Brokerage house IIFL Securities Ltd on Monday reported a 71.3 percent year-on-year (YoY) jump in net profit at Rs 74.7 crore for the first quarter that ended June 30, 2023.
In the corresponding quarter last year,
IIFL Securities posted a net profit of Rs 44 crore, the company said in a regulatory filing.
In the quarter, total revenue stood at Rs 409.1 crore up 40.3 percent against Rs 291.5 crore in the corresponding period of the preceding fiscal.
For the quarter, the average daily market turnover (including F&O) for the broking business was Rs 2,30,816 crore (BSE + NSE), up 82 percent year-on-year and 18 percent quarter-on-quarter. The total brokerage revenue was Rs 176.6 crore for the quarter ended June 30, 2023, up 22 percent year-on-year.
IIFL Securities' Financial Products Distribution (FPD) assets under management stood at Rs 21,227 crore. Insurance premiums stood at Rs 44.3 crore for the year ended June 30, 2023, up 30 percent year-on-year.
Mutual fund AUM was Rs 7,945 crore as of June 30, 2023, up 15 percent year-on-year and SIP AUM grew by 44 percent year-on-year to Rs 2,101 crore, the company said.
The company's investment banking division completed 9 deals across capital markets, debt advisory, and private equity. Select transactions completed include IPO and Pre-IPO for IdeaForge Technology and Avalon Technologies, Private Equity for Indifi Technologies, and IPO for Nexus Select Trust and Mankind Pharma.
R Venkataraman, chairman and managing director of IIFL Securities, said the company is yet again the No. 1 banker for equity IPOs in India, as per the Prime database, which is also reflected in the revenues for the quarter that increased significantly.
The results came after the close of the market hours. Shares of IIFL Securities Ltd Ltd ended at Rs 65.36, up by Rs 0.53, or 0.82 percent on the BSE.
