CRISIL assigns ‘AA-/Stable’ rating to NCD issue of Edelweiss Financial Services

Credit rating agency, CRISIL has assigned ‘AA-/Stable’ rating to the non-convertible debenture (NCD) issue of Edelweiss Financial Services amounting to Rs 7.00 crore.

Edelweiss Financial Services is India’s leading diversified financial services company. It is engaged in the business of investment banking, brokerage services, asset management and financing. The company has posted a 71.06% fall in its net profit to Rs 46.04 crore for the quarter ended December 31, 2011 as compared to Rs 159.11 crore for the same quarter in the previous year. Total income has decreased by 53.40% from Rs 22.79 crore in Q3FY11 to Rs 10.62 crore in the quarter under review.

On the consolidated basis the group posted a net profit tumble of 52.74% to Rs 29.44 crore for the quarter ended December 31, 2011 as compared to Rs 62.30 crore in the same quarter last year. Total Income of the company declined by 7.72% to Rs 453.77 crore for the quarter compared to Rs 421.23 crore in the quarter, year ago.