Motilal Oswal Fin Q4 net down 66%
Mumbai: Drop in revenues from broking and financing activities pulled down the net profit of Motilal Oswal Financial Services Ltd (MOFSL) in the January-March quarter.
In the reporting quarter, MOFSL’s consolidated net profit slid 66 per cent to Rs 12.60 crore against Rs 36.72 crore in the year-ago period.
In the full financial year ended March 31, 2014, the company’s net profit was down 64 per cent to Rs 39.51 crore as against Rs 109.09 crore in the previous year.
A segment-wise break-up of the reporting quarter shows that revenue from broking & other related activities declined 25.45 per cent to Rs 80.83 crore and financing & other activities was down 37 per cent to Rs 18.46 crore.
However, revenue from asset management & advisory was up 36.51 per cent to Rs 28.64 crore.
MOFSL, in a filing with the BSE, said Motilal Oswal Group has Rs 54.30 crore exposure in National Spot Exchange Ltd (NSEL) with respect to proprietary positions and Rs 1.29 crore with respect to the funded positions.
Pending final outcome of the legal action pursued by the Motilal Oswal Group against NSEL and others (through a writ petition in Bombay High Court and criminal complaint with the Economic Offences Wing), the company has written-off/ provided for Rs 17.34 crore for the reporting quarter (Rs 55.59 crore for the whole year), said the stock exchange filing.
MOFSL’s Board of Directors recommended final dividend of Re 1 per equity share of face value Re 1 each.