Reliance Securities, the broking and distribution arm of Reliance Capital, today posted a 37 per cent decline in profit before tax to Rs 13 crore for the second quarter ended September 30, 2017. The company had reported a profit before tax of Rs 20.6 crore in July-September period of 2016-17.
The firm’s total income for the three months stood at Rs 83 crore, an increase of five per cent from the year-ago period, Reliance Securities said in a statement.
In equity broking, the average daily stock exchange turnover jumped 52 per cent from the year-ago period to Rs 4,144 crore during the second quarter of the current fiscal. The average daily turnover in cash — equity segment– rose by 33 per cent to Rs 299 crore.
“Our consistency in quarter over quarter performance is mainly driven by the increase in the volume of cash Market segment and distribution of investment products, backed by digital transformation initiatives across segments undertaken over the last 18 months,” Reliance Securities ED and CEO B Gopkumar said.
As on September 30, the brokerage firm had over 8.3 lakh accounts, a surge of six per cent from the year-ago period.