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Edelweiss Financial Services Ltd Q1FY21 consolidated loss at Rs. 245.08 crore

Posted On: 2020-08-27 09:17:02

Edelweiss Financial Services Ltd. has reported financial results for the period ended June 30, 2020.

Financial Results (Q1 FY 2020-21) - QoQ Comparison

The company has reported total income of Rs.1919.68 crores during the period ended June 30, 2020 as compared to Rs.1965.87 crores during the period ended March 31, 2020.

The company has posted net profit / (loss) of Rs.(245.08) crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.(2245.14) crores for the period ended March 31, 2020.

The company has reported EPS of Rs.(2.75) for the period ended June 30, 2020 as compared to Rs.(25.24) for the period ended March 31, 2020.

FinancialsQ1 FY2020-21Q4 FY19-20% Change
Total Income₹ 1919.68 crs₹ 1965.87 crsDown Tick -2.35%
Net Profit₹ (245.08) crs₹ (2245.14) crsDown Tick -89.08%
EPS₹ (2.75)₹ (25.24)Down Tick -89.1%

Financial Results (Q1 FY 2020-21) - YoY Comparison

The company has reported total income of Rs.1919.68 crores during the period ended June 30, 2020 as compared to Rs.2581.96 crores during the period ended June 30, 2019.

The company has posted net profit / (loss) of Rs.(245.08) crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.132.02 crores for the period ended June 30, 2019.

The company has reported EPS of Rs.(2.75) for the period ended June 30, 2020 as compared to Rs.1.47 for the period ended June 30, 2019.

FinancialsQ1 FY2020-21Q1 FY2019-20% Change
Total Income₹ 1919.68 crs₹ 2581.96 crsDown Tick -25.65%
Net Profit₹ (245.08) crs₹ 132.02 crsDown Tick -285.64%
EPS₹ (2.75)₹ 1.47Down Tick -287.07%

Speaking on the occasion, Mr. Rashesh Shah, Chairman and CEO, Edelweiss Financial Services Limited said: "Our approach at Edelweiss above all has been to do two things well: Creating value in our businesses and unlocking value for our shareholders.

In FY21, we are taking a series of steps that will enable our companies to emerge fully future-ready to participate in the post Covid economic recovery, and for our shareholders to realise the value created in our companies.

We will do this by helping each of our businesses become leaner and fitter with the help of technology and processes. Customer focused technology initiatives will enable them to do businesses in a way that delights their customers and create lasting value.

Our well-capitalised businesses have great partners with impeccable credentials who will provide them with expertise, reach and scale. When growth resumes, our businesses will be very well placed to participate in the India growth story again.

Additionally, over the last 24 months, we have successfully managed our liquidity, leverage and asset quality and will comfortably do so through FY21.

Unlocking value is our other priority for FY21. EWM is India's second largest non-bank wealth manager with a great team and sound capital base. The time is right for them to operate and grow independently. The PAG transaction will give them a great partner, which will provide them the impetus to expand scope even further. We have started putting in place a path that will see EWM demerged and listed in due course. We are also guided by the Board to seek investment partners in Edelweiss Asset Management (EAM) and GI businesses, and EAM will also be demerged and listed thereafter.

The capital surplus that we will generate will help us continue the virtuous cycle of creating and unlocking value that we have followed consistently over the past 25 years."

Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs.83.85 as compared to the previous close of Rs. 81.9. The total number of shares traded during the day was 219593 in over 2405 trades.

The stock hit an intraday high of Rs. 85 and intraday low of 81.65. The net turnover during the day was Rs. 18341192.

Source: Equity Bulls

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