India Infoline

India Infoline reported 4% rise in total consolidated income at Rs 479.23 crore for the quarter ended December 2011 compared to corresponding previous year period while bottomline fell 47% to Rs 35.81 crore. On a sequential basis topline rose 17% but bottomline jumped 62%.

A strong sequential quarter was led by improved performance from Financing and Investment business along with Distribution and marketing income however dragged by dismal performance from equity broking segment.

Finance and Investment revenues for the quarter were up 28% on a y-o-y basis and 26% on a sequential basis to Rs 287.49 crore. Although the segment PBT was down 8% on a y-o-y basis it jumped 68% on a sequential basis to Rs 49.49 crore. The NBFC loan portfolio increased to Rs 6220 crore as on December 31, 2011 from Rs 50.4 crore as on September 30, 2011, up by 23%

Similarly Distribution and marketing revenues for the quarter were up 39% on a y-o-y basis and 56% on a sequential basis to Rs 65.50 crore. Although the segment PBT was down 55% on a y-o-y basis it reported a PBT of Rs 3.42 crore in Q3FY'12 compared to loss at PBT level of Rs 0.57 crore in previous quarter.

Equities Broking related revenues fell 32% on y-o-y basis and 9% on a sequential basis to Rs 126.24 crore. Segment PBT was down 73% to Rs 15.7 crore on y-o-y basis and 41% on a sequential basis. Average daily equities brokerage turnover during the year was Rs 5180 crore, down 0.6% q-o-q and 17% y-o-y. Market share on the NSE was at 3.7% in Q3FY12 as against 3.6% in Q2FY12. Average daily volumes in commodities business stood at Rs 1560 crore during the quarter, down 12.3% q-o-q but up 100% y-o-y.

Mr Nirmal Jain, Chairman, IIFL, commenting on the financial results of Q3FY12 said, On a QoQ basis, we have been able to improve our performance significantly despite continued sluggishness in equities trading volumes. Our growth has been driven by distribution of financial products like insurance and growth in retail loan book. The operating environment for all our businesses is likely to improve in 2012

OPM fell 520 bps to 42.6% in Q3FY'12 compared to Q3FY'11 leading to 7% decline in operating profit at Rs 204.52 crore. Other income was negligible at Rs 0.7 crore. Interest cost jumped to Rs 136.40 crore from Rs 104.23 crore up by 31%. As a result PBDT fell 41% to Rs 68.81 crore. Depreciation rose 30% to Rs 19.54 crore. PBT fell 51% to Rs 49.27 crore. Effective rate of taxes fell 600 bps to 26.1%. As a result Net profit decreased 47% to Rs 35.81 crore.

For the nine months ended December 2011 total consolidated revenues of the company rose 13% to Rs 1247.97 crore while net profit fell 48% to Rs 85.18 crore. Equity brokerage revenues fell 21% to Rs 399.07 crore while financing and investment income rose 52% to Rs 698.77 crore and Distribution and marketing revenues rose 7% to Rs 149.48 crore. OPM of the company fell 170 bps to 40.3% leading operating profit growth of 8% at Rs 502.80 crore. Other income was negligible at Rs 2.89 crore. Interest cost jumped to Rs 325.13 crore from Rs 171.05 crore, up by 90%. As a result PBDT fell 39% to Rs 180.56 crore. Depreciation rose 16% to Rs 53.59 crore. PBT fell 49% to Rs 126.97 crore. Effective rate of taxes fell 110 bps to 31.3%. The final bottomline of the company fell 48% to Rs 85.18 crore

IIFL AMC launched its first New Fund Offer (NFO) IIFL Nifty ETF on September 28, 2011. IIFL Nifty ETF was among the top 2 equity oriented ETF in terms of total trading volumes for the month of December because of its high retail participation.

IIFL Mutual Fund also launched its first debt scheme, IIFL Fixed Maturity Plan Series 1. The scheme is a close-ended income scheme for tenure of 550 days. The performance of the scheme would be benchmarked against CRISIL Short Term Bond Index. The scheme opened on January 13, 2012 and closed for subscription on January 19, 2012. The fund around Rs 32.0 crore

India Infoline Venture Capital Fund (IIFL VCF), the venture capital arm of India Infoline Group (IIFL), successfully completed the launch of its Real Estate Fund - 'IIFL Real Estate Fund (Domestic) Series 1' on January 25, 2012. The fund was fully subscribed to its issue size of Rs 500 crore. The fund is a debt and equity linked investment instrument focusing on affordable residential segment across the top 7 cities in the country. IIFL Alternate Asset Advisors is the Investment Manager of the fund.

Promoter's shareholdings remains unchanged at 31.63% at the end of December 2011 quarter compared to previous quarter. None of the shares were pledged

The scrip jumped 23% to Rs 70.15 at BSE.

India Infoline: Consolidated Results

Segment Results: Consolidated