IIFL Securities Shares Rise 8% on Strong March Quarter Profit

Shares of IIFL Securities rose 6% after fourth-quarter net profit rose 9%.

Shares of IIFL Securities rose 8% in morning trade, a day after the company reported a 9.4% rise in consolidated net profit to Rs 86.39 crore in the Q3FY22-23 financial year.

The company reported a net profit of Rs 78.88 crore in the same quarter of the previous fiscal year. Consolidated operating income rose 12% to Rs 342.1 crore from Rs 305.4 crore a year earlier, the company said in an exchange filing.

“Our company continued to perform well during the quarter, driven by FusionExcel’s brokerage and distribution business,” said Chairman and Managing Director R Venkataraman.

During the quarter, IIFL Securities worked to refine its strategy and focus on wealthy clients under a board-approved restructuring plan. The plan is awaiting regulatory approval, Venkataraman said.

Interest income stood at Rs 55.26 crore, up 48% from Rs 37.31 crore in the same period last year. On a segment basis, capital market activities revenue was Rs 347.8 crore as against Rs 331.33 crore in the same period the previous year.

Insurance, brokerage and ancillary business revenue stood at Rs 53.52 crore compared to core revenue of Rs 17.75 crore in the same period last year.

IIFL Securities also declared an interim dividend of Rs 3 per share, with a face value of Rs 2 per share for FY23.

At 10:38 am, IIFL securities traded 8.45% higher at Rs 59.8 on the National Stock Exchange.

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