Q1FY24 Quarterly Result Announced for IIFL Finance Ltd.
Other Financial Services company IIFL Finance announced Q1FY24 results: For Q1FY24, the Company reported a net profit after tax of Rs 473 crore (before non-controlling interest) up 43% YoY. Profit before tax (PBT) for the quarter was Rs 618 up 43% YoY. Loan growth in core products was robust – Gold loans and Home loans AUM grew by 29% and 23% YoY respectively. Microfinance grew by 63% while Digital loans and loans against property grew by 54% and 19% YoY respectively. Overall core loan portfolio grew by 31% YoY. The company’s annualized ROE and ROA for Q1FY24 stood at 19.1% and 3.6% respectively. Pre-provision operating profit stood at Rs 787 crore for Q1FY24 up 20% YoY. Average borrowing costs for the quarter increased 44 bps YoY and 15 bps QoQ to 9.1%. 96% of our loans are retail and 67% of our retail loans (excluding gold loans which are not classified as PSL loans) are PSL compliant. The assigned loan book, is currently at Rs 17,700 crore. Besides, there are securitized assets of Rs 808 crore. Besides the co-lending book is at Rs 8,963 crore. GNPA stood at 1.8% down by 73 bps YoY and NNPA stood at 1.1% down 42 bps YoY, as of June 30, 2023. With the implementation of Expected Credit Loss under Ind AS, provision coverage on NPAs stands at 159%. Total CRAR stood at 20.6% as of June 30, 2023, as against the minimum regulatory requirement of 15%. The total presence of branches stood at 4,412 as at the end of the quarter, spanning the length and breadth of the country. Nirmal Jain, Founder, IIFL Finance, remarked on the financial results: “The financial year has begun well and economic activity is showing robust growth. We plan to focus on productivity improvement and sharpening our digital edge in the current year. Banks and NBFCs have been witnessing very high employee churn in the front-level staff. We plan innovative long-term reward and retention schemes to fortify our the competitive edge of superior talent" Kapish Jain, Group Chief Financial Officer, IIFL Finance, commented on the financial results: “Fiscal 2023 shall lay the foundation for the next cycle of growth for IIFL Finance. In Q1FY24, we witnessed broad-based growth across all our core retail segments without any major expansion. This should enable further improvement in operating efficiency and performance." Result PDF27-07-2023