Reliance Securities reported a total income of Rs 337 crore in FY19
Anil Ambani-led brokerage firm Reliance Securities on Thursday posted 149 per cent year-on-year growth in profit after tax at Rs 32 crore during financial year 2018-19.
Reliance Securities, the broking and distribution arm of Reliance Capital, reported a total income of Rs 337 crore, which rose by 7 per cent y-o-y, for the financial year ended March 31, 2019, the company said in a statement.
In equity broking segment, the average daily stock exchange turnover climbed 16 per cent y-o-y to Rs 5,208 crore. As on March 31, 2019, there were approximately 9 lakh broking accounts which moved up 5 per cent from the last fiscal.
For the financial year 2018-19, the commodity broking accounts rose by 6 per cent to nearly 1.08 lakh while average daily commodities turnover increased by 20 per cent to Rs 327 crore.
The assets under management stood at Rs 3,983 crore in FY19, the Reliance Anil Dhirubhai Ambani Group company said.
Commenting on the earnings, Reliance Securities ED & CEO, B. Gopkumar said, "We are consistently growing in terms of our revenues and profit on a year-on-year basis. Our continued growth is primarily driven by strong customer activation frame-works and quality research products, leading to increased customer engagement. Despite market volatility, our customer centricity initiatives helped us manage our Unique Traded Clients (UTC), which led to 16% growth in our ADTO."
"Continuing with our initiatives in the digital space, our intuitive mobile platform 'TICK PRO' and real time research recommendations to customers are propelling our growth on a sequential basis," he added.
The company said that 95 per cent of its new accounts were opened digitally, enabling clients to trade on the same day.
Reliance Securities has over 10 lakh customers, having strong affiliate network with over 1,500 customer touch points across India.