Geojit BNP Paribas Q2 consolidated revenue fell by 21% to Rs 52.49 crore

KOCHI: Consolidated Revenue of Geojit BNP Paribas for the second quarter of the fiscal year 2013-14 fell by 21% to Rs 52.49 crore from Rs 66.21 crore for the same quarter of the previous fiscal.

For the six months ended September 2013, Consolidated Revenue of the company was Rs 111.83 crore compared to Rs 125.06 crore of the same period of the previous year.

The Board has decided to make full provision against its indirect exposure of Rs 131.34 crore of Geojit Credits (a 65% owned subsidiary) to National Spot Exchange Ltd ( NSEL) by way of loans given to clients.

This is consequent to the payment crisis in NSEL and the provision is shown as an exceptional item. As a result, during the quarter, the company will report a net consolidated loss of Rs 94.20 crores.

Excluding the exceptional item, the profit before tax for the second quarter stood at Rs 12.50 crore as against Rs 18.51 crore of same quarter of the previous fiscal recording a decline of 33%. For the half year ended September 13, profit before tax before exceptional item stood at Rs 29.13 crore as against Rs 32.18 crores for the same period of the previous year, recording a decline of 10%.