Motilal Oswal 's research report on IIFL Wealth
IIFL reported 4QFY20 loss of INR30m, driven by one-off MTM loss of INR790m on its AIF holdings. Excluding MTM loss, PBT grew 22% QoQ to INR940m, aided by 16% QoQ growth in revenue. Opex also rose 13% QoQ on higher ESOP cost of INR380m (INR170m in 3Q). For FY20, PBT (excluding other income) declined 28% YoY to INR3.56b.
Outlook
We cut our FY21/FY22 EPS estimates by 10–13% to account for lower AUM. Buy, with TP of INR1,225 (25x FY22E EPS).
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