IIFL Finance (erstwhile IIFL Holdings) ~ Retail focused diversified NBFC

Current market cap of company - 1,538 Cr.

Below stuff direct from website -

IIIFL offers advice and execution platform for the entire range of financial services covering products ranging from Equities and derivatives, Commodities, Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, Gold bonds and other small savings instruments.

Presence in:
  • Equities
  • Private Wealth Management
  • Investment Banking services
  • Credit & Finance (This is the game changer/growth driver here I feel)
  • IIFL Mutual Fund
  • Life Insurance, Pension and other Financial Products

Now some numbers:
Profit after Tax (Rs Cr)
2008 - 193
2009 - 157
2010 - 234
2011 - 215
2012 - 136
2013 - 279
The yearly trend is no doubt lumpy, but the quarterly trend for last 7-8 quarters is very strong and growing steadily. From 23 cr PAT in Q2 2012 to 84 cr in Q4 2013. Growing EACH month.
Total income (Crs.)
2008 - 1,024
2009 - 877
2010 - 1,124
2011 - 1,474
2012 - 1,886
2013 - 2,665
Financing and investing income accounted for 68% of revenue in 2013, up from 58% last year. In absolute terms, it grew from 1,091 Cr to 1,816 Cr. The loan book is well diversified and the only concern is the % of gold loan (I feel this worry is over rated) currently its 35%. As per the management and con call, the LTV for gold loans is 60% or less. Thus providing a very good cushion for falling gold prices. The asset quality numbers are also pristine. Gross NPA at .49%, net NPA at .17%. Management has indicated the ROE to reach upwards of 20% in this fiscal from 17% achieved in Q4 2013. The management has been liberal in paying out dividends as well.
Now, as per latest con call, the management expect growth of 20-25% in loan book (atleast) from its NBFC business. Last year this number grew by 39%, resulting in 80% increase in PAT from this segment. With stable NIMs and lower cost to income ratio, I expect this year PAT from NBFC business to increase by 40-50% atleast. This in turn would lead to 30-40% increase in overall profits at consolidated level. I trust this explains the growth part.
Coming to valuations, it currently trades at a trailing PE of 5.5 and 1 yr fwd PE of 4.2 assuming 30% increase in PAT (which I believe is still on conservative side) Being into NBFC it would be prudent to also check its PB ratio, it comes out to .78, less than 1 !!! (book value at end of FY 2013 was 1,958 cr) I feel valuations provide good MOS as well. Given good asset quality and growth prospects, a PB multiple of 1 should be least expected. Add to it constant buying by the promoter group in this counter. This add to comfort levels.
My sense is that the market perception of this company is that of a company into stock broking business, though it drives most of its revenue and profits from its NBFC business. As and when this perception changes and the earnings visibility becomes more clearer to market, it should get re-rated or atleast fairly rated.
Views would be more than welcome.
Disc: I hold the stock.

Hi Anil,

Prem Watsa is looking to acquire significant stake in IIFL. Keen to know the story. Are you tracking it ? Do you think it can be a multibagger over next 4-5 years ?

Keen to understand the macro picture. Thanks for your inputs


I am not actively tracking it now.


Received open offer few months back from Fairfox at 195.

Stock is low beta but posting very good results q-o-q and likely to be re-rated with their focus on NBFC operations, increasing margins and scale.

Can give safe 50%+ return in next 1-2 years.

CONFERENCE CALL - from Capital Markets

IIFL Holding

Retail loan book to continue gaining share

IIFL Holding conducted a conference call on 06 May 2016 to discuss its financial results for the quarter ended March 2016. Nirmal Jain – Chairman, R Venkataraman - Managing Director of the company addressed the call:


  • The loan portfolio of the company increased 21% to Rs 17770 crore at end March 2016. Total AUM also moved up 21% to Rs 19514 crore at end March 2016.

  • The loan growth was driven by retail mortgage, commercial vehicle (CV) and medical equipment loans. The share of retail mortgages in the overall loan book has been rising steadily. Retail mortgage loans, at Rs 7241 crore, constitute 41% of the loan book and registered 89% yoy growth. Commercial vehicle loans increased 93% yoy to Rs 1694 crore.

  • The company expects further rise in the share of retail loans.

  • On the other hand, there was a decline in loan book of large mortgages and gold and capital market related loans grew in single digits. This is part of a conscious strategy to de-risk our loan book and make it more retail focused.

