IIFL Finance hits 52-week high; jumps 85% in eight days

IIFL Finance hit an upper circuit of 10% at Rs 213.20, extending its winning run to eighth consecutive trading session.

IIFL Finance has zoomed 85.55% in eight trading days from its previous closing low of Rs 114.9 on 21 January 2021. The stock hit a 52-week high of Rs 213.20 in intraday today. The counter is up 266% from its 52-week low of Rs 58.15 hit on 3 June 2020.

The counter was in demand after the NBFC posted stellar Q3 numbers on 29 January 2021. The company's net profit jumped 47.1% to Rs 268.33 crore on 31.9% rise in total income to Rs 1,530.27 crore in Q3 FY21 over Q3 FY20.

 

Operating profit in Q3 December 2020 stood at Rs 385.40 crore, up by 69.9% from Rs 226.78 crore in Q3 December 2019. The company's provisions and write-offs were at Rs 11.36 crore in the third quarter. Profit before tax jumped 47.8% to Rs 348.20 crore in Q3 FY21 from Rs 235.64 crore in Q3 FY20.

Assets under management rose 17% to Rs 42,264 crore in Q3 December 2020 from Rs 36,015 crore in Q3 December 2019. The NBFC's loan book increased by 19% to Rs 30,893 crore in Q3 FY21 from Rs 25,901 crore in Q3 FY20.

In Q3 FY21, the ratio of gross NPAs to net advances (GNPA) was 1.61% and the ratio of net NPAs to net advances (NNPA) was 0.77%. Not considering Supreme Court deferment order, proforma GNPA was 2.87% and NNPA was 1.46%.

IIFL Finance is a retail focused diversified NBFC that is engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance and Samasta Microfinance. The company offers home loan, gold loan, business loan, microfinance, capital market finance and developer & construction finance to over 4 million customers.

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