IIFL Capital Services Limited — Investor Meet, 06-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

IIFL Capital reported FY25 consolidated revenue of Rs. 2,567 Cr, up 15% YoY, led by a 32% rise in distribution income (Rs. 509 Cr) and 27% growth in interest income (Rs. 419 Cr). PAT surged 40% to Rs. 713 Cr despite a 29% rise in manpower costs. Q4 revenue dropped 20% YoY to Rs. 573 Cr, with PAT at Rs. 128 Cr.

Management is pivoting from retail broking to wealth management, focusing on annuity products with a growing RM base (450 affluent, 50 ultra-HNI, aiming to double the latter). Distribution AUM stands at Rs. 31,300 Cr with stable market share. Asset management AUM (~Rs. 800-900 Cr) is expected to double within a year. The near-term outlook sees cost build-out and regulatory challenges, with recovery expected in 1-2 quarters.