  • GNPAs and NNPA ratios have fallen to 1.44% and 0.54% respectively as at end March 2016 from 1.56% and 0.61% in the preceding quarter.

  • Against gross NPA of Rs 255.4 crore, specific provisions stand at Rs 159.1 crore. Besides this, provision of Rs 70.1 Cr has been made for standard assets as per statutory requirements. Total provision coverage (including standard asset provision) stands at 89.7% of Gross NPAs.

  • NIM for the quarter stood at 6.2% in Q4FY2016 up from 5.7% in the preceding quarter.

  • The Capital adequacy ratio stood at 17.7% including Tier I capital of 11.7%.

Financial products distribution

  • Q4FY16 PAT increased 28% yoy to Rs 46.2 crore, while full year FY16 PAT jumped 52% to Rs 169.4 crore.

  • Total assets under advice, distribution and management grew 12% Rs 79,413 crore at end March 2016.

  • IIFL Wealth has presence across 22 major countries and Indian cities.

Capital market activities

  • Capital market income rose 3% yoy Rs 134.2 crore in Q4FY16. The average daily equity market declined 10% to Rs 7152 crore.

  • During the quarter, IIFL’s investment banking division closed 3 transactions including Rs 649.6 Crore IPO of HealthCare Global Enterprises, Rs 410.2 Crore IPO of Precision Camshafts and Rs 291.8 Crore pre-IPO placement of Ujjivan Financial Services.

  • During FY16, the team has completed 10 transactions and expanded the product range outside conventional ECM products.

Strategic investment by General Atlantic

  • The acquisition of equity stake by General Atlantic (GA), a leading global growth equity firm, in IIFL Wealth Management Ltd has been fully completed. GA has invested Rs 904 crore through a combination of fresh equity shares and exercise of warrants and Rs Rs 159 crore worth equity shares from IIFL Wealth employees in a secondary transaction.

  • Current shareholding pattern : IIFL Holdings - 60.8%, GA - 24.4%, Employees -14.8%

  • Post conversion of all ESOPs, on fully diluted basis, the shareholding pattern will be as follows: IIFL Holdings 53.9%, GA 21.6% and IIFL Wealth employees 24.5%.

IIFL Wealth Finance

  • IIFL Wealth Finance, a wholly-owned NBFC subsidiary of IIFL Wealth, commenced operations in February 2016 with equity share capital of Rs 900 crore.

  • IIFL Wealth Finance will focus on capital market related lending to its HNI clientele.

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CDC invested 1000 crore in IIFL. Anybody following! Stock price has appreciated quite a lot in past 2 days.

Discl. Invested, looking to exit for fund raising and reducing pf holding stocks


A dated but lovely article to understand the engine behind stupendous growth of IIFL its wealth management division. Opp size remains huge and keeps on increasing. The team is v passionate young and in right age bracket of 30-40s. Track record and word of mouth is helping them a lot.

Views invited

Discl-hv a small position

Good set of numbers from IIFL. Company hopes to achieve 2x topline and 2.5x bottomline for 2020.

Excellent Q1 2018 results by IIFL


IIFL wealth mgmt division is the real differentiator .No wonder its has backing from fairfax,GA & other bluechip investors. Superb results yet again. Who all own & track it.

Business Verticals:
Vertical (FY17 PBT Share)
Fund Based (50%)
Wealth Management (30%)
Capital Market (20%)

IIFL has 2250 locations in 500 cities across 25 states in India. Further, in order to cater to overseas Institutional Investors and NRIs for their India-centric investments, the Company has established subsidiaries in seven countries worldwide (USA, UK, UAE, Switzerland, Singapore, HK, Mauritius).

Mr. Nirmal Jain (Executive Chairman), an MBA (IIM, Ahmedabad) and a rank holder Chartered and Cost Accountant, founded India Infoline Limited. He began his career with Hindustan Lever in 1989. He founded Probity Research and Services Pvt. Ltd. (later re-christened India Infoline) in 1995 - perhaps the first independent equity research Company in India.

Mr. R. Venkataraman (MD), Co-Promoter of India Infoline Ltd., is a B. Tech (Electronics), IIT Kharagpur and an MBA (IIM Bangalore). He joined the India Infoline Board in 1999.

Promoters: 29%;
Fairfax Group: 36%;
Bharat Parajia (MD, IIFL Asia Pte Ltd): 5%;
Satpal Khattar (A renowed Singapore based Investor and member of IIFL Advisory Board): 2%

Hence, Insiders + Fairfax Group own about 70% of the Company. All of them have been increasing their stake over the past few years (except Satpal Khattar, who has reduced his stake a bit).

