Geojit Financial Services FY21 profit surges 163% to Rs 123 crore

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KOCHI: Reflecting the buoyancy in the markets, leading brokerage has nearly doubled its net profit at Rs 36.8 crore for the quarter to March, up 95 per cent from Rs 18.8 crore a year ago, when the market was ravaged by the pandemic last year.

The board of the Kochi-based company, which is leading distributor of mutual fund SIPs, has also decided to enter the International Finance Centre in Ahmedabad with an alternative investment fund (AIF).

To further diversify the client offerings and consolidate our presence, the board has approved a proposal to form an entity in Gift City to acquire an AMC licence as an AIF manager, Geojit Group executive director Satish Menon said.

For the full year, the Kochi-headquartered company reported a 163 per cent spike in net profit at Rs 123 crore, it said in a statement, helping it declare a 350 per cent annual dividend at Rs 3.50 a share, he said.

Consolidated revenue in the reporting quarter has grown 48 per cent to…

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