Diversified financial services player JM Financial today reported 12.6 per cent rise in net profit at Rs 142.72 crore for the three months to June.
Driven by all round good performance, it reported close to 17 per cent growth in consolidated income at Rs 855.34 crore, the company said in a statement.
This is the first time that the company reports its earnings under the under Ind-AS accounting norms.
Commenting on the results, Vishal Kampani, group managing director, said JM group is confident about its business mix and is well-positioned to capitalise on the opportunities ahead.
He said its key mortgage lending business did well with the book rising to Rs 8,504 crore, including wholesale mortgage of Rs 8,475 crore.
Its wholesale mortgage lending focuses on Mumbai, Thane, Pune, Bangalore, Chennai, Hyderabad, Kolkata and Delhi-NCR and the company is in the initial stages of getting into retail mortgage lending, he said.
The wealth management business stood at Rs 42,808 crore from Rs 31,808 crore in March 2018 and Rs 24,203 crore in June 2017 and the loan book in the IWS segment stood at Rs 7,997 crore, he said.
Its IPO financing business saw the company funding 13 issues wherein the aggregate amount of funding was Rs 4,149 crore. The combined AUM of its private equity and real estate funds stood at around Rs 716 crore.
During the quarter, its ARC business closed two deals as part of debt aggregation.
"Also we see a big opportunity arising out of companies undergoing insolvency process and we are actively evaluating various opportunities of our interest," Kampani said, adding outstanding security receipts stood at Rs 13,294 crore as of June 2018 up from Rs 12,965 crore in March 2018.
The JM counter slipped more than 2 per cent to close at Rs 119.95 on the BSE against a 0.40 per cent correction in the benchmark Sensex.
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