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Stock Report
Edelweiss Financial Services Ltd Q1FY22 consolidated PAT slides QoQ to Rs. 18.09 crores
Posted On : 2021-08-05 10:05:28( TIMEZONE : IST )
Edelweiss Financial Services Ltd. has reported financial results for the period ended June 30, 2021.
Financial Results (Q1 FY 2021-22) - QoQ Comparison
The company has reported total income of Rs.1649.25 crores during the period ended June 30, 2021 as compared to Rs.4480.95 crores during the period ended March 31, 2021.
The company has posted net profit / (loss) of Rs.18.09 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.628.63 crores for the period ended March 31, 2021.
The company has reported EPS of Rs.0.20 for the period ended June 30, 2021 as compared to Rs.6.86 for the period ended March 31, 2021.
| Financials | Q1 FY2021-22 | Q4 FY20-21 | % Change |
| Total Income | ₹ 1649.25 crs | ₹ 4480.95 crs |  -63.19% |
| Net Profit | ₹ 18.09 crs | ₹ 628.63 crs | -97.12% |
| EPS | ₹ 0.20 | ₹ 6.86 | -97.08% |
Financial Results (Q1 FY 2021-22) - YoY Comparison
The company has reported total income of Rs.1649.25 crores during the period ended June 30, 2021 as compared to Rs.1919.68 crores during the period ended June 30, 2020.
The company has posted net profit / (loss) of Rs.18.09 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.(245.08) crores for the period ended June 30, 2020.
The company has reported EPS of Rs.0.20 for the period ended June 30, 2021 as compared to Rs.(2.75) for the period ended June 30, 2020.
| Financials | Q1 FY2021-22 | Q1 FY2020-21 | % Change |
| Total Income | ₹ 1649.25 crs | ₹ 1919.68 crs | -14.09% |
| Net Profit | ₹ 18.09 crs | ₹ (245.08) crs |  107.38% |
| EPS | ₹ 0.20 | ₹ (2.75) | 107.27% |
Speaking on the occasion, Mr. Rashesh Shah, Chairman, Edelweiss Financial Services Limited said: After a few difficult months, we finally seem to be nearing the end of the second wave. With vaccination in full swing now, we have hopefully emerged from the shadows of wave 2 and are seeing a swift economic recovery. We continue to focus on safety and health through prioritizing vaccinations for our employees and their families. The financial services industry is in a dichotomy - while lending businesses are in a temporary flux due to the lockdown, capital markets-linked businesses have done exceedingly well. Despite the challenges of the pandemic, most of our businesses did well in the last quarter. Our Customer Assets have grown by 35%, with nearly a million customers onboarded in the last year alone. We have seen a significant scale up in our Asset management and Insurance Business which are poised for strong growth. Our Mutual Fund AUM has grown by 111%, while the Alternatives AUM has risen by 28% YoY. Our insurance businesses are outperforming industry growth, with premium growth of 31% for Life Insurance, and 58% for General Insurance. Recoveries in ARC continue to be strong despite a challenging environment. Our Credit businesses were impacted in the early part of the quarter but have recovered well and despite localized lockdowns, our collections were 90%+ towards the end of the quarter. We continued the transition to a capital light retail credit model with a focus on Housing and SME businesses and have significantly scaled down our wholesale lending book and plan to downsize it further by ~50% by FY23.
We entered into an agreement with Gallagher for the sale of our residual 70% stake in Insurance Broking business, providing us the flexibility to reallocate capital and invest in scaling up our fast-growing insurance franchisee.
Over the next 18 months, we will continue focus on three priority areas - demerger of the EWM business for value unlocking through listing by Q3FY23; Reduce our wholesale credit book and continue scaling up our asset management and insurance businesses. Robust equity, comfortable liquidity and agile operating platforms will give us a solid foundation as we look towards economic revival and growth in the years ahead."
Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs. 93.75 as compared to the previous close of Rs. 98.65. The total number of shares traded during the day was 510783 in over 3137 trades.
The stock hit an intraday high of Rs. 99.2 and intraday low of 93.75. The net turnover during the day was Rs. 48359052.
