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Veritaas Advertising Ltd Management Discussions

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Mar 28, 2025|12:00:00 AM

Veritaas Advertising Ltd Share Price Management Discussions

FY2024 represents the fiscal year 2023-24, from 1 April 2023 to 31 March 2024, and analogously for FY2023 and previously such labelled years.

GLOBAL ECONOMY

More than four years after the global economy suffered the largest shock of the past 78 years, the wounds are still healing, amid widening growth divergences across regions. After a strong initial rebound from the depths of the COVID-19 pandemic, the pace of recovery has moderated. Several forces are holding back the recovery. Some reflect the long-term consequences of the pandemic, Russias war in Ukraine, and increasing geo-economic fragmentation. Others are more cyclical, including the effects of monetary policy tightening necessary to reduce inflation, withdrawal of fiscal support amid high debt, and extreme weather events. Despite signs of economic resilience earlier this year and progress in reducing headline inflation, economic activity is still generally falling short of pre-pandemic (January 2020) projections, especially in emerging market and developing economies.

The strongest recovery among major economies has been in the United States, where GDP in 2024 is estimated to exceed its pre-pandemic path. The euro area has recovered, though less strongly—with output still 2.8 percent below pre-pandemic projections, reflecting greater exposure to the war in Ukraine and the associated adverse terms-of-trade shock, as well as a spike in imported energy prices. In China, the pandemic-related slowdown in 2022 and the property sector crisis contribute to the larger output losses of about 4.2 percent, compared with pre-pandemic predictions. Its GDP grew by 4.7%, which was below expectations of a 1.1% increase. The secondary industry (manufacturing and industry) saw the highest growth rate at 5.8%,

Other emerging market and developing economies have seen even weaker recoveries, especially low-income countries, where output losses average more than 6.5 percent. Higher interest rates and depreciated currencies have exacerbated the difficulties of low-income countries, placing more than half either at high risk of distress or already in distress. Overall, global output for 2024 is estimated at 3.2 percent. This is the same rate of growth as in 2023, and the WEO also predicts that global inflation will continue to decline, from 6.8% in 2023 to 5.9% in 2024. However, the WEO also notes that services inflation could make it difficult to normalize monetary policy, which could lead to higher interest rates in the future. Private consumption has also recovered faster in advanced economies than in emerging market and developing economies, owing to an earlier reopening in the former group facilitated by greater availability of effective vaccines, stronger safety nets, more ample policy stimulus, and greater feasibility of remote work. These factors supported livelihoods during the pandemic, and household consumption is now broadly back to pre-pandemic trends. Among advanced economies, private consumption has been stronger in the United States than in the euro area, with households receiving larger fiscal transfers early in the pandemic and spending the associated savings more quickly; being better insulated from the rise in energy prices resulting from the war in Ukraine; and feeling relatively confident amid historically tight US labour markets, which have supported real disposable incomes. Chinas GDP grew by 4.7%, which was below expectations of a 1.1% increase. The secondary industry (manufacturing and industry) saw the highest growth rate at 5.8%, followed by the tertiary sector (services) at 4.6%, and the primary sector (agriculture and resource extraction) at 3.5%.

INDIAN ECONOMY

Strong economic growth in the first quarter of FY23 helped India overcome the UK to become the fifth-largest economy after it recovered from the COVID-19 pandemic shock. Nominal GDP or GDP at Current Prices in the year 2023-24 is estimated at Rs. 293.90 lakh crores (US$ 3.52 trillion), against the First Revised Estimates (FRE) of GDP for the year 2022-23 of Rs. 269.50 lakh crores (US$ 3.23 trillion). The growth in nominal GDP during 2023-24 is estimated at 9.1% as compared to 14.2% in 2022-23. Strong domestic demand for consumption and investment, along with Governments continued emphasis on capital expenditure are seen as among the key driver of the GDP in the first half of FY24. During the period January-March 2024, Indias exports stood at US$ 119.10 billion, with Engineering Goods (25.01%), Petroleum Products (17.88%) and Organic and Inorganic Chemicals (7.65%) being the top three exported commodity. Rising employment and increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming months. Future capital spending of the government in the economy is expected to be supported by factors such as tax buoyancy, the streamlined tax system with low rates, a thorough assessment and rationalisation of the tariff structure, and the digitization of tax filing. In the medium run, increased capital spending on infrastructure and asset-building projects is set to increase growth multipliers. The contact-based services sector has demonstrated promise to boost growth by unleashing the pent-up demand. The sectors success is being captured by a well, indicating the beginnings of a comeback.

