Holding company JM Financial announced Q1FY24 results: Total income of Rs 1,081.1 crore in Q1FY24 compared to Rs 805.7 crore in Q1FY23, up 34.2% YoY Pre-Provision Operating Profit of Rs 376.5 crore in Q1FY24 compared to Rs 291.4 crore in Q1FY23, up 29.2% YoY Profit before tax of Rs 230.4 crore in Q1FY24 comapred to Rs 259.2 crore in Q1FY23, down 11.1% YoY Net profit after tax and before NCI of Rs 176.6 crore in Q1FY24 vs Rs 198.4 crore in Q1FY23, down 11.0% YoY Commenting on the results and financial performance, Vishal Kampani, Non-executive Vice-Chairman, JM Financial, said, “Equity and debt capital market activities are robust and we have a strong pipeline of transactions. We have witnessed strong traction in the Financial Institutions Financing book on the back of a strong retail credit environment. In the wholesale mortgage lending business, we saw slippages from the Pre Covid-19/DCCO restructured book. The current NPA and SMA 2 portfolio represents the peak of stressed assets. In line with our earlier guidance, we continue to closely monitor these accounts and work on their resolutions. Provisioning requirements are expected to peak in FY24. Depending on the outcome of certain resolutions, we anticipate additional provisioning to be in the range of Rs 100 to Rs 135 crore for the balance of FY24. The balance wholesale mortgage lending book continues to remain strong and we are anticipating repayments. Our pipeline for transactions is robust. We are diversifying our overall loan book mix through our retail mortgage business. Retail mortgage loan book constitutes 20% of overall mortgage lending (wholesale and retail) as of June 30, 2023. We will continue to invest in the retail mortgage business to further diversify the overall loan book. On the distressed and alternative credit business, we continue to face delays in some of our large resolutions. We are consciously diversifying to acquire retail assets. Our investments in Platform AWS businesses are on track. Our digital broking, “BlinkX”, is launched and is gearing up for the next phase of its journey. We announced the first close of our credit opportunities fund with a target deployment of Rs 1,500 crore (inclusive of co-investments). Looking ahead, the stable economic scenario due to the strengthening macroeconomic fundamentals provides strong tailwinds for our diversified businesses.” Result PDF