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ICICI Direct Report
Geojit Financial Services Ltd. reported a healthy performance on all fronts. Total revenue was up 22.9% to Rs 91.1 crore, on the back of robust increase in cash average daily turnover (ADTO) thereby, improving yields. Healthy topline and steady opex led to strong profit after tax growth of 669% YoY and 38% QoQ to Rs 23.8 crore.
Geography wise, approximately 60% of business is driven by South India with focus on Kerala, Tamil Nadu.
Middle and upper middle class remain target customer base. Focus on client relationship through branches leads to higher customer stickiness. Continued focus on targeted customer acquisition, personalised service through branches, cash business would enable customer stickiness, revenues.
With higher proportion of offline business (approximately 95% of mutual fund revenue derived from offline channels), focus on digitisation would enable greater customer reach in a cost efficient manner.
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