Our Bureau JM Financial, a diversified financial services company, has posted a 1.5 per cent rise in net profit at ₹130.56 crore for the fourth quarter ended March 31, compared with ₹128.64 crore posted during the same period a year ago.
During the quarter under review, the firm’s total income rose to ₹840.58 crore, a 6.12 per cent rise from ₹792.11 crore recorded during the comparable year-ago period.
The company has made a provision of ₹175 crore on account of the uncertainties around the impact of Covid-19, the firm said in a statement.
“The last 18 months have been challenging for the financial services and especially for the NBFC sector due to the stressed credit environment and slow economic growth. The situation has further worsened on account of the Covid-19 pandemic and subsequent lockdowns across the country,” Vishal Kampani, Managing Director at JM Financial Group said.
The firm’s cash and cash equivalent stood at ₹3,412 crore and net debt-equity ratio at 1.04 times, which is amongst the lowest in financial services space, it said.
JM Financial Group has committed ₹30 crore towards Covid-19 relief measures.