Edelweiss Financial Services shares gain 7% post positive Q3 results, revenue rises to ₹4,404 crore

Shares of Edelweiss Financial Services Ltd. surged over 3% after it reported its third quarter earnings on Tuesday, February 10.

The company's net profit increased to 264 crore from ₹124.3 crore in the previous year.

Its revenue surged to ₹4,404.4 crore from ₹1,898 crore in the year-ago period.

Edelweiss said its alternative asset management witnessed a 33% increase fee-paying assets under management (FPAUM) at ₹41,920 crore.

Its mutual fund business equity AUM surged 33% as well to ₹83,000 crore and its SIP book crossed the ₹500 crore-mark after increasing 55% from the previous year.

It disbursed MSME loans of ₹298 crore in the third quarter, up 5.7 times from the previous year, while its wholesale book reduced 34% to ₹2,400 crore.

The company's disbursements in housing finance increased 36% to ₹559 crore, while its AUM increased 21% to ₹4,804 crore.

The gross written premium for general insurance increased 47% to ₹404 crore in the December quarter. Edelweiss said it achieved record quarterly policy issuance of 2.54 lakh.

In life insurance, the gross premium increased by 15% to ₹514 crore from the previous year and AUM grew by 17% to ₹10,486 crore.

"We have filed Edelweiss Alternative Asset Advisors' (EAAA) DRHP for IPO in January and are on track for the listing, marking the first step towards building EAAA as a standalone institutionalised platform," Rashesh Shah, the chairman of Edelweiss Financial Services, said.

Shares of Edelweiss Financial Services Ltd. were up 7.2% at ₹119.2 apiece around 1.25 pm on Tuesday. The stock has gained 13.3% in the past month and 27% in the last six months.

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