Fairfax is a passive investor. Hence, their voting rights will be either the shareholding or 25% whichever is less.

Fund Based Activities:
Loan book (including securitized assets) as on 30-Jun-2017 is Rs 23,300 cr and has increased at a CAGR of about 40% over the past 10 years. The loan book is predominantly retail and secured with adequate collaterals. Retail loans below Rs. 1 crore constitute nearly 85% of the loan book. Further, over 25% of the loans comply with priority sector lending (PSL) norms of the Reserve Bank of India. The Company sells down these loans to commercial banks, which remain very keen to buy these loans to meet their PSL targets. Selling down such loans positively impacts the profitability and CAR. The share of securitised book increased from 5% of AuM in end FY13 to 13.5% in end FY17.

Long-term credit rating by CRISIL AA, ICRA AA, CARE AA, and short-term rating by ICRA A1+.

During 201609, India Infoline Finance Ltd issued 4.33 cr Compulsorily Convertible Preference Shares to CDC Group plc (the UK Govt owned Development Finance Institution) for Rs 1005 cr. The NBFC is now well capitalised for the next 3 years to capture the growth opportunities.

Following is the breakup of the loan book:
Category (Share)
Home Loans (26%);
Loan Against Property (24%);
Construction & Real Estate (15%);
Commercial Vehicles (13%);
Gold LB (12%);
Capital Market (5%);
Other Categories (5%)

Home Loans: The share has been steadily increasing over the past few years; Avg Ticket Size: Rs 22 lakh; Yield: 9.7%; NNPA: 0.3%. The self-employed section contributes 60% of the home loan portfolio. IIFL is among the top six HFCs in government’s Credit Linked Subsidy Scheme (CLSS).

Loan Against Property: The share has been stable over the past few years; Avg Ticket Size: Rs 92 lakh; Yield: 12.9%; NNPA: 1.1%.

Construction & Real Estate: Avg Ticket Size: Rs 8.3 cr; Yield: 16.6%; NNPA: 0.2%.

Gold Loans: The share has been steadily declining over the past few years, probably due to the specialized nature of gold loans; Avg Ticket Size: Rs 50,000; Yield: 22.3%; NNPA: 0.2%.

Other important information pertaining to the Fund Based Activities:

The Company has diversified its sources of funds and augmented long-term sources of funds. As on 30.6.2017: Term Loans: 37%; NCDs: 30%; CP: 20%; Securitization: 13%.

GNPA (NNPA): 2.0% (0.9%) - Movement from 180 DPD (FY15) to 90 DPD (Q1FY18) NPA recognition norm has created a temporary rise in NPA ratios.
CAR (Tier I): 18%;
NIM: 6.5%;
FY17 Fund Cost & Yield: 9.4% & 14.5%;
RoA: 2%.

Wealth Management (including Financial Products Distribution and Asset Management):
IIFL Wealth Management offers advisory, wealth structuring solutions, asset management, credit solutions, broking and distribution services. It is the First and largest fund manager of AIFs, offering 15 AIFs across Category II & III.

It has 22 Offices - Presence across 7 countries and major Indian cities.

IIFL Wealth Finance, a WOS of IIFL Wealth is focussed on providing LAS and LAP to HNI Clients. The Loan Book grew to Rs 3600 cr at the end of FY17, it’s maiden year of operations.

IIFL Holdings owns about 58% of IIFL Wealth Management Ltd (and its subsidiaries). General Atlantic holds 23% and the employees hold the remaining 19%.

Demat accounts in India have grown 4-fold during FY05-17 to 28 million (12% CAGR). Total household savings have grown as a CAGR of 12% over FY05-16 to USD 400 billion (about 20% of GDP). About 42% (USD 170 bn) is in Financial Savings. The number of HNIs in India is expected to grow manifold over the next few years. Hence, there is tremendous growth scope in the Wealth Management sector.

Total assets under management by IIFL AMC under Mutual Fund, Alternative Investment Fund, and Portfolio Management Services have grown from Rs 3000 cr in FY15 to Rs 8700 in FY17. AIF comprise about 85% of this AuM.

Capital Market Activities:
Capital market activities comprises mainly income from broking in equity, derivative, commodity, currency segments and related activity. It also includes Investment Banking activities.

