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S H Kelkar & Company Ltd Management Discussions

Jul 12, 2024|03:32:22 PM

S H Kelkar & Company Ltd Share Price Management Discussions

Economic Overview

Global economy

In 2022, World GDP growth decelerated to 3.4%, after rebounding to 6.3% in 2021. This was primarily attributed to COVID-19 resurgence in China, continued geopolitical tensions, supply chain bottlenecks and inflationary pressure in commodities and energy prices. Private consumption and investment provided some support to economic growth especially in the United States (US), the Euro area and major emerging market and developing economies (EMDEs).

With time, bottlenecks of the supply chain are easing thus reducing input price pressure. Global headline inflation has been declining since mid-2022 led by decline in fuel and energy commodity prices. To dampen demand and reduce core inflation, most central banks globally resorted to raising interest rates. Tight monetary action has helped contain inflationary pressure.

In 2023, world growth is expected at 2.8% with growth in advanced economies likely to decelerate to 1.3% in 2023 from 2.7% in 2022. Growth in EDMEs is expected to maintain pace at 3.9% in 2023 versus 4% in 2022. About 84% of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022. Global inflation is set to fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024.

(Source: World Economic Outlook-IMF, April 2023)

Indian economy

The Indian economy grew sustainably in FY 2022-23 amidst geopolitical conflicts and moderate to slow growth worldwide. India remains one of the fastest growing major economies in the World. Current account deficit witnessed improvement, led by robust growth in the banking sector. Strong and timely monetary action by RBI played a crucial role in curbing inflationary pressure, further aided by decrease in international commodity prices, and prompt government action.

As per the National Statistics Office (NSO), the Indian GDP growth in FY 2022-23 was estimated at 7.2% as compared to 9.1% in FY 2021-22. According to the IMF, India is expected to be the fastest-growing economy in FY24. Budget 2023-24, laid strong emphasis on boosting economic growth amid mounting fears of recession. The Budget adopted seven priorities namely, inclusive, green growth, reaching the last mile, infrastructure and investment, unleashing the potential, youth power and focus on the financial sector. Led by strong measures and huge allocation to capital expenditure, despite volatile global developments, the Indian economy remains resilient.

The Indian economy is expected to post 6.5% growth in FY 2023-24 despite high global uncertainties as per the Economic Survey 2022-23 and RBI. Moderation in inflationary pressures and increased public capital expenditure are expected to boost domestic economic growth. The inflation trajectory in India is likely to be determined by extreme weather conditions like heatwaves and the possibility of an El Ni?o year, volatility in international commodity prices and pass-through of input costs to output prices.

(Source: National Statistics Office; RBI)

Industry Overview

Global flavours and fragrance industry

According to IMARC, the global flavours and fragrances market size reached US$ 31.0 billion in 2022. The flavours and fragrances market is projected to register 4.6% CAGR during 2022-27. The primarydemanddriversincluderisingdemandandconsumption of processed food and personal care & cosmetic products globally. Rising disposable income in emerging economies like India and China coupled with population growth is expected to augment the demand for personal care and cosmetic products in the industry. In addition, the busy lifestyle pattern upheld in developing as well as developed countries are anticipated to augment the demand for processed foods & beverages, thereby increasing the demand for flavours and fragrances.

The natural chemicals segment dominated the industry in 2022 and accounted for the maximum share of more than 74.3% of the overall revenue. This is attributed to the ever-increasing product usage in various application industries like pharmaceuticals,


aromatherapy, and natural cosmetics. Furthermore, increasing research spending for the development of natural fragrance compounds is expected to have a positive impact on the overall industry. Flavours are the aromas used in food & beverage products. There is a rise in the application of flavours in several foods and beverages in commercial as well as domestic applications. In addition, feed and feed additive manufacturers are focusing more on providing palatability solutions to increase feed intake. This, in turn, is projected to propel the demand for flavours in animal feed applications supporting the overall market growth.

The fragrances application segment dominated the global F&F industry in 2022 accounting for over 53.6% of the overall revenue. The high share can be attributed to the increased demand for various fragrances in toiletries, such as hand washes, detergents, soaps, personal care products, and cosmetics. Furthermore, fragrance plays an important role in aromatherapy applications, owing to which essential oils, materials, compounds, and aromatic oils demand is likely to be driven in aromatherapy applications.

