Geojit BNP Paribas net profit increased by 97% to Rs 8.5 crore during Q1 of 2011-12

KOCHI: The net profit of Geojit BNP Paribas Financial Services increased by 97% to Rs 8.5 crore during the first quarter of the current fiscal.

The net profit stood at Rs 4.3 crore during the same period of the previous year. The consolidated revenues of the company decreased marginally by 5% to Rs 59 crore from Rs 62 crore for the same quarter of the previous fiscal.

The increase in profitability is attributed to better cost management, strong performance of Geojit Technologies Private Limited as well as the sale of stake in the loss making joint venture institutional brokerage company.

As a result of this sale, the accounts of this institutional brokerage company have not been consolidated during this quarter.

Geojit Technologies Private Limited, a subsidiary of the company engaged in software development and exports, has reported a net profit of Rs 3 crore during this quarter on a turnover of 5.6 crore.

Managing Director of Geojit BNP Paribas, Mr C. J. George attributed the decline in revenue to the subdued markets during April to June period.