Asit C Mehta Financial Services Limited (ACMFSL), a leading technology led integrated financial services organization having presence across Stock Broking, Portfolio Management Services, Wealth Management and FINTECH announced its financial results for the Quarter and Nine months ended December 31, 2023, at the Board Meeting held on February 08, 2024. ACMFSL has presence across the country through a network of Business Associates and Market Agents.
- The Consolidated Revenue from operations for the nine months ended FY24 stood at Rs. 31.52 crores as compared to 23.91 crores during the nine months ended FY23, and
- Revenue from stock broking and allied services registered a growth of 40.10% during nine months ended FY24 standing at Rs. 26.69 crores as compared to Rs. 19.05 crores during the Nine months ended FY23.
Key Financial Highlights:
Revenue: In Q3 FY24, the company reported revenue of INR 11.13 crores, compared to INR 8.85 crores in Q3 FY23, reflecting a substantial increase in revenue generation. However, there was a slight decline from INR 12.32 crores in the previous quarter (Q2 FY24), indicating some fluctuations in revenue streams.
Employee Expenses: Employee expenses amounted to INR 4.22 crores in Q3 FY24, representing an increase from INR 2.35 crores in Q3 FY23 and INR 4.12 crores in Q2 FY24. This rise in employee expenses could be attributed to factors such as increased hiring or salary increments.
Finance Costs: The company incurred finance costs of INR 3.79 crores in Q3 FY24, up from INR 2.56 crores in Q3 FY23 and INR 2.93 crores in Q2 FY24. The increase in finance costs suggests higher borrowing or interest expenses during the quarter.
Depreciation: Depreciation expenses amounted to INR 0.40 crores in Q3 FY24, slightly higher than INR 0.89 crores in Q3 FY23 but comparable to INR 0.38 crores in Q2 FY24. This indicates relatively stable depreciation expenses for the company.
Other Expenses: Other expenses totaled INR 7.14 crores in Q3 FY24, compared to INR 5.77 crores in Q3 FY23 and INR 7.24 crores in Q2 FY24. These expenses include various operational costs not categorized elsewhere, and the increase may be attributed to business expansion or operational activities.
Profit Before Tax (PBT) and Profit After Tax (PAT): Company XYZ reported a negative PBT of INR (4.42) crores and a negative PAT of INR (4.44) crores in Q3 FY24. This indicates that the company incurred losses during the quarter. However, the losses have narrowed compared to the previous quarter and the same quarter of the previous year, reflecting some improvement in profitability trends.
Deena Mehta, Director, ACMFSL and Managing Director of Subsidiary (providing financial services) said "Q3 FY 2024 the quarter has seen improvement due to new client addition with higher participation in trade volume. We have also recruited senior resources and the desired potential is expected to be realised in a couple of quarters. We are able to broad base our institutional vertical backed by the investment banking strength of Pantomath Financial Services Group."
Shares of ASIT C.MEHTA FINANCIAL SERVICES LTD. was last trading in BSE at Rs. 149.65 as compared to the previous close of Rs. 151.65. The total number of shares traded during the day was 2350 in over 20 trades.
The stock hit an intraday high of Rs. 153.90 and intraday low of 149.00. The net turnover during the day was Rs. 352696.00.