IIFL Holdings, the listed entity of the IIFL group, on Saturday reported a 28% increase in consolidated net profit of Rs 140.3 crore for the September quarter on better asset quality and overall growth in revenue.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Total income of the city-based financial services company grew 15% to Rs 1,031.9 crore during the reported period.

Gross NPAs and net NPAs have fallen to 1.4% and 0.5%, respectively, from 1.6% and 0.8% in the previous quarter. Its NPA provisions came down from Rs 219.3 crore to Rs 140.2 crore during the period under review.

The company said its fund-based business grew 18% to Rs 766.2 crore, while financial products distribution arm clipped at 16% to Rs 151.8 crore, capital market activities was flat at Rs 110.8 crore and other income clipped at 82% to Rs 3.1 crore.

Group Chairman Nirmal Jain said the overall the business has been growing at a healthy pace with consolidated net income rising 28% despite a flattish capital market performance.

"In our fund based business, we are aggressively investing to enhance housing finance capacity, which will yield results over the next two-three years," Jain said.

He said, the NBFC business, predominantly retail and secured loans grew to Rs 15,472 crore, up 19%, while the mortgage loan book has increased to 51% of the loan book in Q2 from 48% in Q1. The share of gold loan has fallen to 18% this quarter from 24% in the previous quarter.

However, the capital market income or brokerage business revenue was down by 1% to Rs 110.8 crore an yearly basis, but up 4% sequentially.

The average daily equity total turnover was at Rs 7,007 crore in Q2, down 4% year-on-year (YoY) and 9% quarter-on-quarter (QoQ), while exchange turnover was down 9% YoY and up 2% QoQ, the company said in a statement. 

On Friday, the stock of the company closed up 2.12% at Rs 206.95.