Edelweiss Financial Services reports net loss of Rs 56 cr in Sept-qtr

Edelweiss Financial Services on Friday reported a consolidated net loss of Rs 56.12 crore for the quarter ended September. However, the loss in Q2 FY21 has narrowed sequentially from Rs 263.67 crore in the June quarter of this fiscal. Total income fell to Rs 2,256.88 crore in July-September period of 2020-21, from Rs 2,405.24 crore in the same period of 2019-20, Edelweiss Financial Services said in a regulatory filing.

Edelweiss Financial Services on Friday reported a consolidated net loss of Rs 56.12 crore for the quarter ended September. The non-banking financial company had posted a net profit of Rs 67.97 crore in the same quarter a year ago. However, the loss in Q2 FY21 has narrowed sequentially from Rs 263.67 crore in the June quarter of this fiscal.

Total income fell to Rs 2,256.88 crore in July-September period of 2020-21, from Rs 2,405.24 crore in the same period of 2019-20, Edelweiss Financial Services said in a regulatory filing. The company said it raised Rs 2,500 crore during Q1 FY21 and Rs 4,350 crore in the half-year ended September 2020 through various sources, including targeted long term repo operations (TLTRO under RBI) and bank loans.

The company is engaged in corporate and retail credit, wealth management, asset management, asset reconstruction and insurance businesses..