AsiaPacificdominatedtheglobalF&Findustryin2022accounting for more than 31.4% of the overall revenue. This is attributed to the shift in choices of consumers towards nutritional and healthy foods and beverages in most populated countries like India and China. Asian flavours and fragrances have also gained popularity in the major regions of Europe and North America. Indonesia, India, China, and Vietnam. Multiple manufacturing companies are focusing on the expansion of their business and investments in R&D facilities in the Asia Pacific region.

The COVID-19 impact on the industry was evident during the initial few months of market lockdowns, followed by supply chain disruptions, lack of availability of workers, and complete shutdown of hotels and restaurants which has negatively affected the flavours and fragrance market. Countries around the world, imposed lockdowns, and curfews, which have hugely impacted lifestyles, health, and wellbeing and affected manufacturing industries. Import and export restrictions on goods and quarantine and lockdown measures imposed by governments were key challenges faced by exporters during this pandemic. However, countries rapidly adjusted their systems to the crisis and made the agricultural and food sector run during the pandemic, leading to a quick recovery of the industry sales.

The overall flavour industry runs over consumer demand to experience the most nuanced and subtle flavour in food, with the taste being the most specific factor influencing the purchase decision of a consumer. In the fragrance application, consumer goods are projected to be the largest segment. The rise in disposable income and changing the lifestyle of consumers are fuelling the demand for high-end cosmetics, detergents, soaps, perfumes, and other household and personal care products. This, in turn, is contributing to the overall growth of the consumer products segment. The spending pattern of consumers in developing countries has been increasing, especially in recent years. This trend is expected to drive the market in developing nations further.

Source: Flavors and Fragrances Market Size, Share, Global Report 2023-2028 (imarcgroup.com)

Indian flavours and fragrance industry

India is a significant market, not just in the Asia Pacific but also in the global F&F market. It is a major export market, exporting over 75% of its domestic production of flavour and fragrance ingredients. It is also a leading supplier of natural ingredients and caters to nearly 80% of the global demand for mint extracts. The Indian industry growth is being aided by the growing global demand for natural products and ingredients. However, the majority of the industry in India lies in the unorganised sector, which caters to products like incense sticks. The organised sector might be aided in the coming years by government schemes seeking to make the economy more formalised.

The Indian flavours market was estimated at _3,922 crore in 2022 and is expected to reach _6,435 crore by 2028, at 8.7% CAGR. The expanding food processing industry, along with the increasing demand for packaged, ready-to-eat food items and beverages, is primarily driving the India flavours market. The rising use of flavouring ingredients in bakery and confectionery items, ice-creams, smoothies, energy drinks, etc., is also adding to market growth. Rising urbanisation, increasing penetration of numerous western food trends, growing number of quick-service restaurants (QSRs) and the emerging caf? culture are further augmenting the demand for flavouring agents. The escalating popularity of processed and shelf-stable food products, particularly among the millennial consumers, is catalysing the market. The introduction of several stringent norms by the Food Safety and Standards Authority of India (FSSAI) regarding the quality of flavours used in processed food products is a significant growth-inducing factor. The rising concerns towards the negative health impact of chemical-based flavouring agents is propelling the adoption of natural ingredients-based flavours. This has led to the emergence of various healthier product variants, including vegan and organic flavours, that contain 100% plant-based derivatives. Future demand is expected to be driven by increasing consumer inclination towards RTE food products, rising demand for premium alcoholic beverages, and shifting consumer preferences towards natural and clean label ingredients.

The Indian fragrance market is similar in size to the flavours market valued at _3,600 crore, driven by rising personal care, brand awareness, increasing disposable income, growing demand in middle-class people and affordable price of fragrance in the form of mass perfumes & deodorants. Growing personal care demand in turn is fuelling the growth of the Indian fragrance market. Fragrances are an integral part of soaps and detergents, cosmetics and toiletries, _ne fragrances, household cleaners and air fresheners among others. The growing beauty market led by the fast-rising high-income class is aiding the growth of luxury beauty products, which are propelling the fragrance market. As consumer perception is changing from perceiving fragranced beauty products as a luxury to perceiving them as a necessity, the fragrance segment is witnessing robust growth. With a paradigm shift in the social construct globally and with an understanding of gender _uidity, unisex fragrances are gaining popularity. The rising consumption of products such as room fresheners and car perfumes are further propelling the industry forward. The Indian fragrance is expected to reach _139.44 billion by 2024, expanding at ~15% CAGR.

