IIFL Securities Q4 shows net profit doubles to Rs 181 crore

IIFL Securities has reported a 109% year-on-year (YoY) rise in its fourth quarter with net profit of Rs 181 crore. Revenue from operations rose 71% YoY to Rs 686 crore during the quarter while total income grew 74% to Rs 704 crore.

The revenue from operations grew 60% to Rs 2,161 crore while total income grew 63% to Rs 2,231 crore. Net profit rose 106% to Rs 512 crore during this financial year.

The company stated that the board of directors declared an interim dividend of Rs 3 per equity share in March for FY24.

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R Venkataraman, chairman at IIFL Securities, said in FY 24, the firm reported an all-time high net profit. “We witnessed strong growth in all our business segments. Our institutional broking and investment banking franchise has significantly improved its competitive position with stellar operating performance. Indian capital market businesses will continue to witness secular growth given multiple tailwinds over the next decade," he said.

Additionally,  the board has approved the appointment of Nemkumar H, who is the whole-time director, as the managing director of the firm for five years with effect from May 15, 2024, and the board has also re-appointed Narendra Jain as whole-time director for five years with effect from May 13, 2024.

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