JM Financial reports highest ever annual operating net profit in FY22
The company’s Board of Directors have recommended a final dividend of Rs 1.15 per share (on face value of Rs 1 per share).
JM Financial has recently reported financial results for the last quarter and financial year ended March 31, 2022. Summary of consolidated FY22 results are as follows:
|
Rs Crore
|
|
Particulars
|
31-Mar-22
|
31-Mar-21
|
% Increase
|
|
Total income
|
3763.28
|
3226.63
|
16.63
|
|
Pre-Provision Operating Profit
|
1696.4
|
1323.61
|
28.16
|
|
Profit before tax
|
1348.04
|
1066.85
|
26.36
|
|
Net profit after tax and before non-controlling interest
|
992.39
|
808.17
|
22.79
|
|
Net profit after tax, non-controlling interest and share of associate
|
773.16
|
590.14
|
31.01
|
The company’s Board of Directors have recommended a final dividend of Rs 1.15 per share (on face value of Rs 1 per share).
The earnings per share for the year ended March 31, 2022 is Rs. 8.11. The consolidated net worth stands at Rs 7,634 crore and the gross debt equity (equity of Rs 7,634 crore plus non-controlling interest of Rs 2,820 crore) ratio is 1.22 times. Cash and cash equivalents stands at Rs 3,637 crore.
Their consolidated loan book stood at Rs 13,017 crore as of March 31, 2022 compared to Rs. 11,240 crore as of December 2021 and Rs 10,854 crore as of March 31, 2021. Gross NPA and Net NPA stood at 4.27 per cent and 2.67 per cent respectively as of March 31, 2022 compared to 4.39 per cent and 2.76 per cent respectively as of December 31, 2021 and 3.50 per cent and 1.95 per cent respectively as of March 31, 2021.
The loan book under the Resolution Framework for Covid-19 announced by RBI stood at 0.81 per cent as of March 31, 2022 (0.91 per cent as of December 31, 2021). The company has made additional gross provisions of Rs 194 crore on account of the uncertainties around Covid-19 for the year ended March 31, 2022, thereby taking the total provisions (net of reversals) to Rs 500 crore on account of the pandemic. Overall provisions on the loan book stood at 5.8 per cent of the loan book as of March 31, 2022 as compared to 7.0 per cent as of December 31, 2021 and 5.2 per cent as of March 31, 2021.
To quote Vishal Kampani, Non-executive Vice Chairman, JM Financial Limited, from a press release filed with the exchange, “We are pleased to achieve the highest ever annual operating consolidated net profit in FY22 on the back of strong capital markets business. Our robust balance sheet position has allowed us to deliver a strong loan book in quarter ended March 2022 especially in the bespoke and retail mortgages segment. Our real estate loan book witnessed a higher than normal level of prepayments. As equity markets turn volatile, tactically, we will in turn focus on credit markets both in our distribution and syndication business as well as growth in loan book. Our retail mortgage business is achieving critical size and scale. We have already expanded to around 55 locations and increased disbursements to over Rs. 220 Cr per quarter. We have crossed a critical milestone of over Rs 1,000 crore in loan book. We will continue to expand our presence in FY22- 23. We remain focused on serving our clients from an advisory, distribution and financing business.”
On Thursday, shares of JM Financial opened at Rs 61.40 per share on BSE and are trading at around Rs 59.70 per share down by 2.45 per cent at 12 PM.