IIFL Wealth Management Ltd reported a consolidated Profit After Tax (PAT) of Rs103cr in the quarter ended March 2021, up 5% qoq and Rs369cr for the full year, up 79% you.
The net revenue of the company stood at Rs287cr for the quarter, up 3% qoq and 62% yoy and Rs1,053cr for the full year, up 24% you.
Mr. Karan Bhagat, MD & CEO, IIFL Wealth & Asset Management said, “Investor sentiment has continued to be positive over the last quarter, supported by buoyant market conditions and liquidity; however, uncertainties emerging from the pandemic situation persists.”
Net Flows for the quarter were close to Rs6,000cr and total Net Flows for the year were broadly in line with our target of Rs15,000cr, despite challenging conditions in the beginning of the year.
“Our Asset Management business has seen strong traction through the year with 70% YoY increase in AUM, driven by growth in our differentiated offerings in Listed & Unlisted Equity space,” Karan Bhagat said.
Profit after tax for the year at Rs369cr and Cost to Income Ratio at 54% are both comfortably ahead of guidance, a testimony to our focus on increasing productivity and cost optimization measures. This, therefore, has allowed us to revise upwards our guidance for FY 22 and FY23
“We continue to invest in building high-quality teams and imbibing a culture which encourages innovation and strong orientation towards knowledge-based service. Improvement and optimisation of Operations and processes by continued investment in digital initiatives is a key focus area,” Karan Bhagat added.