IIFL Securities December quarter profit after tax down 25% to Rs 64 crore

IIFL Securities on Tuesday reported a 25 per cent decline in profit after tax (PAT) to Rs 64.2 crore in three months ended December 2022.

In comparison, the company had posted a PAT of Rs 86 crore in the same period of the last fiscal, IIFL Securities said in a statement.

Total income also dropped 6 per cent to Rs 347 crore for the quarter under review from Rs 368 crore in the quarter ended on December 31, 2021.

Also, the board of directors declared an interim dividend of Rs 3 per equity share for the financial year 2022-23. The firm has fixed the record date as February 3 for this purpose.

"During the quarter, our board approved transfer of online retail trading business to 5paisa Capital Ltd, subject to regulatory approvals. We are sharpening our focus on the mass affluent customers," the company's managing director R Venkataraman said.

The company's assets under management stood at over Rs 1.24 lakh crore as of December 2022.

For the nine months period ended December 2022, the company posted a PAT of Rs 161.6 crore and total income of Rs 965.2 crore.

IIFL Securities is a key player in both retail and institutional segments of the capital market. The firm along with its subsidiaries offers advisory and broking services, financial products distribution, institutional research and investment banking services.