JM Financial’s consolidated loan book stood at Rs. 15,234 crore, an increase of 35.53% YoY for Q3FY23

Mumbai, February 10, 2023:The Board of Directors of JM Financial Limited, at its meeting held today, approved the unaudited financial results for the third quarter and nine months ended December 31, 2022.

Summary of Consolidated results FY 23 – Q3 compared to FY 22 – Q3
(Rs. in Cr)


Quarter ended

December 31, 2022

Quarter ended

December 30, 2021

% Increase / (Decrease)

Total income




Pre-Provision Operating Profit




Profit before tax




Net profit after tax and before non-controlling interest




Net profit after tax, non-controlling interest and share of associate*




*Q3FY22 PAT includes Rs. 56.81Cr from IPO financing activity, which is negligible for Q3FY23

Summary of Key Statistics
(Rs. in Cr, unless otherwise stated)


Quarter ended

December 31, 2022

Quarter ended

December 31, 2021

Quarter ended

September 30, 2022

Loan book**




Gross NPA












Total Provision to Loan book




Loan book under the Resolution Framework for Covid-19 by RBI




EPS (Rs.)




Consolidated net worth*




BVPS (Rs.)*




Gross debt /equity*




Cash and Cash equivalents




* Computed after reducing goodwill of Rs.52.44 Cr from shareholders’ funds and excludes borrowings for episodic financing

** Loan book for the lending entities and does not include episodic financing book

Summary of segment-wise Loan book
(Rs. in Cr)


Quarter ended

December 31, 2022

Quarter ended

December 31, 2021


Increase / (Decrease)

Quarter ended

September 30, 2022

Wholesale Mortgage










Retail Mortgage





FI Financing





Capital Market










Commenting on the results and financial performance, Mr. Vishal Kampani, Non-executive Vice Chairman, JM Financial Limited, said,

“The global economic environment is experiencing uncertainties due to geopolitics, monetary policy tightening and inflation. The NBFC and banking sector have demonstrated resilience on the back of healthy capitalization and good credit offtake.

We reported robust earnings basis given that last financial year had witnessed strong performance in the IPO issuance and IPO financing related businesses compared to this financial year.

The Investment bank segment demonstrated strong performance despite volatile equity market conditions on the back of our strong integrated franchise. The pipeline of investment banking transactions remains robust. The loan book for the mortgage lending (retail and wholesale) segment has demonstrated strong growth. We are on track to achieve the loan book guidance provided for the retail and wholesale mortgage lending businesses. During the quarter the distressed credit business acquired retail assets and continues to focus on acquisition and resolution of distressed assets. Investments in physical and digital infrastructure continue in the platform AWS business.

Considering global macro conditions, high interest rates, inflation and geopolitical conditions, the equity markets are expected to remain volatile in the first half of this calendar year”.

Summary of Segment-wise performance FY 23 – Q3 compared to FY 22 – Q3
(Rs. in Cr)

Consolidated Net Profit

Quarter ended

December 31, 2022

Quarter ended

December 31, 2021

% Increase / (Decrease)

Investment Bank




Mortgage Lending




Alternative & Distressed Credit




Platform AWS








Total Consolidated Net Profit




Business Update

  • Investment Bank
During the quarter, our completed investment banking transactions include:
  • Book Running Lead Manager to the Initial Public Offer of Equity Shares of Global Health Limited (~Rs. 2,206 Cr) and Pre-IPO (~Rs. 482 Cr), Archean Chemical Industries Limited (~Rs. 1,462 Cr), Fusion Micro Finance Limited (~Rs. 1,104 Cr), Bikaji Foods International Limited (~Rs. 881 Cr), UnipartsIndia Limited (~Rs. 836 Cr), Electronics Mart India Limited (~Rs. 500 Cr) and Elin Electronics Limited (~Rs. 475 Cr)
  • Lead Manager to the maiden Public Issue of NCDs of National Highways Infra Trust (Rs. 1,500 Cr).
  • Seller’s Broker to the Offer for Sale of Equity Shares of Indian Railway Catering & Tourism Corp Limited (~Rs. 2,720 Cr)
  • Sole Manager to the Buyback of Equity Shares of Bajaj Auto Limited (~Rs. 2,500 Cr)
  • Sole Manager to Corporate Block transactions in Equity Shares of Sapphire Foods India Limited (~Rs. 973 Cr), TVS Motor Company Limited (two block deals aggregating ~Rs. 687 Cr) and SRF Limited (~Rs. 148 Cr)
  • Exclusive financial advisor and exclusive manager for the open offer to the shareholders of New Delhi Television by the subsidiaries of Adani Enterprises;
  • Exclusive financial advisor to the open offer by Shiva Performance Materials to the public shareholders of Ineos Styrolutions India;
  • Exclusive financial advisor to AM Marketplaces and its shareholders on acquisition by V-Mart;
  • Fairness opinion on share exchange ratio on amalgamation of ISMT to the board of directors of Kirloskar Ferrous Industries.