India has emerged as the fastest-growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships.

Indias appeal as a destination for investments has grown stronger and more sustainable because of the current period of global unpredictability and volatility, and the record amounts of money raised by India-focused funds in 2022 are evidence of investor faith in the "Invest in India" narrative.

Industry Overview THE ADVERTISING SECTOR

The advertising industry creates and manages the connection between companies, products, and consumers, translating their clients messages into effective campaigns. Advertising can stimulate buying, increase sales, and help to jumpstart the economy. The economy, though, can also affect the advertising business. Advertising is the process of making product and service known to the marketplace. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them. Advertising is communicated through various mass media, including old media such as newspapers, magazines, Television, Radio, outdoor advertising or direct mail; or new media such as search results, blogs, websites or text messages.

The Global Advertising market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2032. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Market Analysis and Insights: Global Advertising Market

In todays world, the advertising market has been augmented into one single market due to the use of vast technologies. Its growing demand for below applications around the world has had a direct impact on the growth of the Advertising businesses.

Food & Beverage Industry

• Vehicles Industry

• Health and Medical Industry

• Commercial and Personal Services

• Consumer Goods

• Others

The advertising business has been proliferated all over the world based on the different product types. The market is categorized into different type i.e TV Advertising, Newspaper & Magazine Advertising, Outdoors Advertising, Radio

Advertising, Internet Advertising etc that held the largest advertising market share in 2023.

There are some big players in the market and holding the most of its share. The leading market players are North (United States, Canada and Mexico), Europe (Germany, UK, France, Italy, Russia and Turkey etc.), Asia-Pacific (China, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam), South America (Brazil, Argentina, Columbia etc.) Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).

Macroeconomic improvement in the second half of 2023 and an upbeat outlook for the economy in 2024 are expected to drive the growth. Inflation cooled from rates over 6% to almost 3%, and interest rate cuts could be on the horizon Economic instability is often cited as a primary reason why advertisers pause or even cut spend; conversely the expectation of economic stability and growth should fuel more advertising spend. A recent Dentsu study projected that the top global markets will increase their advertising spend as a percentage of GDP by ~13% in 2024, showing that advertising spend will grow beyond macroeconomic growth. Advertising landscape shifts are also catalysts for the anticipated growth in 2024. Though certain one-off events — the 2024 election and Paris Olympics — are expected to temporarily prop up other advertising channels such as TV advertisers are continuing to reallocate their spend from traditional channels (radio, linear TV, and print) toward media channels (podcasts, digital out of-home, and digital video/streaming). Agencies agree that numerous adjacent technologies, such as programmatic platforms, retail media networks, and AI measurement tools, will continue to and make advertisers spend more effective and efficient. Advertising spend through retail media alone was expected reach ~$120 billion in 2023. As these ancillary technologies continue to gain critical mass, they will drive further spend. nature, marketers will always strive to reach the most consumers possible in the most efficient way possible, making advertising industry one of constant growth and improvement.

Indias Advertising Industry

Indias advertising industry plays an important role, like in other world markets, in shaping sentiments towards products and services in the minds of its consumers. The brand recall for several companies over the decades has hung solely on the balance of their advertisements. From the "utterly, butterly delicious" Amul cartoon girl, to Vodafones Zoozoos, and being a Complan boy/girl, among numerous other tag lines that are synonymous with specific consumables, it comes as no surprise that the country has one of the most successful ad markets in the world.