Source: India Flavors Market 2023-2028 : Companies and Industry Report (imarcgroup.com); Indian fragrance market pegged to grow 20% in the next 5 years, say experts (adgully.com)

Opportunities and threats Fragrance

Personal care is a significant application segment, owing to an increase in demand for deodorants, perfumes, soaps, creams, talcum powders, and hair oils. Rise in demand for car and room fresheners and increase in popularity of aromatherapy are also expected to drive growth of the market for fragrance ingredients.

The hospitality sector is also experiencing a growth in demand for fragrances to create a pleasant atmosphere.

Fragrances are widely approved for industrial use, such as ambience fragrances for consumer durables and personal care accessories, which was an unexplored category previously.

In addition, owing to growth in disposable income, more local consumers, especially young consumers, opt for quality goods.

In the wake of the global pandemic, a greater focus on hygiene products has driven the market for new and creative fragrances used in products such as hand washes, sanitisers, and floor cleaners.

Natural fragrances and flavours are costly due to their processing; and because of limited resources, industry players have developed cost-e_cient synthetic alternatives. These products have the advantages of regular supply, steady pricing, and lower production costs.


There is an upcoming trend of using natural flavours owing to the rise in health awareness. The increasing consumer interest in nutritionally enriched products and all-natural foods is promoting the demand for high-value premium and natural additives, expanding the demand for natural food flavours. There is an emerging trend of botanical flavours, which are primarily perceived as healthy among consumers. For instance, citrus essential oils have also seen a noticeable increase in use in beverages due to their immunity-boosting and antioxidant characteristics.

The food and beverage industry provides great opportunities for flavour manufacturers. There is a substantial rise in demand for foods with exotic or ethnic flavours for variant flavour blends.

Increase in demand for ready-to-eat meals & fast food is a key driver for the food flavours industry across the globe. Moreover, innovative technologies, introduction of new flavours, and heavy inflow of investment in R&D activities are the other factors that supplement the growth of the flavours products.


There is high demand for flavours across European countries to produce commercialised clean label or green food products that are free of additives and other harmful chemicals, which has propelled the growth of the flavours and fragrance market.


One of the major factors restraining the growth of the flavours and fragrance market is allergies associated with artificial flavours, chemicals and preservatives. Despite the existence of many natural colours made from food like beets, carrots and other vegetables, many manufacturers prefer to use artificial flavours as these are relatively cheaper than the natural flavour and are available easily in the market. However, artificial flavours & colours may have potential health issues, especially in children. Several consumers also have allergies with plant-based sources used to manufacture dairy and meat alternative products. Whereas sulfites are used to preserve dried fruit, canned goods and wines and can trigger an asthma attack in some people; thus, certain artificial flavours and fragrance used by manufacturer to preserve food can cause severe allergies to the consumers. Hence, artificial flavours and colours in the food hinders the growth of the flavours and fragrance market.


Company overview

Financial performance

Consolidated total income grew 7.4% in FY 2022-23 to _ 1,698.33 crore from _ 1,581.70 crore in FY 2021-22. The growth is attributable to the acquisition made in the PY of Holland Aromatics BV and NuTaste Food and Drink Labs Private Limited. The Company reported a stable performance, despite facing significant challenges arising from geopolitical uncertainty. Emerging markets contributed to 79% of business with 9% growth over previous year and Europe business comprising of Creative Flavours and Fragrances S.p.As and Holland Aromatics BVs core business was fiat declined by 2.9% in FY 2022-23 on constant currency basis.

Gross margins during the year stood at 40.1% and EBITDA margins were at 13.5%. EBITDA stood at _ 229.13 crore in

FY 2022-23 from _ 232.14 crore in FY 2021-22 led by inflation in raw material cost which impacted gross margin and profitability of the Company.

Reported PAT declined by 58% to _ 62.95 crore in FY 2022-23 from _ 149.42 crore in FY 2021-22. The adjusted PAT excluding one-time exceptional item and prior period tax adjustment (gain/loss) stood at _ 96 crore, decline by 12% YoY.

