The IIFL Securities’ stock rallied 8 percent in the morning trade, a day after the company reported a 9.4 percent rise in consolidated net profit to Rs 86.39 crore in the March quarter of the financial year 2022-23.
The company had reported a net profit of Rs 78.88 crore in the same quarter of the last fiscal. The consolidated revenue from operation rose by 12 percent to Rs 342.1 crore from Rs 305.4 crore in the year-ago period, the company said in an exchange filing.
“Our company continued to perform well during the quarter, driven by the affluent broking and distribution businesses," chairman and managing director R Venkataraman said.
During the quarter, IIFL Securities worked towards sharpening its strategy and focus on affluent customers in line with the reorganisation scheme approved by the board. The scheme was awaiting regulatory approvals, Venkataraman said.
The interest income stood at Rs 55.26 crore, up by 48 percent from Rs 37.31 in the year-ago period. While segment wise, capital market activity revenue stood at Rs 347.8 crore against Rs 331.33 crore in the year-ago quarter.
The revenue from insurance, brokerage and ancillary stood at Rs 53.52 crore against Rs 17.75 core in the year-ago period.
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IIFL Securities also declared an interim dividend of Rs 3 a share having face value of Rs 2 each for FY23.
At 10.38 am, IIFL Securities was trading 8.45 percent higher at Rs 59.8 on National Stock Exchange.
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