IIFL Securities Q1 PAT drops 67% to Rs 41.5 cr; total income down 4%

IIFL Securities on Monday reported a 67 per cent plunge in profit after tax (PAT) to Rs 41.5 crore for the three months ended June 30, 2020.

In comparison, the company had posted a PAT of Rs 125.4 crore in the year ago period, IIFL Securities said in a statement.

Total income stood at Rs 178.3 crore for the quarter under review, down 4 per cent from Rs 185 crore reported in the April-June period of 2019-20.

The company's assets under management stood at Rs 29,289 crore in the first quarter of this fiscal, an increase of 6 per cent from the year-ago period.

"We acquired over 75,000 customers during the quarter and continue to build on our robust technology infrastructure to provide best-in-class, comprehensive services," IIFL Securities Managing Director R Venkataraman said.

"Our business has weathered the Covid storm and our technological platform has ensured our people could work from home and service customers effectively," he added.

Retail broking revenue was at Rs 66 crore for the quarter, up 28 per cent from the year-ago period.

Revenues from institutional broking stood at Rs 25.7 crore, down 19 per cent year-on-year.