IIFL Q1 net up 91% at Rs 52 cr

Financial services company IIFL today said its net profit jumped 91.2% to Rs 52.22 crore in the first quarter ended June 30.

The company's net profit stood at Rs 27.31 crore in the same period last year.

Income from operations during the reported quarter shot up by 62% to Rs 582.6 crore from Rs 359.55 crore in the same period of the previous fiscal, a company release said.

"Our core businesses of equities and financial products distribution continue to face headwinds. But the overall performance has shown satisfactory growth, helped by steady growth in consumer finance business and tight cost controls," IIFL Chairman Nirmal Jain said.

The company's equities, broking and related revenue stood at Rs 125 crore during the April-June 2012 quarter, down 7% from the same period an year ago.

Its average daily turnover of equity during the three- month period was Rs 4,500 crore, down 17% Q-o-Q and 13% on Y-o-Y basis.

Market volumes, particularly in cash segment, have fallen, impacting IIFL's performance. Average daily volumes in its commodities business stood at Rs 1,500 crore during the quarter, marginally up on a Q-o-Q basis and up 35% Y-o-Y, the release said.

An IIFL Group firm has received registration from Pension Fund Regulatory and Development Authority (PFRDA) to act as "Aggregator" under New Pension Scheme (NPS).

This will enable IIFL Finance to distribute pension products to marginal investors and promote small savings among public investors through its various branches and offices, the release added.