Date:01/08/2008 URL: http://www.thehindu.com/2008/08/01/stories/2008080155961700.htm

Business

JRG Securities revenue up 20%

Special Correspondent

KOCHI: JRG Securities Ltd, a leading stock and commodity brokerage house, registered a 20.1 per cent increase in its gross income to touch Rs.10.72 crore for the quarter ended June 30, 2008 as compared to the Rs.8.92 crore posted during the corresponding quarter in the last fiscal.

During the first quarter of the financial year, the company’s income from operations increased by 7.8 per cent to Rs.9.23 crore from Rs.8.56 crore in the corresponding quarter in the last fiscal. However, the net profit dropped by 76 per cent compared to the previous fiscal in the wake of the expansion plans rolled out by the company across southern States.

During the quarter, the company set up 18 new branches across South India. Announcing the third quarter results here on Thursday, JRG Securities chairman Rahul Bhasin said the company was on a fast growth mode and had been able to scale up operations. “The expansion plans executed by the company will help in exploiting new opportunities in the financial sectors across India,” he said. Mr. Bhasin said the company had been able to attract the best talent in the financial industry in India. “We have also smartly managed the market conditions by optimising human resources and operations and by retaining the best talents,” he added.

JRG Securities managing director Regi Jacob said the company would be rolling out several diversification plans in the next few months. He said the insurance and mutual funds distribution business of the company and the commodities trading division had been growing tremendously well.