IGI Logo

IIFL Finance Q4FY23 and FY23 Results update

For the year ended March 31, 2023, the Company reported net profit after tax of Rs. 1,608 Cr (before
non-controlling interest) up 35% y-o-y and Rs 458 Cr (before non-controlling interest) for the quarter
ended March 31, 2023, up 43% y-o-y. Profit before tax (PBT) for the year was Rs. 2,113 up 38% y-o-y and
Rs. 594 Cr for the quarter, up 42% y-o-y. Loan growth in core products was robust – Gold loans and Home
loans AUM grew by 28% and 23% y-o-y respectively. Microfinance grew by 59% while Digital loans and
Loan against property grew by 33% and 18% y-o-y respectively. Overall core loan portfolio grew by 29%
y-o-y and non-core (primarily Construction & real estate finance) portfolio shrunk by 11% y-o-y.

IIFL Finance Limited Consolidated Results Quarterly – Q4FY23

Mr. Nirmal Jain, Managing Director, IIFL Finance Ltd., remarked on the financial results: “We are pleased to report a robust performance across all core loan products. We ended the year with loan AUM of over ?64,000 crores and net profit (pre NCI) of over ?1,600 crores. The demand for affordable home loans and MSME loans is expected to accelerate with revival in the business sentiment. We have expanded the branch network and invested aggressively in technology over the last two years. Having done the hard work, we expect to reap rewards of the investment from the current year."

Mr. Kapish Jain, Group Chief Financial Officer, IIFL Finance Ltd., commented on the financial results: “The consistency in our financial performance confirms the robustness of our business model and our asset light strategy driven in partnership with banks and financial institutions."

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer