IIFL Securities Q2 2023-24 profit jumps 94% to Rs 107 crore

New Delhi, IIFL Securities on Wednesday reported a 94 per cent jump in profit after tax to Rs 107.4 crore during the three months ended September 30. In comparison, the company had posted a PAT (profit after tax) of Rs 55.3 crore in the same period of the preceding fiscal, IIFL Securities said in a statement.

Total income surged 65 per cent to Rs 534 crore in the quarter under review from Rs 323.4 crore in the second quarter ended September last year.

R Venkataraman, Chairman and Managing Director, IIFL Securities, said the company reported a strong growth in the quarter with all business segments gaining momentum.

"Our investment banking segment completed 17 transactions including one M&A transaction. Deal pipeline is also strong," he added.

IIFL Securities, which offers a wide range of products such as mutual funds, insurance, IPOs, bonds, and alternative investment fund (AIF) targeting retail clients, said its total brokerage revenue was at Rs 270.6 crore in the July-September quarter of the current fiscal, up 66 per cent year-on-year.

For the half year ended on September 30, 2023, the company's PAT stood at Rs 181.4 crore, registering a jump of 86 per cent year-on-year, and total income was at Rs 945 crore, a growth of 53 per cent year-on-year.

Shares of IIFL Securities soared 18 per cent to hit their 52-week high at Rs 111.08 on the BSE. At 2 PM the stock was trading 14.74 per cent higher at Rs 107.9 on the BSE.