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IIFL Wealth Management gains as board to consider dividend, bonus shares, stock-split

The board meeting, scheduled for January 19, will also take up the December quarter results, the company has told exchanges

January 12, 2023 / 03:25 PM IST
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Shares of IIFL Wealth Management Ltd gained 3 percent in the morning trade after the company said its board would meet on January 19 to consider dividend, bonus and a stock split as well as earnings for the December quarter.

The stock opened to touch a high of Rs 1,900 a share. At 11.32 am, it was trading at Rs 1,801 on BSE, up 2.3 percent from its previous close.

At the meeting, the board would consider the declaration of the fourth interim dividend, if any, for the financial year 2022-23, a sub-division of equity shares of the face value of Rs 2 each, subject to various approvals, and also issue of fully paid-up bonus equity share(s) to the shareholders of the company in the ratio as it may deem fit, the company said in a release to exchanges.

The Mumbai-headquartered firm reported a 23 percent year-on-year jump in net profit at Rs 173 crore in the September quarter. Its revenue rose 12 percent from the year-ago period to Rs 405 crore during the second quarter of FY23.

IIFL Wealth’s AUM grew 5 percent YoY and 6 percent QoQ to Rs 2.7 trillion in the quarter. The company garnered net flows of only Rs 6,100 crore in the quarter but put out upbeat second-half guidance of at least Rs 200 billion in recurring net flows.

The firm clocked yields of 5 9bps on a blended basis with recurring (ARR) yield at 70bps. The company earned Rs 142 million as carry income in Q2 (Rs 356 million in H1FY23), which is calculated on the non-ARR yields.

Moneycontrol News
first published: Jan 12, 2023 11:47 am