IIFL is a key player in both retail and institutional segments having about 2% NSE Mkt Share (Cash+F&O) and 4% NSE Mkt Share (Cash).

IIFL is ranked #1 Investment Banker in Equity Issuances for CY2016 and CY2017 YTD (source: Prime Database).

5paisa has been incubated as a distinct brand catering to the new emerging DIY (Do-ityourself) customer segment that prefers least cost for various financial products. 5paisa is for pure digital financial transactions - with no branches, no RMs, etc. 5Paisa Capital Demerger & Listing underway by issuing 1 share of 5paisa for every 25 shares of IIFL. The listing should be completed by December 2017.

Company Valuation:
The Company is available at a P/E of 26.4 and P/B of 4.3. The Market Capitalization is around Rs 20,000 cr. It has managed to grow it’s book value by a CAGR of 35% over the past 12 years that included bull phases (FY05 -08 & FY14-17) and bear phases (FY08-12), resulting in the Company becoming a big and well known diversified Financial Services entity from a mere capital market entity 12 years back. It’s market cap during this period has increased from less that Rs 300 cr to Rs 20,000 cr.

It has also delinked itself from the cyclicality of capital markets (Capital Market now contributes only 20% to the Consolidated PBT) and made its business significantly less cyclical in the process. This business is, however, still a leveraged play on the economy and sentiment.

Disclosure: Invested for the past 2 years. No recent transactions.




• NIM:6.5% to 7%
• NBFC –operate in niche vertical so no negative impact of bank recapitalisation-positive for all
• Growth drivers & Focus: Housing & SME
• Securitised book-15-20% in 1 year (currently 12% of AUM)
• Tax rate Fy18-25%
• Operating expenses will grow in proportionate to revenue
• Home loan yield-9.5 to 10% (currently 9.6%)

• AUM negative for LAP, No growth in LAP
• 15% incremental loans are swaraj loans
• 35% loan PSL compliant
• 7.9% borrowing cost
• NIM improves reasons:
• Lower borrowing cost
• Growth in SME & MFI
• MTM loss in treasury income-15 cr

IIFL eyes smaller businesses to drive gold loan portfolio

IIFL has started tapping local kirana shop owners, street vendors and grocery retailers with its gold loan business.

In a short span, IIFL has added nearly 100,000 customers in this category.

IIFL also lends against gold jewellery to medium, small and medium enterprises (MSMEs), farmers, traders, exporters and importers.

Self-employed customers, especially at the bottom of the pyramid, find it difficult to access credit from banks considering the paper work and long processing time. However they have unproductive gold at home which can be monetised through gold loans. All these people have Aadhaar & PAN which is used for E- KYC in order to them extend gold loan and bring them under financial inclusion.

gold loan if tapped properly in india can be huge in my view


Scheme of arrangment…

IIFL results are out - 34% topline growth 32% bottomline growth yoy. Value unlocking by listing 3 separate entities - nbfc, wealth management and securities

Key Points for Q3FY18 concall:

Brief on macro environment - LTCG on equity is a small issue. Hardly any better alternatives for investment other than equities. Liquidity has tightened and interest rates have short up. Gsec has also shot up. Quite a big jump. This phase will also pass through. From a 3 - 5 year perspective, NBFCs will do well.