Digital accounts for over half of Indias ad revenues

As of 2022, the Indian advertising market achieved a historical milestone of expanding into a trillion rupee industry. As predicted, the penetration of digitalization in everyday life has made digital media the leading source of ad revenue, having overtaken television. Nonetheless, television in India remains the booming source for ads among traditional media – thanks mostly to a sustained love for daily soaps, reality shows, movies, and cricket in particular.

Meanwhile, digital advertising in India continued to grow at a tremendous rate. Propelled by the Digital India initiative and the rapid adoption of smartphones with the availability of cheap data, mobile ads made up the largest share within this segment. Other catalysts included the decreasing urban-rural gap, enabling a more homogenous reach of all online content. This led to the rise of social media advertising in the country and online video being the preferred ad format. Print continued to retain an integral position for ads among traditional media in spite of a slow growth rate. This was complemented by the continuing morning routine of reading newspapers along with the first cup of chai in many households. However, the surge in production costs coupled with the digitization of several publications predict a rocky future for the countrys massive print industry.

The flagbearers of Indian advertising

The fast moving consumer goods market contributed the most in terms of ad spends in India. E-commerce recorded the highest growth rates compared to other categories. Cricket seasons, specifically the Indian Premier League, make for special competition between brands, putting forth their best and brightest scripts and copies. Celebrity endorsements play a major role in all formats, regardless of ad category or month of the year. Advertising during festive seasons, centered particularly around Diwali lead to a surge in sales every year. Additionally, election years ensured a wave of new ads by the government and other political parties.

MARKET SIZE

Market size of digital advertising industry in India 2016-2025

The digital advertising industry across India grew to a market size of over 400 billion Indian rupees in the year 2023, a considerable leap from the market size in 2016. Owing to the progressive growth of the digital media market in India, digital advertising was projected to expand to over half a trillion Indian rupees by 2024, reflecting the rising trend that developed over the past years.

Social media advertising

As internet accessibility in India continues to expand, content consumption has seen a significant shift toward online platforms. Notably, India boasts the highest number of YouTube users worldwide. Given the potential of social media to reach a wider audience, it is expected to remain a prevailing trend in Indias digital advertising landscape. In March 2023, YouTube emerged as a frontrunner, with an advertising reach of around 460 million users across the country. Meta platforms such as Facebook and Instagram also demonstrated substantial reach.

Digital advertising revenue

In 2022, the revenue from digital advertising in India surged to almost half a trillion Indian rupees and is expected to continue growing in the future. This can be attributed to businesses increasing dependence on digital advertising to connect with their target audiences and capitalize on technology and data-driven strategies. Some of the leading industries that invest heavily in digital advertising include the FMCG and e-commerce sectors.

In 2023, the total revenue generated by the advertising sector in India grossed over 1.1 trillion Indian rupees, having grown by seven percent from the previous year. New media overtook traditional media and accounted for more than half of the advertising revenue. The industry was estimated to further grow by 10 percent in 2024 and at a 9 percent CAGR until 2026. The advertising industry in India has developed from small-scale businesses to one of the leading industries worldwide. In a short time, the industry managed to show tremendous growth in all domains, be it creativity, revenue generation, or employability. India is one of the fastest growing ad markets in the world and was expected to have the highest growth in ad spend in 2024.

Until a few years ago, traditional media, especially television, was the key contributor to Indian ad revenues. However, with the rise of digitalization spurred on by the coronavirus pandemic, the digital media market recorded tremendous growth. As of 2021, digital overtook television to become the leading ad medium. The increasing popularity of online gaming further boost the digital advertising sector.

Major Government Schemes for Advertising Industry in India

The Government has taken many steps to the boost the advertising industry in India. As the technology is getting better and better day by the day the advertising is also getting bigger by using the technology. The government has provided different schemes to make it much bigger. Some of the schemes are:

• Special Marketing Assistance Scheme (SMAS): This scheme from the Ministry of Micro, Small & Medium Enterprises (MSME) includes sub-schemes like bank loan processing reimbursement, testing fee reimbursement, and export promotion council membership reimbursement.