The Companys net debt decreased by _ 34 crore over March 31, 2022 on a constant currency basis. The net debt position stood at _ 476 crore as of March 31, 2023, as compared to _ 509 crore as of March 31, 2022. Cash Profit (excluding exceptional items) stood at _ 177 crore as of March 31, 2023, as against _ 180 crore as of March 31, 2022.

Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations therefore, including details of any change in Return on Net Worth as compared to the immediately previous financial year along with a detailed explanation thereof –

FY23 FY22 Change % Remarks
Interest Coverage Ratio 5.36 9.17 (37.2%) Decrease is due to one off tax gain of _ 64.5 crore in FY22.
Net Profit Margin (%) 3.73% 9.55% (60.8%) Change on account of exceptional item of 20 crore considered towards impairment of investment in Anhui.

Business Segment 1 – Fragrance

Fragrance segment remains the primary revenue contributor with 87% share in FY 2022-23. The products in the segment are used by various consumption categories including personal wash, soaps and detergents, sanitisers, home cleaners, fabric care, _ne fragrances, etc. The Company is a leader in the Indian fragrance industry constantly growing ahead of the market led by its rich 10 decades experience. The expertise of specialised perfumers and creative development centres in India, Singapore and Europe are leveraged to drive innovation and customise products based on specific geographical requirements.

During FY 2022-23:

• The segment revenue (excluding Global ingredients) increased by 5.4% YoY driven by India business

• Sales grew by 9.2% in the domestic market

• The global ingredients witnessed a notable decline in revenue due to raw material supplies from China, affecting its competitiveness in the global markets. To improve this situation, the Company has taken measures to implement backward integration in India and is exploring further opportunities for collaboration/partnership with specialty/ agro-chemical companies to address these challenges

• Keva Europe BV acquired additional 19% equity stake in Provier Beheer BV, pursuant ot which the total holding is now 81%

• Successfully and efficiently integrated recent acquisition Holland Aromatics BV (Netherlands)

• Entire stake held in Keva UK Limited was purchased by Keva Europe B.V and PFW Aroma Ingredients BV was merged with Keva Europe BV for consolidation of entities

• Company made an additional investment of Euro 49,99,998.06 in Keva Europe B.V, a wholly owned subsidiary of the Company, by way of contribution to the equity capital of Keva Europe BV by subscribing to 24,15,458 ordinary equity shares with nominal value of EUR 1 each at EUR 2.07 per share

• Creative Flavours & Fragrances SpA (‘CFF) acquired balance 30% stake in Nova Fragrance Srl (‘Nova) thus making Nova, a wholly owned subsidiary of (CFF). Subsequently, all wholly owned subsidiaries of CFF have been merged with CFF

• Keva Fragrance Private Limited has sold its 50% stake in Joint Venture - Purandar Fine Chemicals Private Limited

• VN Creative Chemicals Private Limited, wholly owned subsidiary of Keva Fragrances Private Limited (‘KFG) has been merged with KFG; appointed date being April 1, 2022 and effective date, May 30, 2023


One important part of the business is the business momentum. As the world is coming out of the pandemic, a lot of R&D was focussed on pandemic-specific products and launches. The growth of the flavours and fragrances market is primarily supported by the growing population in emerging economies such as China, India, Indonesia, South Korea, Brazil and South Africa. The demand for flavours and fragrances is also due to the increase in awareness among the population about the benefits of the ingredients used in food products and consumer products in countries such as the US, Japan, France, Canada, Germany and the UK. The demand for flavours and fragrances is also attributed to changing consumer preferences toward convenience food and increasing demand for consumer products. https://www.marketsandmarkets.com/Market-Reports/_avors-fragrance-market-175163912.html

The outlook for the domestic FMCG sector remains modest. The Company is optimistic about long-term growth prospects. The Company is well poised to leverage the growth of the Indian fragrance market further aided by new business prospects from a global FMCG Company. This, combined with the existing strong client base and increased global presence, will enable sustainable long-term business growth.

Business Segment 2 – Flavours

The Company has established itself as a leading player in the domestic flavour manufacturing sector. The flavour products are used as raw material by producers of baked goods, dairy products, beverages and pharmaceutical products. Its products are FSSAI, USFDA and Halal approved and manufactured in technologically advanced facilities with a well-equipped R&D lab. The Company boasts of a 5-member skilled application team of flavourists. The team ensures in-depth market research and analysis of emerging trends to maintain leadership in the segment. With the sector, health and wellness and naturals segments are witnessing increasing popularity.

