Motilal Oswal Finserv net profit down 85 per cent
The financial service provider posted disappointing results for the December quarter. The company's EBITDA for Q3FY19 fell to Rs. 154.7 crore, down by 67 per cent compared to the year ago quarter.
Morever, the company' board has approved a interim dividend of Rs. 4 per share and fixed the record date as January 28 for the same.
Motilal Oswal Financial Services' Q3FY19 total revenue was at Rs. 679.7 crore as against Rs. 861.7 crore in Q3FY18, down by 21 per cent, while EBITDA for the quarter was at Rs. 154.7 crore as against Rs. 466.3 crore in Q3FY18, down by 67 per cent. The company's net profit tanked 85 per cent to Rs. 39.9 crore as against Rs. 247.3 crore.
In terms of business segment, the company's broking revenue was down close to 10 per cent, while investment banking revenue dipped by 89 per cent YoY.
Reacting to the results, the stock of Motilal Oswal Financial Services was quoting Rs. 649.20 per share, down by Rs. 32.10 or 4.71 per cent on BSE. While the benchmark BSE Sensex was at 36,396.22, up by 74.93 or 0.21 per cent.