Geojit Fin Svcs zooms 11% after strong Q1 results; profit surges 107% YoY

Geojit Financial Services share price zoomed after the company on Saturday reported a 105 per cent year on year increase in net profits to Rs 45.81

Shares of Geojit Financial Services rose as much as 11.20 per cent to hit a fresh 52-week high of Rs 117.90 per share on Monday. 

The share price zoomed after the company on Saturday reported a 107 per cent year on year increase in net profits to Rs 45.81 in quarter one of fiscal year 2024-25. In the corresponding quarter, the company posted a net profit of Rs 22.08 crore.

The company’s consolidated revenue shot up by  56 per cent YoY from Rs 115.98 crore in the June quarter of FY 25 versus Rs 181.18 crore in the corresponding quarter of the previous year. However, revenues slid 13 per cent sequentially in Q1FY25.

 

The brokerage further reported an earnings before interest, tax, depreciation and amortisation of Rs 77.03 crore up 94 per cent YoY in Q1FY25 from Rs 39.63 in the same quarter last year. 

As on 30 June 2024, the company’s assets under custody and management (AUM) stood at  Rs 1,03,350 crore with over 1.41 million clients.

Further, the company also announced that its board of directors have approved the proposal for fundraising for an amount aggregating up to Rs 200 crore by way of issue of equity shares on rights issue basis to the eligible equity shareholders of the company. The record date of which will be disclosed later. 

Moreover, after the retirement of Ramananthan Bupathy as chairman of the board of the company, the board has appointed CJ George as chairman and managing director, effective from 15 July 2024, the company said in an exchange filing. 

The company has a total market capitalisation of Rs 2,781.25 crore, according to Bombay Stock Exchange (BSE). The company’s shares are trading at a price to earnings multiple of 18.83 with an earning per share of Rs 5.60. 

At 12:01 PM, shares of Geojit Financial Services were trading 10.29 per cent higher at Rs 116.30 per share. By comparison, BSE Sensex was trading 0.26 per cent higher at 80,727 levels.