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  1. IIFL Securities’ shares jump over 8% as Q4 net profit doubles to ₹181 crore

IIFL Securities’ shares jump over 8% as Q4 net profit doubles to ₹181 crore

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2 min read • Updated: May 17, 2024, 2:38 PM

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Summary

IIFL Securities revenue from operations rose 71% YoY to ₹686 crore during the quarter while total income grew 74% to ₹704 crore. For the fiscal year 2024 (FY24), revenue from operations grew 60% to ₹2,161 crore while total income grew 63% to ₹2,231 crore. Net profit grew 106% to ₹512 crore during the year.

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IIFL Securities’ Q4 PAT jumps 109%, operating revenue rises 71%

IIFL Securities on Thursday reported a 109% year-on-year (YoY) rise in its fourth-quarter net profit at ₹181 crore. Shares of the company were trading over 2% higher on Friday

Revenue from operations rose 71% YoY to ₹686 crore during the quarter while total income grew 74% to ₹704 crore.

For the fiscal year 2024 (FY24), revenue from operations grew 60% to ₹2,161 crore while total income grew 63% to ₹2,231 crore. Net profit grew 106% to ₹512 crore during the year.

The company stated that the board of directors declared an interim dividend of ₹3 per equity share in March for FY24, which has been paid out.

R Venkataraman, chairman at IIFL Securities, said in FY 24, the firm reported an all-time high net profit. “We witnessed strong growth in all our business segments. Our institutional broking and investment banking franchise has significantly improved their competitive position with stellar operating performance. Indian capital market businesses will continue to witness secular growth given multiple tailwinds over the next decade," he said.

IIFL Securities pointed out that Venkataraman’s tenure as managing director of the company expired on May 14, 2024, and the senior executive decided against renewing his term. The company said he continues to be the chairman and non-executive director of the firm.

Meanwhile, the board has approved the appointment of Nemkumar H, who is the whole time director, as the managing director of the firm for five years with effect from May 15, 2024.

The board has also re-appointed Narendra Jain as whole-time director for five years with effect from May 13, 2024.

IIFL Securities along with its subsidiaries offers advisory and broking services, financial products distribution, institutional research and investment banking services. Shares of the company have gained over 15% since the beginning of the year. The stock has gained over 191% in the last one year.