India Infoline has announced consolidated financial results for the quarter ended June 30, 2008 . Income for the quarter has grown Rs.2.7bn and is up 102% yoy . Net profit for the quarter has been put at Rs495mn i.e. an increase of 127% yoy .
‘Despite turbulent conditions in stock markets in the quarter, we have been able to maintain a robust growth. While our business still has a significant dependence on the Indian capital markets, our efforts to de-risk the business model, are already showing results. We look forward to further diversity in revenue streams as contribution from our newly commenced businesses of wealth management and consumer finance rises. Our strategy is to build multiple business lines with unwavering focus on financial services space, which is our core competency ,” Nirmal Jain, Chairman, India Infoline, said .
During the quarter under review, India Infoline mobilization in terms of Weighted Annualized Premium Income in its life insurance distribution business grew 44% yoy to INR806mn. India Infoline has received the in-principle approval for insurance broking from IRDA. This will enable the company to start distributing multiple products by all principal insurance companies, by capitalizing on its existing well established sales channels. The company expects its broking license to be activated by end of August 2008.