Edelweiss Financial Services Q2 net profit rises 50% to ₹193 crore
Total income increases 37% to ₹2,602 crore; Nido Home Finance sale contributes ₹386-crore post-tax gain
Edelweiss Financial Services announced a significant surge in its second quarter profit, with the consolidated net profit rising by over 50% to ₹193 crore. The company's total income also increased by 37% to ₹2,602 crore, while revenue from operations grew by 18.4% to ₹2,199 crore. The strong performance across various businesses contributed to the growth, with Grasim Industries posting a ₹234 crore loss due to one-time impairment charges.
The strategic sale of Nido Home Finance to Carlyle in September played a major role in the quarter's performance, resulting in substantial pre-tax and post-tax gains. The alternative asset management segment saw a 28% year-on-year increase in fee-paying assets under management, and the mutual fund business reported a 40% rise in equity AUM. Additionally, Zuno General Insurance turned profitable, reporting a profit after tax of ₹5 crore.
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