JM Financial Shares Surge 5% After March Quarter Earnings

[sushmi]

JM Financial Shares Surge 5% After March Quarter Earnings

Shares of JM Financial rose as much as 5.4 per cent to hit an intraday high of ₹ 84.85 after it reported March quarter earnings. JM Financial's net profit in March quarter rose 35 per cent to ₹ 178.74 crore from ₹ 136.81 crore during the same quarter last year.
JM Financial's revenue from interest income declined 10 per cent to ₹ 478.09 on an annual basis.



During the quarter, JM Financial acted as an arranger to the private placement of non-convertible debentures (NCDs) of diversified public sector companies like IRFC and IOCL worth ₹ 4,300 crore and also arranged NCDs in the form of Basel III compliant Additional Tier I bonds of Union Bank of India and Bank of Baroda worh ₹ 2,000 crore, the company said in a press release.

"The total mortgage lending book (comprising of loan book of JM Financial Credit Solutions Limited and JM Financial Home Loans Limited) stood at ₹ 7,650 crore as at March 31, 2021. Our wholesale mortgage lending focuses on Tier - 1 cities, viz., Mumbai, Thane, Pune, Bangalore, Chennai, Hyderabad, Kolkata and NCR," JM Financial said.

FY20-21 has been one of the most challenging years amidst the uncertainties on account of COVID-19. In spite of the economic volatility during the year, the capital markets remained strong on the back of strong liquidity. We are pleased to report that we have concluded the financial year on a positive note, banking on our diversified and resilient business model with strong performance across our business segments," Vishal Kampani, Managing Director, JM Financial Group, said in a statement.

As of 1:43 pm, JM Financial shares traded 2.73 per cent higher at ₹ 82.70, outperforming the Sensex which was up 0.45 per cent.

Source-  https://www.ndtv.com/business/jm-financial-share-price-news-jm-financial-surges-5-on-strong-march-quarter-earnings-2436242