IIFL Finance on Tuesday reported a 735 percent jump in consolidated net profit at Rs 265.82 crore for the quarter ended June on healthy growth in its loan portfolios.
It had posted a net profit of Rs 31.84 crore in the year-ago quarter. Total income during Q1 FY22 moved up to Rs 1,531.67 crore, as against Rs 1,295.19 crore in the first quarter of FY21, IIFL Finance said in a regulatory filing.
Under retail home loans, the company's assets grew by 17 percent from a year ago to Rs 14,747 crore during the reported quarter. Gold loans AUM grew to Rs 13,262 crore, showing strong growth of 40 percent year-on-year, it said.
The microfinance loans AUM stood at Rs 4,386 crore, up 36 percent y-o-y. On transfer of real estate credit assets to an Alternate Investment Fund (AIF), IIFL Finance said some more assets are likely to be sold in the current quarter.
"The AIF has signed a contribution agreement with Credit Opportunities III PTE. Ltd, a fund managed by Ares SSG Capital Management, committing a contribution of up to Rs 1,200 crore towards units in the AIF," it said. IIFL Finance stock closed 2.4 percent up at Rs 305.25 apiece on BSE.