    During the quarter, we acted as an:

  • Arranger to the Private Placement of NCDs of Small Industries Development Bank of India (Rs. 4,000 Cr & Rs. 5,000 Cr), Hindustan Petroleum Corporation (Rs. 2,500 Cr & Rs. 750 Cr), REC (Rs. 3,889 Cr & Rs. 2,000 Cr), Indian Oil Corporation (Rs. 3,955 Cr), IRFC (Rs. 1,320 Cr), Union Bank of India (Rs. 1,500 Cr), Bank of Maharashtra (Rs. 348 Cr & Rs. 1,000 Cr), IDFC First Bank (Rs. 1,500 Cr), HUDCO (Rs. 470 Cr), Power Finance Corporation (Rs. 2,783 Cr), GAIL (Rs. 2,500 Cr), BSNL (Rs. 4,185 Cr), Punjab National Bank (Rs. 1,000 Cr), Nuclear Power Corporation of India (Rs. 2,350 Cr) and THDC India (Rs. 600 Cr)

    During the quarter, the average daily trading volume of our institutional equities business stood at Rs. 938 Cr .

    The Private Equity platform had completed the first closing of PE Fund III and now is in the process of completing its second closing whilst continuing the process of further fund raising. JM Financial India Fund III has also finalized four investments. Further, JM Financial India Fund II has completed ten investments and is now fully invested.

    • Mortgage Lending

      The total lending book* (comprising of loan book of JM Financial Credit Solutions Limited and JM Financial Home Loans Limited) stood at Rs.10,480 Cr as at December 31, 2022.

      Our wholesale mortgage lending focuses on metro cities, viz., MMR, Pune, Bangalore, Chennai, Hyderabad and NCR. Further details in respect of the wholesale mortgage lending are as under:

  • SMA 2 numbers increased from 0.93% as of September 2022 of the portfolio to 1.18% as of December 2022 of the portfolio. During this period, the loan book* has increased from Rs. 8,415 Cr as of September 2022 to Rs. 9,299 Cr as of December 2022.
  • Debt to equity stood at 1.39x.

    *Loan book does not include episodic financing book, if any

    The residential sales across all geographies and ticket sizes have been robust. With the rapid consolidation in the sector, top developers are garnering a high market share. We anticipate new project launches by top developers. Demand trends are expected to remain strong driven by favourable demographics, increasing urbanisation, amenities and work force. This is expected to increase the demand for project finance. We are witnessing a strong pipeline of transactions and expect the lending traction to improve in a benign competitive environment.

    • Alternative and Distressed Credit

    • The quarter witnessed higher recovery of Rs. 480 Cr compared to previous quarter backed by strong recovery from sale of assets, restructured accounts, settlement and NCLT process etc. Security Receipts of Rs. 433 Cr were redeemed and the outstanding Security Receipts stood at Rs. 11,039 Cr as on December 31, 2022 as compared to Rs. 11,349 Cr as on September 30, 2022. The contribution of JM Financial Asset Reconstruction Company Limited towards the Security Receipts stood at Rs. 3,362 Cr as on December 31, 2022 as compared to Rs. 3,340 Cr as on September 30, 2022. During the quarter, we closed two deals of which one was retail loan portfolio acquisition. We continue to focus on acquisition of incremental new accounts/portfolios for our business growth along with recovery and resolutions of existing assets.