During FY 2022-23:

• The Companys flavours segment returned to normalcy after two COVID years, especially in the domestic segment

• The segment successfully resolved one-time issues during the third quarter and regained its growth momentum, showcasing a positive trajectory for the segment

• The domestic business continued to grow strongly with double-digit growth in both organic and inorganic space

• Successfully and efficiently integrated the recent acquisition, Nutaste Food and Drink Labs Private Limited. NuTaste is experiencing strong growth and has achieved robust revenue growth

• However, it was a turbulent year with respect to raw material prices and availability

• The Company witnessed good progress with some of the major global MNCs. The teams actively participated in the Food Ingredients Exhibition, Gulf Food Ingredients, World Mithai & Namkeen exhibition, FAFAI, Indian Dairy Association, showcasing varied concepts and building visibility with players from the food industry

• The business enhanced technical and analytical capabilities to enable new wins. KFL–EOU became operational during the year, with exports getting invoiced from the KFL entity


In the coming years, the Company will be investing further in upgrading factory infrastructure and capacities. The Company is also looking at investing in strengthening technical capabilities, including a state-of-the-art creation and application lab facility in Mumbai.

The NuTaste business also gives the Company to leverage on the growth opportunity in the nutrition and ingredients business. The Indian nutraceutical market is poised to become the world leader growing to approximately US$ 18 billion by 2025.

The rapidly changing consumer lifestyle and increasing health consciousness amongst consumers, especially in urban regions, have led to rapid growth of nutraceuticals market. There is an ever growing demand for functional foods and beverages due to rise in health-related incidences, and increased focus on health and fitness.

According to Company policy, the international products strictly adhere to all requisite regulatory compliances and confer to highest quality standards. The Company is committed to continued investment in R&D, with an aim to add innovative value-added products to enhance its offerings.

Quality Management

All the Companys facilities are certified with FSSAI, ISO 9001:2008, ISO 14001:2015, FSSC 22000, ISO 2000:2005, ISO 9001, ISO/TS 22002-12009, ISO 14001 and ISO 45001 along with USFDA registration. The Company has in place rigorous certifications like HACCP for food safety, Integrated Management System for environment and occupational safety

To foster a safe, healthy and productive work environment, the Company ensures strict adherence to rigorous HSE (Health, Safety and Environment) policy

The Vapi extraction unit has FSSAI licence in place

The Mahad facility has been awarded ISO certifications for Quality, Environment Management System and the OHSAS (Safety) Management System

Acknowledged for in-house development of innovative molecules in the R&D centre by Department of Scientific and Industrial Research (DSIR)

SAP-enabled processes facilitate better efficiency

State-of-the-art plant is installed at the testing laboratory with modern scientifically advanced machinery including gas chromatographs, density meters, automatic polarimeters, tint meters, _ashpoint testers, microbiological testing, etc.

Strict adherence to world standard quality control practices

Strict adherence to clean environment policies with Efluent treatment plants installed at all facilities in close proximity

The Vashivali plant is a Zero Liquid Discharge unit

More details on quality management with regard to the conservation of energy, environment, health and safety are highlighted in Directors Report forming part of the Annual Report.


Compliance and commitment to highest quality standards are crucial for sustainable business growth. With a commitment to providing superior quality products in both domestic and international markets, the Company ensures all products comply with all applicable regulatory compliances and conform with highest quality standards. The Company is striving to fortify its position among the environment conscious customers preferring greener, safer and more sustainable products. The Company plans to improve the processes by leveraging its strength in digitalisation, project portfolio management, innovation, process standardisation, and capability building.

Risks identification & mitigation

Lack of succession planning for key management roles:

To ensure long-term business growth, it is imperative to have management vision with planning and adequate growth strategies.

Mitigation: The Company fosters in-house talent progression and focuses to groom employees with talent by providing ample training and development opportunities. This helps ensure that the long-term growth vision of the Company is well understood and ensures smooth succession.

Innovation risk: Inability to get breakthrough innovation in line with change in consumer preference poses risk to earnings.

Mitigation: The Company lays strong focus on innovation. It has a well-equipped R&D facility with a skilled team of professionals who work tirelessly to innovate superior products in keeping with current trends and sustainability. The Company has in place, goals for its movement towards sustainability. With regard to the higher demand in performance, the Company has set timebound goals to improve performance. With regard to increased expectations of Quality and Safety, the Company has adequate plans to build capability for in house safety testing.

