IIFL Capital Services (IIFLCAPS) Q2 24/25 earnings summary

Executive summary

• H1FY25 total income was ₹13,475 Mn, up 43% YoY; total comprehensive income was ₹3,868 Mn, up 113% YoY.

• Q2FY25 total income was ₹7,037 Mn, up 32% YoY; total comprehensive income was ₹2,052 Mn, up 91% YoY.

• Consolidated Q2 revenue was ₹70,370.36 lakh and PAT ₹20,533.82 lakh; H1 revenue was ₹1,34,750.51 lakh and PAT ₹38,762.20 lakh.

• Strategy focuses on scaling institutional broking and investment banking while building affluent, HNI and UHNI wealth management.

Financial highlights

• H1FY25 revenue from operations was ₹12,853 Mn, up 40% YoY; other income was ₹622 Mn, up 118%.

• Consolidated Q2 PBT was ₹26,357.73 lakh versus ₹13,950.80 lakh YoY; H1 PBT was ₹51,121.89 lakh versus ₹24,198.18 lakh.

• Standalone Q2 revenue was ₹60,644.37 lakh and PAT ₹18,147.09 lakh, versus ₹49,025.12 lakh and ₹14,141.09 lakh YoY.

• Consolidated Q2 basic and diluted EPS were ₹6.67 and ₹6.40; H1 EPS were ₹12.59 and ₹12.09, not annualised.

Outlook and guidance

• Expand institutional research coverage to 350+ stocks and seek market share through low-touch offerings and stronger block-placement capabilities.

• Broaden investment banking sector coverage and pursue mid- and large-sized transactions and repeat mandates; pipeline expected to execute over 4–6 quarters.

• Build affluent, HNI and UHNI wealth platform with senior hires and cross-selling; reduce cost-to-income as operating leverage develops.

• Improve ROE by disposing of non-core real estate assets.