Reporting a 2.4% slip in the consolidated income in the first quarter of FY12, financial service provider India Infoline (IIFL) says the brokerage industry is facing harsh times, however, believes the long term potential of the business is still going strong.
In an exclusive interview to CNBC-TV18, managing director R Venkatraman says that although there will be short-term pressures, the Indian story is intact. "The last two quarters have been challenging for the broking industry due to the fall in equities volume in the exchanges," he explains. However, he further says, "the company will continue to invest because we believe in the long-term growth story," adding that the company will refrain from dramatic measures like large scale retrenchment. Below is an edited transcript of R VenkatramanDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