The Company strives to quickly respond to the changing market trends. It is focussed on diversifying its product offerings and ensuring availability in relevant channels to have a wider presence and reach.

To improve its innovation capabilities, the Company continues to invest on consumer testing and consumer studies for different product ranges. This enables it to have substantial amount of consumer feedback at hand.

The Company also continues to invest its research capabilities for new molecules with better biodegradability profile.

Data security and cyber risk: Business is exposed to data and cyber security risk given the complex nature of business. Any lapse can prove negative on the business.

Mitigation: The Company has invested in ensuring strong protection of its data, identification of critical IT systems of business and a recovery plan. Implementation of security is in line with ISO standards. The Company has adequate security for data rooms and has an in-house data room for the protection of its servers.

Implementation of latest cyber security technologies with preventive, detective and reactive controls enables to mitigate risk to data. Internal assessments for controls are implemented for the continuity of operations.

ESG compliances risk: Due to the nature of the industry in which the Company operates in, it is mandatory to comply with ESG to ensure sustainable business growth.

Mitigation: The Company has designed a roadmap divided in 3 phases, comprising of scope and tasks in place for each of Companys site. It is striving to ensure in instalment of energy-e_cient systems for effective instalment of energy conservation and emission reduction. It has installed foodie machines to convert waste food into manure, Reverse Osmosis Plant and Multi Effect Evaporator. The Company is in the process of making an application for Extended Producer Responsibility (EPR) to ensure collection, proper recycling/co-processing and environmentally safe disposal of plastic waste. It is investing in low-carbon technologies and equipment. The Company is constantly working to increase the share of renewable and clean energy and striving to phase-out of fossil fuel consumption completely.

Geographical business risk: The business being exposed to different geographical areas, its earnings are likely to get impacted due to the economic situations in the regions. High investments in a limited geographical market may lead to a higher than average risk due to less market liquidity, or greater sensitivity to changes in market conditions.

Mitigation: The Company has in place a robust disaster recovery plan. Through its 3I 3C Strategy, the Company is expanding its manufacturing facilities thereby avoiding dependency on one plant/area and avoiding concentration of risk.

Competition risk: Due to the lucrative growth prospects of the industry operations, the Company faces competition risk from both domestic and international players.

Mitigation measures: The Companys strong brand equity, longstanding business relationships, unwavering focus on innovation and creativity, strong balance sheet, skilled team and management support has enabled the Company to create a strong position in the industry creating a moat for itself.

Internal control systems and their adequacy

The Company has a robust and well embedded system of internal controls commensurate with the nature of business and size and complexity of its operations. Comprehensive policies, guidelines and procedures are laid down for all business processes. The internal control system has been designed to ensure that financial and other records are reliable for preparing financial and other statements and for maintaining accountability of assets.

The Company has constituted an Audit Committee of the Board of Directors to ensure effective monitoring of business operations and proper functioning of the internal audit functions. The Committee reviews the findings of internal audit and suggests appropriate actions, as deemed necessary on a periodic basis. The objective of the internal assessment is to assess the existence, adequacy and operation and to ensure compliance with Companies Act, 2013, SEBI Listing regulations and policies of the Company. The internal controls facilitate prompt detection and redressal of any deviations in business operations.

Human Resources / Industrial Relations

Human capital is a key resource for the Company. To ensure a high-quality talent pool, the Company leverages campus and lateral hiring. ‘Ear2Hear is an Employee Assistance Programme (EAP) extending consultation on personal issues - professionally and confidentially. This is a benefit extended not just to the Keva employees but also to their family members maintaining 100% confidentiality on every interaction.

PACT – Promise of Accountability, Commitment and Teamwork is an effective morale-boosting programme aimed at holistic career growth. Under this, the Company extends differentiated engagement plans, conducive work habitats with short-term and medium-term international exposure and learning opportunities to its existing talent pool. The Company prioritises the health & safety of its employees, business partners and communities.

The Companys "people first" attitude, helps attract talent and retain the existing talent pool. Unwavering focus on enhancing productivity is enabled due to performance-driven culture. The Company encourages inhouse talent development by nurturing talent with an integrated knowledge base of both flavours and fragrances.

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