IIFL Holdings advances on good Q2 results

IIFL Holdings rose 3.23% to Rs 631 at 11:10 IST on BSE after the company's consolidated net profit rose 25.1% to Rs 229.13 crore on 30.9% rise in total income to Rs 1592.03 crore in Q2 September 2017 over Q2 September 2016.

The announcement was made after market hours yesterday, 31 October 2017. The stock had risen 4.79% to Rs 611.25 ahead of the results yesterday, 31 October 2017.

Meanwhile, the S&P BSE Sensex was up 386.49 points, or 1.16%, to 33,599.62.

More than usual volumes were witnessed on the counter. On the BSE, 42,185 shares were traded in the counter so far, compared with average daily volume of 20,927 shares in the past one quarter. The stock had hit a high of Rs 674.60 and a low of Rs 620 so far during the day. The stock had hit a record high of Rs 725.06 on 14 September 2017. The stock had hit a 52-week low of Rs 224.74 on 15 November 2016.

The large-cap company has equity capital of Rs 63.70 crore. Face value per share is Rs 2.

Nirmal Jain, Chairman, IIFL Holdings, commented on the financial results that the company is pleased to report continued robust growth in all the core businesses. The PSU banks' recapitalization is the bold and timely initiative to reinvigorate the economy. The company's loans and mortgages business strategy of focusing on retail lending and digital delivery, makes it largely immune from banks' competition.

Wealth and asset management continues to grow on the back of innovative products with customer centricity. The company is excited about the imminent listing of 5paisa, a company demerged with mirror shareholding. 5paisa business model aims to offer financial products at lowest cost digitally, as the company plans no branches, no relationship managers and little investment in research, he added.

Separately, IIFL Holdings decided to infuse Rs 150 crore by way of additional equity capital into its broking subsidiary, India Infoline, to meet its business requirements. The announcement was made during market hours today, 1 November 2017.

IIFL Holdings is the apex holding company of the entire IIFL Group. It offers a gamut of services including financing, wealth and asset management, broking, financial product distribution, investment banking, institutional equities, realty and property advisory services through its various subsidiaries.

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