Financial service company, Motilal Oswal today reported a 64 per cent jump in consolidated net profit at Rs 148 crore for the quarter ended March 2018.
The company had reported a profit after tax (PAT) of Rs 90 crore on a consolidated basis in the year-ago period.
In FY18, the consolidated PAT grew 50 per cent to Rs 541 crore as against Rs 360 crore a year ago.
The yearly profit grew despite a Rs 25.6 crore impact of minimum alternative tax (MAT) credit provisioning, Rs 22.9 crore impact of change in ESOP accounting policy and accelerated provision of Rs 19.4 crore and write off of Rs 71.5 crore in its housing finance arm Aspire Home Finance Corporation (AHFCL).
Revenues in the quarter rose 38 per cent to Rs 756 crore from Rs 546 crore.
"Our strategy to diversify our business model towards linear sources of earnings like asset management and housing finance continues to show results, with bulk of the revenue pie now coming from these new businesses," the chairman and managing director, Motilal Oswal, said.
The profit of its capital markets business, which comprises of retail broking, institutional equities and investment banking business, grew 64 per cent year-on-year and contributed nearly 32 per cent of consolidated PAT.
Asset management business touched the mark of Rs 35,640 crore, registering a growth of 76 per cent.
Aspire Home Finances loan book grew by 17 per cent at Rs 4,863 crore.
"We plan to grow loan book at about 15 per cent in FY19," Oswal said.
In FY18, profits of AHFCL's declined on account of provisioning of Rs 56.4 crore and write off of Rs 71.5 crore.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)