IIFL soars on Strong Consolidated Third Quarter Results

On Wednesday diversified financial services firm IIFL Holdings announced its Q3 result for the ongoing quarter. The company reported a 41.3% increase in consolidated net profit for the December quarter at Rs 179.1 crore from Rs 126.7 crore in the same period last year. IIFL’s consolidated total income went up by 29.4% from a year ago to Rs 1,270.5 crore.  However, on a standalone basis, the company’s net profit declined 67.8% to Rs 25.9 crore and total income fell 55.6% to Rs 37 crore.

On the strong consolidated Q3FY17 result, IIFL share price surged 10.23 per cent and traded at the morning high of Rs. 314.

The company’s board also declared an interim dividend of Rs 4.50 per equity share for 2016-17.  Net profit for the company’s NBFC operations went up by 25% to Rs 112 crore. For the wealth operations, total assets under management (AUM), distribution and advice surged 22% from the corresponding quarter in the last financial year to Rs 1.06 lakh crore. The data was confirmed by the company in a release. Average daily equity market turnover for broking business increased 60% to Rs 8,749 crore during the quarter.

At 9:38 Am, IIFL share price was still trading strong at Rs. 311.15, up by 9.23 per cent. So far, over 3.4 lakh shares were traded at the NSE counter as against its twenty day traded average of a little over 61 thousand shares.

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IIFL Q2 net profit jumps 39% to Rs 207.2 cr

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 2^nd 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 27^th 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.

IIFL Share Price thriving 7% Higher than PDC

IIFL share price closed at Rs 264.95, up by 7.23 per cent from the previous closing of Rs 248.20. The share touched an intraday high of Rs 269.50 and intraday low of Rs 244.95.

IIFL Holdings Ltd is the apex holding company of the entire IIFL Group, which is promoted by first generation entrepreneurs. IIFL Holdings, formerly known as India Infoline Ltd, offers a wide range of services including financing, wealth and asset management, broking, financial product distribution, investment banking, institutional equities, realty as well as property advisory services through its various subsidiaries.

IIFL Holdings Ltd with a consolidated net-worth of about Rs 30 billion as of financial year ended 31^st March, 2016, has global presence with offices in London, New York, Geneva, Hong Kong, Dubai, Singapore as well as Mauritius.

IIFL Share Price Today

IIFL share price opened at Rs 245.15 from a previous closing of Rs 248.20. A total of 16,78,603 shares of the Company aggregating to a total value of Rs 4,333.65 lacs. The upper price band is 297.80 and the lower price band is 198.60.

Fundamentals

• Face Value - Rs 2
• Life Time high - Rs 394.99 made on 1st January 2008
• Life Time low - Rs 15.34 made on 17th May 2005
• 52 week high – Rs 311.80 5th August 2016
• 52 week low – Rs 163.50 29th February 2016
• Average Daily Movement [ADM] - 12.65
• 1 Month Return – (-13.21) per cent
• P/E Ratio - 14.61
• Book Value - 92.16
• Market Cap - Rs 7,864.35 crore
• Promoter holding pledged – 0
• Free Float Market Cap – Rs 5,188.96 crore
• Turnover – Rs 23.12 crore

At the CMP of Rs 264.95, the closest support level is Rs 240.05 and the closest resistance level is Rs 272.00. IIFL is one of the top 500 shares as recommended by Dynamic Levels research team.

IIFL turns bullish on CRISIL Rating

IIFL (India Infoline), today announced that two of its group companies, India Infoline Finance Ltd and India Infoline Housing Finance Ltd had received a credit rating upgrade by CRISIL Ltd, an S&P Global Inc. company. IIFL is one of India’s leading diversified financial services conglomerate.

CRISIL has enhanced the rating for India Infoline Finance Ltd, and its subsidiary India Infoline Housing Finance Ltd, to ‘CRISIL AA/Stable’ from ‘CRISIL AA-/Stable’. The rating is applicable on the long-term debt instruments of the company. India Infoline Finance Ltd. is the Non-Banking Finance arm of IIFL Group. IIFL share price tuned bullish on the enhanced rating rising around 7% and trading at Rs. 298.

The upgraded rating mainly reflects IIFL improved capital position and well-diversified business risk profile with presence across the financial services space and increasing focus towards retail lending. The group has also strengthened its senior management team in the past two years. The fact has been confirmed by CRISIL in a rating note.

It also added that the outlook might be revised to ‘Positive’ if IIFL remarkably strengthens its market position while sustaining profitability and asset quality.

CRISIL combined the business and financial risk profiles of IIFL Holdings Ltd and its subsidiaries, including India Infoline Finance for arriving at the rating.

Net Worth and Capital Raising

CRISIL has stated in its rationale for the rating upgrade that IIFL capitalization has improved appreciably over the past few quarters. The company’s net worth has also increased to Rs 40.96 billion as on March 31, 2016, from Rs 28.2 billion as on March 31, 2015. The company’s net worth is anticipated to increase further over Rs 50 billion by March 2017, which is more than 75% increase over the last two years. IIFL net worth increase is led by the capital raising of around Rs 20 billion over the past 12 months.

In July 2016, IIFL Finance had announced that CDC Group Plc (a British government-owned development finance institution) would invest Rs 10 billion in the company in the form of compulsorily convertible preference shares for a 15.45% stake. After this capital infusion, IIFL Finance’s gearing is expected to improve and stay below six times from 8.1 times as on March 31, 2016.

Outlook: Stable

CRISIL believes that the IIFL group will keep on witnessing healthy growth in the lending business over the medium term while maintaining its strong market position in the capital market businesses as well as its comfortable capitalization.
The outlook may be revised to ‘Positive’ if the group significantly strengthens its market position while sustaining profitability and asset quality. The outlook may be revised to ‘Negative’ in the case of lower-than-expected growth in business or significant deterioration in asset quality or profitability.

IIFL is top 500 performong stocks for the quarter according to Dynamic Levels. For details on the stock refer to IIFL share price history page of the company’s website.