Shares of recently listed DAM Capital Advisors Ltd. rose over 12% on Monday as the company’s profit for the third quarter of the current financial year more than doubled.
The net profit of the Dharmesh Mehta-led merchant banker climbed to Rs 52 crore in the quarter ended December. In the same quarter of the previous fiscal, the profit stood at Rs 22 crore.
The company’s topline rose to Rs 104 crore, as compared to Rs 63 crore in the previous quarter.
DAM Capital’s investment banking revenue too saw a two-fold jump to Rs 80 crore, thereby contributing 77% to the topline. However, the company’s stock broking revenue saw an 11% decline in the same period to Rs 20 crore.
The company’s return on equity for the nine months ended December stood at 60.9% as opposed to 45% for the corresponding period of the prior year.
As of Dec. 31, the company had Rs 238-crore net cash in hand versus Rs 198 crore that it reported in the previous quarter.