Updates on de-merger: 3 companies to be listed. In 23 years of company’s existence, it has expanded into multiple financial services. Can be grouped into 3 segments - 1. Lending operations. 2. Wealth Management 3. Capital markets and investment banking activity. Business rationale - all three businesses have distinct set of customers. 1. Wealth - HNI customers. Financing of wealthy through its own NBFC subsidiary.2. Cater to retail customers - Finance and Securities. Key mantra in Wealth is customer intimacy while in IIFL Finance its Operational Excellence - process excellence is very important. IIFL Securities - Products that drives the business. Traded terminal. Online - 70% of the business. Upper end (institutional broking) driven by research. Flexibility and compliance - Whenever we have to take a decision - compliance of all three business are there. All three businesses have reached critical scale. When we have to attract talent in all the businesses, makes sense to attract them, retain them through stock options. Much stronger efforts at leadership levels. Customer culture, offices are all different for all the three segments. Domain expertise to guide each businesses. Cost synergies, related parties transaction - Always at arms length. Different CEO and management team for all three businesses. Opportunities within business more than intra-group. Cross check and referrals - can come outside the group also.
From shareholder perspective: Current listed company - Fairfax is the investor while for wealth and lending business we have their own investors. Our agreements with these customers is tentatively seven year exit. However, de-merger is not for exit. Will make sense for investors that if they want to be part of just one segment, they can invest in that company (wealth, broking & IB and lending). Although, it might seem that IIFL Securities is smaller than other two business but it will also have a PAT of 200 - 220 crore for the full year. Full payment of tax. Business are large enough. Volatility and cyclicality of all three business will change - retail clients, business was dependent on FII customers. Volatility higher earlier but has changed over the years. MF has emerged as a big investment plans. Low redemption or cancellations. Last 23 years, none of the business had to be supported by other businesses. Benefits of demerger are much more than synergies lost in a consolidated entity. Brand name of IIFL - IIFL owned by holding company. License to use without any cost. All of the three companies will be using IIFL brand going forward.
In term of ownership for promoters - Nirmal Jain and Venkat will continue to be the promoters. Control - Our belief was earlier we had other structures in 1980s - 1990s where conglomerates used to take decisions. But beliefs are changing now. Small, nimble companies doing well. Idea driven independent organizations do better. Regulators also prefer single segment businesses. Related party transactions kept at arms length. Corporate structures complicated. World media analysts etc will feel at ease with different businesses. Technology and digital challenges require quick response. De-merger timelines: We will have to take regulatory (RBI, SEBI etc) and NCLT approval. Will take about 8 - 10 months. .

Other points during the concall:

  • The company is well capitalized for its future growth

  • Home loans focus on self employed segment. Fastest growing segment is small home. 20% of incremental loans is Swaraj Loans. LAP less attractive due to yield compression. 50% of home loans towards cleared projects. Portfolio risk is on decline. Smaller ticket home loans are one of the major focus. Increasing granularity driving down portfolio granularity. Large size of our portfolio is towards priority sector lending. 40% of our loans are PSL compliant. 15 - 20% of securitzation of the loan book in the medium term which is expected to positively impact our profitability.

  • Digitization and analytics:More than half of loans boarded by digitzation. Aaadhar also helping in EKYC. IIFL Loan mobile app helping. Customer acquisition in digital mode has tripled. Continously sharpening our efforts. Two lakh customers. Steadily increasing new stream of customers. All small tickets loan boarded digitally. Fraud detection also through analytically.

  • Wealth management - 34 RMs added during the quarter. IIFL Wealth offers a wide product portfolio. Team garnered AUM in both equity and debt products. AMC - Special Opportunities fund. AIF assets grew 30% QoQ and 60% Yoy. Raised 2300 crore in special opportunities fund. Total Commitments 7300 crore. AMC - 26165 crore of assets. New fund for affordable housing launched in the quarter. Rs.860 crore of commitments. IIFL Wealth Management - Loan book 21% qoq 100% yoy. 10.3% yield. Tax rate 24%. FY18 tax rate same range. Wealth management- seasonality in the business. Will the wealth management lose client in case of steep market correction? Don’t end up losing too many clients during steep market correction. Clients shift from equity to fixed income and AIFs. Currently, 53 - 54% allocated to equity, 35 - 38% in Fixed income and remaining to other assets. Volatility in pf is not similar to equity markets. Continuous ability to participate in new ideas will come down. Not much seasonality in sales of wealth management business. Competition on talent retention and client side. Do see competition. Both our senior bankers and product basis has been pretty low. Strong entrepreneur culture and owning stock in the firm helps in retention of clients. Something expressed in the company. Couple of interesting teams have joined us from recently. This segment needs good employees. 3 -4 new names have come in with energy, deep pockets in wealth management. We will have to see how their performance is going forward. Dip in retention feed from 98 bps to 92 bps of AUM due to MFs moved to trailing fees structure. Steady rates - 70 - 80 bps on world basis. On larger base it will be around that. Fees based income will be around 25 - 30% of total income. Number of hiring - really a function of getting in good RMs. Only present in 11 - 12 cities. We expect to add 5 - 6 bankers in new cities. In tier I cities we will add about 35 - 40 bankers. Overally 50 - 60 bankers over the next six months.

