Net profit also saw an 11% decline quarter-on-quarter. Profit before tax (PBT) dropped 39% year-on-year to ₹36.64 crore from ₹59.74 crore, and was lower by 8% on a quarterly basis.
The company’s consolidated revenue fell 15% to ₹153.30 crore, compared to ₹181.18 crore in the same quarter last year. Sequentially, revenue was down 14%.
Also Read: Geojit Financial Services approves rights issue at ₹50 per share
In February this year, Geojit Financial Services said it had received all necessary approvals from regulators, exchanges, and depositories for the transfer of its securities broking, margin financing, depository participant services, and research analyst business to its wholly owned subsidiary, Geojit Investments Ltd (GIL).
The transfer will be executed on March 21, 2025, as per the Business Transfer Agreement signed on December 13, 2024. The securities business contributed ₹300.23 crore in revenue for FY23, representing 71.57% of Geojit’s standalone turnover, and had a net worth of ₹336.25 crore, accounting for 58% of the company’s standalone net worth.
Shares of Geojit Financial Services Ltd ended at ₹82.30, up by ₹0.12, or 0.15%, on the BSE.
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