70.52% to Rs 4.57 crore from Rs 2.68 crore in Q2FY06.

Nimesh Kampani, chairman of JM Fiancial, attributed the robust growth in the last quarter to higher revenue from the investment banking division. Increasing number of mergers and acquisitions and initial public offerings (IPOs) means more business for investment banking, he said. The securities and the newly launched business of NBFC also contributed to the profits, Kampani added.

He said JM Financial was launching a $300 million real-estate fund next month, which will be closed by the end of January. The real-estate fund, along with the recently-launched private equity fund, are also expected to contribute to the bottomline in the coming quarters.