IIFL Capital Services (IIFLCAPS) Q1 23/24 earnings summary

Executive summary

• Q1 FY24 revenue from operations rose 40% YoY to ₹4,091m; PAT increased 72% to ₹746m.

• AUM and custody reached ₹1,471bn, with ₹19bn net AUM collections, 43k customers acquired and average daily turnover of ₹2,308bn.

• Investment banking ranked No. 1 for equity IPOs in India in FY2023 and Q1 FY24, per Prime Database.

Financial highlights

• Total income was ₹4,110m, up 39% YoY and 1% QoQ; total expenses were ₹3,085m, up 32% YoY and 8% QoQ.

• PBT was ₹1,025m, up 67% YoY and down 14% QoQ; total comprehensive income was ₹739m, up 75% YoY.

• Consolidated revenue was ₹41,099.16 lakh and PAT ₹7,463.12 lakh, versus ₹29,479.87 lakh and ₹4,338.85 lakh YoY.

• Administration and other expenses rose 63% YoY to ₹1,811m; finance costs rose 12% to ₹210m.

• Consolidated basic/diluted EPS was ₹2.45/₹2.44, versus ₹1.44/₹1.42 YoY; quarterly EPS is not annualised.

Segment performance

• Brokerage income rose 22% YoY to ₹206 crore; financial products distribution income doubled to ₹85 crore, then declined 11% QoQ after the prior quarter’s seasonal insurance peak.

• Insurance premiums were ₹443m, up 30% YoY; MF AUM reached ₹79.5bn, up 15%, and SIP AUM ₹21.0bn, up 44%.

• Investment banking income was ₹55 crore in management commentary; reported revenue was ₹299m versus ₹550m YoY, with recognition based on milestone completion.

• Completed 9 investment banking transactions across capital markets, debt advisory and private equity, and filed 2 DRHPs with SEBI.

• Capital market activity revenue was ₹36,150.48 lakh; insurance broking and ancillary revenue was ₹4,310.61 lakh, both up YoY. Facilities and ancillary revenue was ₹1,220.56 lakh, down YoY.