  • Attrition of RMs in wealth management and growth in the AIF: RM - break-even takes 18 - 24 months from hiring. 24 months - 60 months - good degree of productivity while from 4.50 - 6 years super productive. RM vintage currently is 2.50 - 3 years. 3 - 5 years vintage is also increasing. Large part has come in the last few years. Next two to three years scaling up is expected. In old RMs - the attrition is negligible. Out of 70 - 75 old bankers, we have hardly lost a couple of bankers. AIF peace has grown over the past few years. AIF peace has increased substantially. Lot of innovation is happening in AIFs. New AIFs coming in as many proven investment managers leave their existing MFs and start on their own AIFs. Lot of innovative structuring happening in AIFs. Innovation will guide the AIF market in a large way. It is only the start of the AIF journey. Ability to innovate will lead to lot of growth over the next few years. As a category, AIF is hardly a 10 billion dollar category which is hardly 5% of MF industry and thus has a large way to go.
    Impact of SEBI guideline to segregate advisory and distribution business in Wealth Management : It seems quite a structural change. Circular - 4 weeks back. We are talking to regulators and other players in the industry. Advisory and distribution are distinct. All of us will become brokers instead of advisors as there is hardly any fees paid on advisory front. Revenue stream 0.1% of fees. Business to be organized into two categories in case the SEBI regulation comes into implementation - Financial product distribution, financial advisory and brokerage. We are fairly well prepared in case this regulation comes into place. Having own AMC has its own advantages like - Innovative structure in AMC, concept of fee structure - moving clients from brokerage to advisory.
    Lending business: NPAs in construction book - sharp increase from 1.4% to 2.30% on qoq basis. Construction finance - basically builders. 90 day provisioning norms. Some chunky cases turned NPAs in this quarter. However, we have Adequate collateral. Borrower will regularize or we will liquidate the asset. Predominantly, trying to focus more on builders catering to affordable housing segment. Total home loan AUM - 7500 crore. Out of that 20% of incremental and 10% of it is affordable. Construction finance - Non affordable is clearly defined terms - premium projects - most of the projects are from large real estate companies. CV book - growth rates better. Overall rest of the players - little more cautiously than others. 14% growth qoq. Definitely look at that. CV cycle has revived for sure. Volumes picked up significantly during the last quarter. Any other product segment - asset quality related pressure - NPAs - category wise. Little bit spike in NPAs in construction segment… SME also facing challenges but covered fully by pricing. However, things may improve in the near to medium term. In NBFC, sharp rise in other income. Other income increased by 55% qoq. Sharp increase in disbursement of retail volume leading to higher fee income which is part of other income. Rise in insurance products also led to higher other income. Insurance products are bundled with other products. Fee income high on capital market lending products. It has some small processing fees in IPO financing. Higher other income is also on account of change in auditors and regrouping of certain schedules. Growth is more driven by SME and MFI, fee income may continue to remain high going forward. NPAs - on a like to like basis, asset quality hasn’t worsened. NPAs larger ones 4 to 5 account developer loans. NBFC - MFI - near term targets for this segment - small base can continue to grow fast. Distribution network is large and will continue to leverage on it. Construction real estate segment - increase in NPA in construction segment. Execution risk is there as part of construction finance. We try and make sure titles are in place. Very large product in Mumbai - even approvals are challenged in Supreme Court. Litigation can happen at any stage. Approvals are in place before we lend to the project. Home loan growing at 25 - 28%. Market share is minuscule. Logically will grow at faster pace. Fall in cost of borrowing is not reflected in NIMs. Works out very well. Home loan can be refinanced from NHB at lower rates. Sell down pf to banks. Non priority sector high demand from home loan. Home loan CAR is lower compared to other lending pfs. Capital adequacy reduced to 9%. RoE might impact in short term but will improve over the long term.


An insightful article on the recent restrcucturing in IIFL. Segregation of Business Verticals and Simplification of Corporate Structure should help the company to raise more money.

Article - IIFL simplifies corporate structure


IIFL’s Q4FY18 consolidated PAT rises 41% yoy to Rs1,162cr

For the quarter and year ended March 31, 2018 (Q4FY18, FY18):

• Profit after tax* stood at Rs318cr for the quarter, up 36% y-o-y, and Rs1,162cr for the full year, up 41% y-o-y
• Consolidated income# stood at Rs1,091cr for the quarter, up 31% y-o-y, and Rs3,864cr for the full year, up 37% y-o-y
• Loan assets under management in NBFC business at Rs31,134cr, up 40% y-o-y
• Wealth assets at Rs1,31,762cr, up 39% y-o-y


We will double our businesses in less than three years: Nirmal Jain of IIFL. At a time when the IIFL is planning to reorganise and restructure its businesses, Jain shares vision, challenges and opportunities

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