IIFL Wealth up 14% on strong Q1 results, dividend bounty of Rs 35 per share

The beat on profitability was driven by a beat on net revenues owing to both annual recurring revenue and transactional/brokerage revenue, better operating efficiency, and a lower tax rate

Shares of IIFL Wealth Management surged 14 per cent to Rs 1,580, also its 52-week high, on the BSE in the intra-day trade on Wednesday after the company reported a good set of numbers for the quarter ended June 2021 (Q1FY22). Its consolidated profit after tax (PAT) jumped 42 per cent year on year (YoY) at Rs 119 crore on back of strong operational performance, while sequentially, PAT grew 16 per cent. The company announced a special dividend of Rs 35 per share.

Its revenue from operations, meanwhile, stood at Rs 283 crore, up 7 per cent quarter on