Challenges for capital markets segment will continue: IIFL

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26 Aug, 2025 12:21

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In an interview to CNBC-TV18 R Venkatraman, MD, India Infoline Group spoke about the financial performance of the company and the road ahead. He said that broking firm’s NBFC business saw marginal growth on yearly basis, but its financial product division revenues are seeing steady growth. However, he expects challenges for capital markets segment to continue going ahead. 

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Below is the edited transcript of Venkatraman’s interview with CNBC-TV18’s Latha Venkatesh and Sonia Shenoy.

Q: In all your products like capital markets, financial products, in all segments as well as funds, fund performance, you are just about flat in terms of revenues and margins. Are things looking any better in the Q4?

A: In the December quarter, income was at about Rs 690 crore virtually flat on a quarter-on-quarter (QoQ) basis and year-on-year (YoY) basis. We operate in three lines of business; one is the non banking financial company (NBFC), which has seen a marginal growth on a year-on-year basis, flattish on a quarter-on-quarter basis because the book has not grown from the previous quarter to this quarter.

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The financial product distribution business includes life insurance and mutual fund.  Distribution is in a secular steady state growth, where we have seen a maximum hit so as to say has been in the capital market linked business, which includes brokerage income from capital markets, commodities and currencies. From July 1 when Commodities Transaction Tax (CTT) came then commodity exchange volumes had come down then we have open interest limit imposition by Reserve Bank of India (RBI) on the currency, has come down.

Q: Chances are that it will remain stable?

A: We will see some traction happening in the first two lines of business, which is the financial products distribution and the NBFC business and the capital markets is still facing challenges.