The Hindu Business Line : Geojit's net rises 26 pc

THE net profit of Geojit Financial Services Ltd has risen by 26 per cent to Rs 4.70 crore (Rs 3.39 crore) for the third quarter. Based on the performance, the company has announced an interim dividend of 17.50 per cent.

The total income has grown by 48 per cent to Rs 20.59 crore (Rs 13.91 crore). However, the total expenditure has risen to Rs 13.30 crore (Rs 7.99 crore).

"During the period, we have extended our franchisee network and operational expenditure has risen on that account. Also, 40 new branches have been added during the year, from which the revenue stream will become evident only in future balance sheets," Mr C J George, Managing Director, said. The company is scheduled to add another 16 branches before this fiscal-end. Compared to the third quarter of 2004, the company has made substantial progress in terms of reach, technology and its pioneering status, the company said in a statement. The number of offices has gone up to 322, the highest branch expansion undertaken by the company in a single year, Mr George said.