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PNB Gilts Ltd profit zooms by 309%
New Delhi, April 21, 2008
PNB Gilts Limited, a leading Primary Dealer in the
government securities market has posted excellent results for
the financial year 2007-08. As per the published results
profit before tax has zoomed from Rs.16.38 crores in the
previous financial year to Rs. 67.01 crore, an increase of
309%. Due to higher tax incidence, profit after tax has
increased from Rs.15.96 crores in FY 2006-07 to Rs 45.16 crore
in FY 2007-08.
The increase in profits comes in the face of tough
conditions in the debt market, wherein benchmark yields pulled
up by almost 38 basis points in the last month of the
financial year itself, on the back of higher inflationary
concerns. The company has also continued to fulfill all its
obligations as a primary dealer both in the primary and
secondary market.
The Board has recommended a final dividend of 15% or Rs
1.50 per share with face value of Rs 10 subject to approval by
shareholders in the Annual General Meeting.
The excellent performance of the company during the year
was made possible by increase in income while reducing overall
expenses. The company achieved a 37% growth in total income at
Rs 172.63 crores (Rs 126.14 crores last year), while the total
expenses declined by 4% to Rs 105.62 crores (Rs 109.76 crores
last year).
The company’s good performance has been a result of
reorientation of the trading strategy and risk management
systems to respond optimally to the emerging environment. The
total turnover of the company during the year amounted to Rs
59868 crore compared to Rs 33745 crore last year. The company
also strengthened its fee-based business like, Project
appraisal, Loan syndication and Mutual Fund distribution.
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