IIFL Capital Services (IIFLCAPS) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 total income was ₹6,438 mn, up 57% YoY; total comprehensive income was ₹1,816 mn, up 146% YoY.

• Consolidated revenue was ₹64,380.15 lakh and PAT ₹18,228.38 lakh; standalone revenue was ₹57,708.25 lakh and PAT ₹18,588.74 lakh.

• Average daily turnover was ₹2,603 bn; assets under management and custody were ₹2,219 bn, including ₹290 bn in distribution assets.

• The Board approved the June 2024 quarter results and proposed a name change, subject to required approvals.

Financial highlights

• Revenue from operations was ₹6,399 mn, up 56% YoY and down 7% QoQ; total income was ₹6,438 mn, up 57% YoY and down 9% QoQ.

• Consolidated revenue was ₹64,380.15 lakh versus ₹41,099.16 lakh YoY; consolidated PAT was ₹18,228.38 lakh versus ₹7,463.12 lakh.

• Standalone revenue was ₹57,708.25 lakh versus ₹36,162.64 lakh YoY; standalone PAT was ₹18,588.74 lakh versus ₹6,896.65 lakh.

• Total expenses rose 28% YoY to ₹3,962 mn; employee costs increased 44% to ₹1,296 mn and finance costs rose 110% to ₹440 mn.

• Consolidated PBT was ₹24,764.16 lakh and standalone PBT was ₹24,881.18 lakh; total comprehensive income was ₹1,816 mn, including negative OCI of ₹7 mn.

Outlook and guidance

• Investment banking pipeline remains strong, with mandates likely to be executed over the next 4–6 quarters; capacity and capabilities are being expanded.

• Institutional research coverage is targeted to increase from 279+ stocks to 350+, alongside broader sector coverage and stronger research rankings.

• Affluent, HNI and UHNI wealth management expansion includes senior hires, cross-selling through broking relationships and a focus on balance-sheet efficiency.

• Cost-to-income improvement is a focus as operating leverage develops; non-core real estate disposals are intended to improve ROE.