IIFL Securities Q4 Profit Soars 100% to Rs 180 Crore

New Delhi, May 17 (PTI) IIFL Securities on Friday announced its net profit more than doubled to Rs 180.4 crore in three months ended March 2024 driven by strong growth in all the business segments.

In comparison, the company had posted a net profit of Rs 86.4 crore in the year-ago period, IIFL Securities said in a statement.

Total income surged 74 per cent year-on-year to Rs 704.4 crore for the quarter under review from Rs 405.2 crore in the January-March quarter of the FY 2022-23.

"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," "Venkataraman, Chairman, IIFL Securities, said.

The company's board of directors in its meeting in March approved an interim dividend of Rs 3 per equity share of the face value of Rs 2 each for the financial year 2023-2024.

"The same has been paid in compliance with the provision of the Companies Act, 2013 and is considered as final," it added.

For the financial year 2023-24, the company said its net profit reached to an all-time high of Rs 512.1 crore from Rs 248 crore in the preceding fiscal and total income stood at Rs 2,231.3 crore, marking a 63 per cent year-on-year jump from FY23.

IIFL Securities offers a wide range of products such as mutual funds, insurance, IPOs, bonds, and alternative investment fund (AIF) targeting retail clients.