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IIFL Holdings soars 10% post Q2 earnings; Credit Suisse raises target to Rs 740

Credit Suisse has maintained its outperform rating on the stock, with increased target price at Rs 740 from Rs 690 per share earlier, citing strong growth across lending & fee-based businesses in Q2.

November 01, 2017 / 12:21 PM IST
JSW Holdings | Cash flow from operation in FY18: Rs 66 crore, FY19: Rs 89 crore and in FY20: Rs 103 crore. In the past 3-year, the stock price has risen 40 percent to Rs 2450 on August 25, 2020.

JSW Holdings | Cash flow from operation in FY18: Rs 66 crore, FY19: Rs 89 crore and in FY20: Rs 103 crore. In the past 3-year, the stock price has risen 40 percent to Rs 2450 on August 25, 2020.

 
 
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IIFL Holdings share price rallied 10.4 percent intraday Wednesday after strong September quarter earnings and the global brokerage house raised target price.

Consolidated profit of the company grew by 25 percent year-on-year to Rs 229.1 crore and total income surged nearly 42 percent to Rs 944.4 crore in the quarter ended September 2017.

"We are pleased to report continued robust growth in all our core businesses. Our performance reinforces our confidence in our strategy to make earnings durable and de-risked," IIFL Holdings chairman Nirmal Jain said in company's filing.

Credit Suisse has maintained its outperform rating on the stock, with increased target price at Rs 740 from Rs 690 per share earlier, citing strong growth across lending & fee-based businesses in Q2.

Overall results are in-line with expectations, the research house said.

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IIFL is engaged in the business of loans and mortgages, asset and wealth management, capital markets and financial products distribution, investment banking, institutional equities and realty services through its various subsidiaries.

Its total assets under management, distribution and advice saw 47 percent year-on-year growth to reach Rs 1.33 lakh crore in the September quarter of FY18.

Loan assets under management, predominantly retail, showed a steady growth of 27 percent year-on-year to Rs 26,033 crore, for period under review, the company said.

Meanwhile, the financial services firm said its board of directors today has decided to infuse Rs 150 crore by way of additional equity capital into its broking subsidiary, India Infoline.

At 12:10 hours IST, the stock price was quoting at Rs 629.15, up Rs 17.90, or 2.93 percent on the BSE.
first published: Nov 1, 2017 12:21 pm

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