• Market Promotion & Development Scheme (MPDA): This scheme is for MSMEs.

• Marketing Assistance & Technological Upgradation (MATU): This scheme includes domestic and international trade fairs and exhibitions, workshops and seminars, vendor development programs, and bar codes.

• International Cooperation Scheme (IC): This scheme from the MSME Ministry may include international events like exhibitions and trade fairs.

• Procurement and Marketing Support Scheme (P&MS): This scheme from the MSME Ministry may cover various activities.

Investment and Key Development

With its developing economy, India provides advertisers with several opportunities to sell their services and products through the regions expanding media platforms. Economic expansion in India has also increased the purchasing power of a sizable segment of the population, resulting in a more affluent and brand-conscious consumer base. As a result, businesses are focusing on building a strong brand image for themselves through extensive advertising. The advertisement sector in India has been digitally disrupted in the previous decade as the number of individuals utilising smartphones and internet services has increased dramatically. This resulted in the rise of a number of consumer internet models and industries with enormous potential for digital advertising. Digital advertising is anticipated to expand at a modest rate of 8–10% in the fiscal year 2022-23. However, as economic tailwinds kick up in 2023-24, the digital ad expenditure is predicted to more than double to US$ 21 billion by 2027-28. Global internet advertising market growth declined from 30.8% in 2021 to 8.1% in 2022, resulting in a total market value of US$ 484 billion for the year. In contrast, Indias internet advertising market expanded 35.3%, from US$ 3.3 billion in 2021 to US$ 4.4 billion in 2022, making it one of the fastest growing in the world. The internet advertising market in India is predicted to develop at a CAGR of 12.3%, with total revenue reaching US$ 7.9 billion by 2027.

In an effort to counter the hegemony of large IT companies in the US, the Indian government is working to ensure that the Internet advertising market is competitive. Additionally, India intends to tighten internet governance with the upcoming Digital India Act. Furthermore, the Indian government has made a concerted effort to make digital media accessible to everybody. The Digital India project is promoting the development of digital infrastructure, corporate transformation, and digital commerce through a variety of applications, including the Unified Payments Interface (UPI), Open Network for Digital Commerce (ONDC), and Government e-Marketplace (GeM).

Digital Advertising in India

The country is a mobile-first market, with 782 million mobile internet subscribers in 2022. The outdoor advertising business in India is also fast developing. Over the projected period, it will outperform every other OOH market worldwide, growing at a CAGR of 9.9%. In 2022, digital advertising is expected to increase by 52% year on year. By 2027, India will be the fourth-largest TV advertising market in the world, trailing only the United States, Japan, and China. By 2027, mobile internet advertising will account for 73% of internet advertising income in India.

The FMCG segment contributes 38% (Rs. 11,403 crore (US$ 1.37 billion)) and has gained 28% over the previous year. This is followed by the e-commerce segment, which contributes 20% (Rs. 5,982 crore (US$ 719.43 million)) to Indias digital media business. When compared to the previous year, the contribution of the e-commerce segment has nearly tripled. Its expansion can be ascribed to the increased popularity of digital transactions and e-commerce among the digital media business. When compared to the previous year, the contribution of the e-commerce segment has nearly tripled. Its expansion can be ascribed to the increased popularity of digital transactions and e-commerce among the public. While the FMCG and e-commerce sectors account for more than half of the spending on digital media, the telecom and pharmaceutical sectors have experienced the biggest growth in terms of spending on digital media relative to the overall media budget. The telecom business spends half of its media budget on digital media, which has increased fourfold by 2021. The pharmaceutical industry increased its digital media budget by more than thrice over the previous year.

Spending on internet video is predicted to expand rapidly and surpass social media spending by 2024. The FMCG industry spends the majority of its digital media budget on online video, whereas the pharmaceutical and e-commerce industries spend the most of their expenditures on paid search. This increase in digital media advertising spending can be ascribed to an increase in OTT and online video consumption as a result of increased penetration of smart devices and internet access. Digital media advertising trends are also being driven by an increase in the use of digital transactions and e-commerce. Aside from these key drivers, the expansion of advertising opportunities on e-commerce and direct-to-consumer platforms is propelling digital media to new heights.

