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Edelweiss Financial Services Limited announces Q3FY19 results

Posted On: 2019-01-24 13:39:35

Edelweiss Financial Services Limited, India's leading diversified financial services company, declared its unaudited, limited reviewed results for the quarter ended 31st December 2018 today. In line with direction from Ministry of Corporate Affairs, Edelweiss Financial Services Limited has adopted Indian Accounting Standards (IndAS) with effect from 1st April 2018. Results of Q3FY19 are prepared and reported in compliance with IndAS requirements. Additionally, for the same quarter of previous year (Q3FY18), figures have been recasted as per IndAS requirements.

Q3FY19 Highlights:

- Total Revenue INR 2,791 cr (INR 2,224 cr for Q3FY18), up 25%
- Profit After Tax INR 226 cr (INR 235 cr for Q3FY18), down 4%
- Profit After Tax excluding Insurance INR 273 cr (INR 279 cr for Q3FY18), down 2%
- Return on Equity excluding Insurance for Q3FY19 is 15.60%
- Asset Base of the company ~INR 55,800 cr
- Group Gross Networth INR 8,785 cr

9MFY19 Highlights:

- Total Revenue INR 7,944 cr (INR 6,333 cr for 9MFY18), up 25%
- Profit After Tax INR 763 cr (INR 623 cr for 9MFY18), up 22%
- Profit After Tax excluding insurance INR 906 cr (INR 712 cr for 9MFY18), up 27%

Edelweiss is a large financial services firm with presence in India's most scalable and profitable sectors. Our various businesses address the needs of multiple client segments and demographics. During the last few years, several of Edelweiss' "young" businesses have gained ground while the mature businesses have scaled up into sustainable business models with increased market share in their respective segments.

The diversified revenue mix has helped us achieve improvement in our performance on a sustained basis despite volatile environment.

Speaking on the occasion, Mr. Rashesh Shah, Chairman and CEO, Edelweiss Financial Services Limited said: "The volatility in the last few months tested our models, our systems, our assumptions and our organisation. I am proud to report that we emerged unscathed from this, without having to resort to any heroic measures. Our Liquidity Cushion and Other Liquid Assets (OLA) together helped us manage the liquidity environment while our diversified business model (Wealth & Asset Management, Credit, Insurance & Capital markets) helped us cushion impact on profits.

We have received strong funding support from all quarters with Banks and retail investors now contributing 63% of our liabilities. In continuance of our strategy that started as far back as FY15, on the liability side, we have reduced our dependence on CPs substantially, which is now at just 7%. Liquidity-wise, we currently have Rs 14,000 crores to fund our growth and meet all liabilities over next 3 years. We have always been prudent on the need to keep a liquidity cushion of around 12-13% of the borrowings." he added

"We as an organisation have always followed a strategy of focussing on long term sustainable growth rather than on short-term profitability management. This helped us emerge stronger after 2008 and again in 2013 taper effect and believe this time will be no different. We will in the next six months continue to strengthen focus on asset quality and liquidity, long term business and building customer value while we remain relentless on heightening our risk management and corporate governance practices, technology investments, building fool proof systems and processes across businesses and strengthening our leadership pipeline.

"Our key business highlight this quarter included the closure of India's largest distressed fund (EISAF II) at $1.3 billion by our Asset Management business and the marquee resolution of Binani Cement in our distressed credit business.

We remain confident of the India growth story, and the role that Edelweiss Financial Services will play in it."

Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs.160 as compared to the previous close of Rs. 163. The total number of shares traded during the day was 47723 in over 666 trades.

The stock hit an intraday high of Rs. 165.25 and intraday low of 160. The net turnover during the day was Rs. 7770860.


Source: Equity Bulls

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