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IIFL FInance Ltd Q2FY21 consolidated net profit surges to Rs. 212.59 crore
Posted On : 2020-11-03 14:18:27( TIMEZONE : IST )
IIFL Finance Limited has reported financial results for the period ended September 30, 2020.
Financial Results (Q2 FY20-21) - QoQ Comparison
The company has reported total income of Rs.1515.30 crores during the period ended September 30, 2020 as compared to Rs.1295.05 crores during the period ended June 30, 2020.
The company has posted net profit / (loss) of Rs.212.59 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.31.56 crores for the period ended June 30, 2020.
The company has reported EPS of Rs.5.62 for the period ended September 30, 2020 as compared to Rs.0.83 for the period ended June 30, 2020.
| Financials | Q2 FY20-21 | Q1 FY20-21 | % Change |
| Total Income | ₹ 1515.30 crs | ₹ 1295.05 crs |  17.01% |
| Net Profit | ₹ 212.59 crs | ₹ 31.56 crs | 573.61% |
| EPS | ₹ 5.62 | ₹ 0.83 | 577.11% |
Financial Results (Q2 FY20-21) - YoY Comparison
The company has reported total income of Rs.1515.30 crores during the period ended September 30, 2020 as compared to Rs.1163.04 crores during the period ended September 30, 2019.
The company has posted net profit / (loss) of Rs.212.59 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.85.91 crores for the period ended September 30, 2019.
The company has reported EPS of Rs.5.62 for the period ended September 30, 2020 as compared to Rs.2.27 for the period ended September 30, 2019.
| Financials | Q2 FY20-21 | Q2 FY19-20 | % Change |
| Total Income | ₹ 1515.30 crs | ₹ 1163.04 crs | 30.29% |
| Net Profit | ₹ 212.59 crs | ₹ 85.91 crs | 147.46% |
| EPS | ₹ 5.62 | ₹ 2.27 | 147.58% |
Financial Results (6 months ended FY 20-21) - YoY Comparison
The company has reported total income of Rs.2810.35 crores during the 6 months period ended September 30, 2020 as compared to Rs.2402.85 crores during the 6 months period ended September 30, 2019.
The company has posted net profit / (loss) of Rs.244.15 crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.260.62 crores for the 6 months period ended September 30, 2019.
The company has reported EPS of Rs.6.45 for the 6 months period ended September 30, 2020 as compared to Rs.6.87 for the 6 months period ended September 30, 2019.
| Financials | Half-Year Ended FY20-21 | Half-Year Ended FY19-20 | % Change |
| Total Income | ₹ 2810.35 crs | ₹ 2402.85 crs | 16.96% |
| Net Profit | ₹ 244.15 crs | ₹ 260.62 crs |  -6.32% |
| EPS | ₹ 6.45 | ₹6.87 | -6.11% |
Mr. Nirmal Jain, Chairman, IIFL Finance Ltd., commented on the financial results: "We had a good quarter with volume growth, falling cost of funds, improving liquidity and control over operating costs. We are working to widen and strengthen our partnerships with banks for co-lending and assignment of loans, as our core strategy. Besides, we have been partnering with several fintechs. The partnership model will help us achieve higher ROEs and lower volatility. The credit demand and improving collection efficiency show clear sign of recovery from Covid and the trend is likely to continue. Nonetheless, we have been conservative in making provisions and ensuring adequate liquidity."
IIFL Finance had loan assets under management of Rs 40,843 Cr as at September 30, 2020, with the home loans segment constituting 32%, business loans 19%, gold 28% and microfinance 8% of the total AUM.
The company's annualized ROE and ROA for Q2FY21 stood at 17.1% and 2.4% respectively. The company recorded its highest ever pre-provision operating profit of Rs. 563 Cr. during the quarter, driven by higher off balance sheet asset income, volume growth and higher NIM. Average borrowing costs for the quarter decreased by 23 bps q-o-q to 9.1%.
89% of our loans are retail in nature and 42% are PSL compliant. The assigned loan book, currently at Rs 10,998 Cr, is 27% of AUM. There exists significant opportunity for further assignment, given our granular and retail book.
GNPA stood at 1.81% and NNPA stood at 0.77%, as at September 30, 2020. With implementation of Expected Credit Loss under IndAS, provision coverage on NPAs stands at 240% including standard asset coverage. Provision coverage excluding the additional general provision made for Covid impact stands at 114%
Total CAR stood at 18.7% including Tier I capital of 15.0% as at September 30, 2020, as against statutory requirement of 15% and 10% respectively.
The total presence of branches stood at 2,383 as at the end of quarter, spanning the length and breadth of the country.
During the quarter, we raised Rs 1,402 Cr through term loans and refinance from banks. Loans of Rs 2,702 Cr were securitized/assigned during the quarter. Cash and cash equivalents and committed credit lines from banks and institutions of Rs 4,927 Cr were available as on September 30, 2020.
Shares of IIFL Finance Limited was last trading in BSE at Rs.75.85 as compared to the previous close of Rs. 74.75. The total number of shares traded during the day was 17705 in over 349 trades.
The stock hit an intraday high of Rs. 77.1 and intraday low of 74.85. The net turnover during the day was Rs. 1339031.