Advertising Spends on Digital Media Formats

Among digital media advertising formats, social media has the highest expenditure share (30%, Rs. 8,757 crore US$ 1.05 billion), followed by online video (28%, Rs. 8,319 crore (US$ 1 billion). Paid search contributes 23%, Rs. 6,895 crore (US$ 892.23 million), while display banners contribute 16%, Rs. 4,816 crore (US$ 579.2 million), to the Indian digital advertising market. Social media and online video formats have continuously been the most powerful and largest digital media advertising types. Online video has experienced the highest growth because of the quick rise in consumers of this medium as a result of the widespread availability of low-cost smartphones and high-speed connectivity. Online video advertising formats are predicted to increase at the fastest rate of 29% by 2024, surpassing social media. Social media is predicted to expand at a compound rate of 31%, reaching an expenditure share of 29% by the end of 2024.

Emerging Trends in the Digital Marketing Industry

1. Video Marketing

Video has become a potent weapon in the armoury of digital marketers, and in 2023, its use is only anticipated to increase. With the popularity of sites like YouTube, TikTok, and Instagram Reels, companies can now take advantage of the enormous potential of video content to draw in customers. Video marketing provides the power to visually convince audiences and increase conversions by delivering complicated concepts. Businesses should prioritise producing shareable, high-quality video content that appeals to their target audience.

2. Influencer Marketing

Influencer marketing has grown rapidly in recent years and remains a very successful tactic for companies trying to increase their reach and establish brand trust. It is anticipated that more companies will collaborate with relevant influencers to market their goods or services in 2023. Micro-influencers are gaining popularity as an economical alternative to macro-influencers due to their niche and engaged fanbase. Businesses may gain their followers confidence and build meaningful engagement by engaging with influencers who share their brand values.

3. Personalization and Customer Experience

In this age of information overload, consumers are increasingly demanding customised experiences that respond to their own interests. In India, digital marketers must focus on providing personalised content and experiences to their target audience. Businesses can gain insights into their consumers behaviour, tastes, and purchase habits by employing data analytics and automation. This information may then be utilised to develop customised marketing campaigns, personalised emails, and relevant recommendations, thereby improving the entire customer experience.

4. Voice Search Optimisation

The increased adoption of voice assistants and smart speakers in India has spurred the growth of voice search. Optimising content for voice search is no longer optional; businesses must do so to remain discoverable to voice search users. When optimising their website and content, marketers should concentrate on using conversational language and long-tail keywords. Additionally, using schema markup and making sure that mobile pages load quickly can enhance voice search visibility and increase organic traffic.

5. Social Commerce

Social media platforms have become an essential part of the Indian consumers shopping experience. Recognising this trend, social media behemoths such as Facebook, Instagram, and WhatsApp have implemented capabilities that enable smooth buying experiences right within their platforms. Businesses should embrace social commerce in 2023 by establishing online stores, implementing shoppable postings, and utilising social media advertising to boost sales. Building a strong social media presence and actively connecting with customers can have a big impact on business success.

6. Artificial Intelligence and Chatbots

Artificial intelligence (AI) and chatbots are changing the way businesses communicate with their clients. Instant responses to consumer inquiries, streamlined customer service, and improved user experience may all be achieved with the help of AI-powered chatbots. Implementing chatbots can improve response times, lower operational costs, and increase customer happiness. Furthermore, artificial intelligence (AI) may be used to examine massive volumes of data, allowing organisations to make data-driven decisions, customise marketing efforts, and optimise customer journeys.

