IIFL reported that its net profit rose 39 per cent to Rs 207.2 crore for the quarter ended September on the back of huge growth in retail lending, among others. IIFL had disclosed a profit of Rs 148.7 crore during the July-September quarter last financial year. The firm's income zoomed up by 16 per cent to Rs 666.8 crore in the 2nd quarter of the current fiscal from Rs 574 crore in the same period year-ago.
Nirmal Jain, IIFL chairman said that the retail lending, the dominant business continues to face robust growth and strategic focus is on progressive digital delivery of loans. Wealth management and capital market businesses are on long term growth trajectory and focus is customer centricity. IIFL's wealth management business noted a 29 per cent y-o-y growth in terms of asset under management.
The total AUM, distribution and advice for the firm touched Rs 1,00,396 crore in the second quarter. The company's NBFC operations witnessed Rs 102 crore worth of profits, up 25 per cent. During the quarter, average daily equity market turnover for IIFL's capital market business rose 29 per cent to Rs 9,023 crore.
During the same period, the exchanges' average daily equity market turnover was up 26 percent year-on-year. IIFL is involved in the business of financing, asset and wealth management, capital markets and financial products distribution, investment banking, institutional equities and realty services through its various subsidiaries.
As the trading session commenced on 27th Oct, IIFL share price rallied above 3 per cent to touch the day’s high at Rs. 300. Currently, the stock is trading at Rs. 295.30.
IIFL share is a multibagger stock for this quarter as identified by Dynamic Levels, based on their technical and fundamental research, it traded in very high volumes. Multibagger stocks have a great potential to grow in the long run. In order to know about the support and resistance levels of the scrip and also its fundamentals and financials, please a pay a visit to IIFL share price history.
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