Business

JRG Securities’ net profit up

KOCHI: JRG Securities Ltd., a leading stock and commodity brokerage house, registered a 163.48 per cent increase in its net profit amounting to Rs.1.73 crore for the quarter ended September 30, 2007, compared with Rs. 65.8 lakh posted during the corresponding quarter in the last fiscal year.

During Q2 for financial year 2007-08, the gross income shot up by 95.9 per cent to Rs. 11.67 crore from Rs. 5.96 crore in Q1 financial year 2006-‘07

The consolidated gross income has gone up by 28.77 per cent to Rs.15.69 crore from Rs. 12.19 crore.

Announcing the second quarter results on Tuesday, JRG Securities Chairman T.M. Venkataraman said the company was able to scale up operations and come out with good results because of various factors. “The company has been expanding rapidly across India and West Asia. There has been good growth in our NRI business and of course the financial markets have been very good in the last few months,” he said.

Mr. Venkataraman said the proposal from private equity firm Barings Private Equity India to invest in JRG Securities also contributed to the company’s sterling growth.

Barings Private Equity India was investing up to $35 million in JRG Securities Limited through a preferential allotment and warrants for a minimum stake of 44.8 per cent in the company, subject to approvals from the relevant regulatory authorities.

Mr. Regi Jacob, Managing Director of JRG Securities, said the company would continue to aggressively scale up operations in the retail investment segment while surging ahead in stock and commodity broking and other financial services.

He said JRG had added 18 new branches in the last quarter.

“We are planning to set up 50 more new branches across India in this financial year,” Mr. Jacob said.

JRG now had nearly 550 trading centres across India and a major presence in West Asia, with headquarters in Dubai, he said.

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