7. Metaverse, Web 3.0, etc

Because of the current stage of technological advancement, we feel that combining the physical and virtual could totally revolutionise how we experience our world. This technology has progressively crept into our lives as extended reality (XR), a hybrid of virtual reality (VR), augmented reality (AR), and other immersive technologies. With the introduction of 5G in India, consumers will be one step closer to a mixed reality experience in the form of the metaverse very soon. Combining 5G, IoT, cloud computing, and Web3, customers are poised to embrace a new era of networking that will be inventive and engaging. Consumers recognise their first augmented reality experience in their daily lives through immersive apps such as the Ikea app.

Road Ahead

Digital marketing trends in India are continuously changing, and being up to date on the latest advances is critical for business growth. Despite the fact that the COVID-19 epidemic is having a negative impact on the market, the Indian government has provided enormous assistance to the advertising and marketing industry. Advertising expenditure in the banking industry is projected to rise as a result of Reserve Bank of India (RBI) measures that may result in a more favourable business environment. Furthermore, prospective licences for new banks and improved market emotions make the marketing and advertising and marketing firm in India a fruitful ground. Businesses must adopt video marketing, influencer collaborations, personalisation, voice search optimisation, social commerce, and artificial intelligence (AI) in the upcoming times. Because of the increasing adoption of next-generation Web3 technologies and the growth of the mass market, Indian consumers expectations are expected to shift towards convenience, commerce, and immersive media and marketing. The future of the digital economy will transform businesses at all levels, including the grassroots, ushering in a new era of interactive marketing and innovation.

OPERATIONS

We are VERITAAS. A dedicated, self-motivated and creative team of marketeers driven by the belief that advertising is a significant process in marketing that ensures brand success. We make sure that our branding strategies are impactful, unique, flamboyant and formidable so that you can be the "Choice of Customers".

With 30+ years of experience, we have understood that in todays world of like, share and subscribe, OOH Advertising is pivotal in attracting customers and creating an impact. Where online activities can be manipulated, tampered, hacked, blocked and banned, outdoor advertising surpasses the threats of malicious activities and continues to attract customers effectively. The various platforms of outdoor advertising immerses audiences with powerful communication messages while on the move. It provides brands to be effectively and physically present and builds streamlined interactions with potential customers. Therefore, we help you - Create brand Presence & Educate your Customers Increase brand Reach & Visibility Create highRecall & Goodwill for the brand Engage & Interact with your targeted customers Increase Sales & Boost conversions The highlights of the financial results for the year ended March 31, 2024 and the corresponding figure for the previous year are as under:

Particulars Standalone
2023-24 2022-23
Revenue from Operations 1,035.05 774.84
Other Income 0.85 11.91
Total Income 1,035.90 786.75
Total Expenditure 798.12 719.72
Profit before tax 237.78 67.03
Current Tax 66.74 13.84
Income tax Adjustment 2.01 10.20
Deferred Tax Adjustment (0.86) -
Profit after Tax 169.89 42.99
Basic Earnings per share (in ) 8.17 47.76

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Our employees are our core resource and the Company has continuously evolved policies to strengthen its employee value proposition. Your Company was able to attract and retain best talent in the market and the same can be felt in the past growth of the Company. The Company is constantly working on providing the best working environment to its Human Resources with a view to inculcate leadership, autonomy and towards this objective; your company spends large efforts on training. Your Company shall always place all necessary emphasis on continuous development of its Human Resources. The belief "great people create great organization" has been at the core of the Companys approach to its people.

KEY RATIOS

Particulars FY 2024 FY 2023
Revenue (Rs. in Lacs) 1035.90 786.75
Net Profit After Tax (Rs. in Lacs) 169.89 42.99
Earnings per share (in Rs.) 8.17 47.76
EBITDA (Rs in lacs) 170.62 29.09
Net Profit Margin (%) 0.16 0.05
Return on Net worth 2.18 0.76
Current Ratio (times) 1.06 1.14
Debtors Turnover(times) 3.20 3.46
Debt-equity (times) 0.59 1.52
Inventory turnover ratio (times) 75.69 1850.95

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis report detailing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and Indian demandsupply conditions, raw material prices, finished goods prices, cyclical demand and pricing in the Companys products and their principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries with which the Company conducts business and other factors such as litigation and / or labor negotiations.

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