    • Asset Management, Wealth Management and Securities business (Platform AWS)

The AUM* of our wealth businesses stood at Rs. 82,242 Cr comprising of

  • Private wealth management at Rs.57,681 Cr (excluding custody assets) as on December 31, 2022 as compared to Rs.57,679 Cr as on September 30, 2022 and Rs. 64,683Cras on December 31, 2021. Out of which, Equity AUM stood at Rs.38,886 Cr as on December 31, 2022 as compared to Rs. 37,346 Cr as on September 30, 2022 and Rs.28,048Cras on December 31, 2021.
  • Retail wealth management at Rs.23,331 Cr as on December 31, 2022 as compared to Rs. 22,247 Cr as on September 30, 2022 and Rs. 19,424 Cras on December 31, 2021.
  • Elite wealth management at Rs.1,230 Cr as on December 31, 2022 as compared to 1,156 Cr as on September 30, 2022 and Rs. 881 Cr as on December 31, 2021. We have built out a strong team of 82 relationship managers under Elite Wealth Management.

* Assets under Management (AUM) comprises distribution assets and advisory assets, as applicable

The PMS team size stood at 23 as of December 31, 2022 from 16 as of December 31, 2021.

Over the last quarter, we have recruited 12 people in our mutual fund asset management business.

During the quarter, the average daily trading volume of our retail broking business stood at Rs. 28,518 Cr.

Borrowing Profile

We continued our focus on diversifying our sources and maturities for our borrowing profile. As on December 31, 2022 our long term borrowing as a proportion of total borrowing stood at approximately 80% and short term borrowing as a proportion of total borrowing stoodatapproximately 20%. Short term borrowing also includes working capital loans / borrowing for brokerage business.

Awards & Recognitions

  • Bondskart has been recognized by BSE Ltd., as the Best Performer in Retail Trading in Corporate Bonds – Fintech Platforms
  • JM Financial Services Limited has been recognized by BSE Ltd. for FY 2021 – 2022 amongst:
  • Top 5 Performers in Primary Market Segment (Equity - Members)
  • Top 5 Performers in Primary Market Segment (UPI Bids - Members)
  • Top 5 Performers in Primary Market Segment (Debt - Members)
  • Best Performers in Institutional Segment - Domestic


The press release and unaudited financial results are available on our website

About JM Financial

JM Financial is an integrated and diversified financial services group. The Group’s primary businesses include (i) Investment Bank (IB) shall cater to Institutional, Corporate, Government and Ultra High Networth clients and includes investment banking, institutional equities and research, private equity funds, fixed income, syndication and finance; (ii) Mortgage Lending includes both wholesale mortgage lending and retail mortgage lending (affordable home loans and secured MSME); (iii) Alternative and Distressed Credit includes the asset reconstruction business and alternative credit funds; and (iv) Asset management, Wealth management and Securities business (Platform AWS) shall provide an integrated investment platform to individual clients and includes wealth management business, broking, PMS and mutual fund business.

As of December 31, 2022, the consolidated loan book stood at ~Rs. 152.3BN, distressed credit business AUM at ~Rs.110.4BN, wealth management AUM at ~Rs.822.4BN, mutual fund AAUM at ~Rs.32.6BN.

The Group is headquartered in Mumbai and has a presence across 710 locations spread across 199 cities in India. The equity shares of JM Financial Limited are listed in India on the BSE and NSE.

For more information, log on to or contact:

Manish Sheth

Group Chief Financial Officer

Tel.: +91 22 6630 3460


Manali Pilankar

Corporate Communication

Tel.: +91 22 6630 3475


Nishit Shah
Business Strategy & Investor Relations

and CFO – JM Financial Products Limited
Tel : +91 22 6630 3522
Email :

Gagan Kothari

CFO – JM Financial Credit Solutions


Tel.: +91 22 6630 3360


Forward - Looking statements

This press release (‘document’) containing JM Financial Group’s activities, projections and expectations for the future, may contain certain forward-looking statements based upon the information currently available with the Company or any of its subsidiaries and associate companies. The financial results in future may vary from the forward-looking statements contained in this document due to uncertainties and unforeseen events that may impact the businesses of the JM Financial Group. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events.

This document is for information purposes only and any action taken by any person on the basis of the information contained herein is that person’s responsibility alone and neither JM Financial Group nor any of their directors or employees will be liable in any manner for the consequences of such actions.