IIFL Securities Stock Soars 8% Following Strong Q4 FY22-23 Earnings Report
Shares of IIFL Securities witnessed an 8% rally during morning trade as the company reported a consolidated net profit of Rs 86.39 crore in the March quarter of FY22-23, up by 9.4%. The company had recorded a net profit of Rs 78.88 crore in the same quarter of the previous fiscal year. According to an exchange filing, the consolidated revenue from operations increased by 12% to Rs 342.1 crore from Rs 305.4 crore during the same period last year.
The Chairman and Managing Director, R Venkataraman, attributed the strong performance to the affluent broking and distribution businesses, stating that the company continued to perform well during the quarter. IIFL Securities sharpened its strategy and focus on affluent customers in line with the board’s approved reorganization scheme, which is still awaiting regulatory approval.
The interest income increased by 48% to Rs 55.26 crore from Rs 37.31 crore during the same period last year. Capital market activity revenue stood at Rs 347.8 crore, up from Rs 331.33 crore in the year-ago quarter. Furthermore, revenue from insurance, brokerage, and ancillary rose to Rs 53.52 crore from Rs 17.75 crore in the year-ago period.
IIFL Securities also announced an interim dividend of Rs 3 per share with a face value of Rs 2 each for FY23. At 10:38 am, the company’s shares were trading 8.45% higher at Rs 59.8 on the National Stock Exchange.
About IIFL Securities:
IIFL Securities Ltd is an investment management company that provides a range of financial services, including insurance, loans, mutual funds, property solutions, and wealth management. The company primarily serves customers in India.
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