IIFL Holdings net grows 15% in Q1 to Rs 108 crore

Total income increased to Rs 963.96 crore for the quarter ended June 30, 2015

IIFL Holdings today said its consolidated net profit rose 15 per cent to Rs 107.65 crore for the first quarter ended June 2015 as against Rs 93.82 crore a year ago.

"Total income has increased to Rs 963.96 crore for the quarter ended June 30, 2015, from Rs 791.28 crore for the quarter ended June 30, 2014," it said in a filing to BSE.

On a stand-alone basis, its net profit jumped manifold to Rs 38.85 crore in the first quarter of 2015-16, from Rs 2.52 crore a year earlier.

Stand-alone income too surged to 49.62 crore in April-June of 2015-16 as against Rs 5.02 crore in the same period of the previous fiscal.

"Our consumer finance and wealth management businesses are treading in line with the long-term strategic direction. Capital market activities do witness volatility across quarters, but the underlying bias is positive. On the whole, outlook for business is optimistic," said Nirmal Jain, Chairman, IIFL, in the statement.

Global investor Fairfax Group of Canada has announced an open offer for acquiring an additional 26 per cent in the company. Fairfax currently holds 8.97 per cent in the firm.

IIFL Holdings provides services such as financing, asset and wealth management, capital markets and financial products distribution, investment banking, institutional equities and realty services through its various subsidiaries.

The stock of IIFL Holdings closed 2.57 per cent higher at Rs 197.20 on BSE today.