HSBC InvestDirect Q4 net profit at Rs 27.5 lakh

MUMBAI: Financial services provider HSBC InvestDirect (India) on Thursday said that its net profit stood at Rs 27.50 lakh for the quarter ended March 2010.

The company had incurred a net loss of Rs 1.01 lakh in the January-March quarter ended 2010, HSBC InvestDirect (formerly known as IL&FS Investment) said in a filing to the Bombay Stock Exchange (BSE).

Income from operations declined to Rs 2.87 crore in the fourth quarter, down 6.27 per cent from Rs 3.05 crore in the same period last fiscal.

For the year ended March 2010, the company incurred a net loss of Rs 1.49 crore, against a net loss of Rs 15.20 crore in the previous fiscal, the filing added.

The company, in a separate filing to the BSE, said that the board of directors has approved discontinuation of the merchant banking susiness by HSBC InvestDirect Securities (India), and agreed to surrender its licence for the same to SEBI (Securities and Exchange Board of India).

The company owns 100 per cent of the total paid up capital of HISL.