FTIL swings back into black, posts Rs 95.03 crore profit for Q3

NEW DELHI: Financial Technologies today reported a net profit of Rs 95.03 crore for the quarter ended on December 31, on account of gain on divestment of its stake in other companies.

The company had posted a net loss of Rs 4.86 crore in the year ago period.

Income from operations declined marginally to Rs 35.30 crore in the October-December quarter of the current fiscal from Rs 35.54 crore in the year ago period, the company said in a regulatory filing.

According to company's balance sheet, FTIL earned Rs 520.94 crore as net gain on sale of equity shares and warrants in other companies.

During the quarter, the company has made additional long term investments aggregating Rs 10 crore in a subsidiary.

In the quarter ended on December 31, 2015, FTIL concluded the sale of its entire 25.64 per cent stake in Indian Energy Exchange Ltd (IEX).

Subsequent to quarter, last month the company had entered into share purchase agreement (SPA) with Dubai Multi Commodity Center (DMCC), for sale of its entire 13 per cent equity stake in Dubai Gold and Commodity Exchange (DGCX) for an aggregate consideration of USD 5.23 million.

Similarly FT Group Investments Pvt Ltd (FTGIPL), a wholly owned subsidiary has also entered into SPA with DMCC for sale of its 14.3 per cent stake held in DGCX for an aggregate consideration of USD 5.78 million.

The SPA between FTGIPL and DMCC is concluded on February 4.