IIFL Securities stock surges 3.7% on solid Q2 earnings, records new 52-week high
IIFL Securities stock made a significant move in today's trading session, opening at ₹109 apiece compared to the previous closing price of ₹108.10. It then continued to climb, registering a new 52-week high of ₹112 per share in response to the company's Q2 FY24 earnings report. On Wednesday, the company posted a 94% increase in its consolidated net profit to ₹107.5 crore, up from ₹55.3 crore reported in the same quarter of the previous year.
In the preceding June quarter, the company recorded a net profit of ₹74 crore. The first half of the fiscal year (H1FY24) also demonstrated strong performance, with a net profit surge of 86% to ₹181.4 crore compared to ₹97.4 crore in H1FY23. Total income for the September quarter stood at ₹533.7 crore, marking a 65% year-on-year increase, and for the half-year (H1FY24), it reached ₹944.7 crore, reflecting a 53% year-on-year growth.
Additionally, the average daily market turnover for the broking business in the quarter, including F&O, came in at ₹2,49,979 crore (BSE + NSE), representing an 84% year-on-year increase and an 8% quarter-on-quarter increase. The total brokerage revenue for the quarter ended September 30, 2023, was ₹270.6 crore, marking a 66% year-on-year rise. Further, Q2 FY24 also stood as a strong quarter for its investment banking segment.
The division completed 17 deals across capital markets, debt advisory, and private equity. "Select transactions completed by us include QIP for Union Bank and Brookfield REIT, IPO for Updater Services Limited and Yatra Online, IPO and pre-IPO for Zaggle Pre-paid Ocean Services, and private equity for FundsIndia." "Our deal pipeline remains robust, and we are running multiple transactions which are at various stages of execution. We
. Read more on livemint.com
