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IIFL Q3 net profit declines 12% to Rs 220 crore

The firm had posted a net profit of Rs 250 crore in the December quarter of 2017-18 fiscal

Iifl  |  Finance  |  Asset Management

Press Trust of India  |  New Delhi 

Nirmal Jain
Nirmal Jain, IIFL

firm Wednesday reported a 12 per cent decline in consolidated net profit to Rs 220 crore for the December 2018 quarter.

The firm had posted a net profit of Rs 250 crore in the December quarter of 2017-18 fiscal.

IIFL's consolidated total income also declined to Rs 990 crore in the third quarter of the current fiscal, from Rs 1,014 crore in the corresponding period of the previous financial year.

Holdings Chairman said the quarter has been challenging.

"I do not see any threat to the long-term potential or prospects of all our businesses. We see even bigger opportunity with continuing formalisation of credit. Wealth is making decisive strides towards advisory business model," Jain said.

IIFL is a diversified firm engaged in non-and housing finance, wealth and asset management, financial advisory and broking, and investment banking, among others.

Shares of closed at Rs 450.30, up 3.21 per cent on the BSE.

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First Published: Wed, January 30 2019. 22:05 IST