 "FTIL stock up 14% on its return to profit in June quarter")
The share price of Financial Technologies, now calling itself 63 moons technologies, the non-capitalisation intended, jumped 13.3 per cent in mid-Friday trade, after the company returned to profit in the June quarter.
The stock closed on Friday at Rs 88.50, after hitting the day’s high at Rs 93, from Thursday's close of Rs 80.50.
The company reported a turnaround for April-June with net profit of Rs 12.4 crore, as against a loss of Rs 45.3 crore in the same quarter last year. During the March quarter, the net loss was Rs 39.3 crore. Barring the December ’15 quarter, when it had a net profit of Rs 95 crore on increase in one-time income, this was the first positive in seven quarters.
During the June quarter, FTIL received Rs 62.7 as other income as against Rs 3.3 crore expenses in the corresponding quarter last year. The other income includes Rs 36.6 crore of change in fair valuation of investments, versus Rs 10.5 crore of devaluation in the same quarter last year. And, interest income of Rs 22 crore versus Rs 11.4 crore in the same quarter last year.
Net income for the quarter was Rs 35.9 crore, marginally up on year before.
