IIFL Finance net profit rises 24% to Rs 330 crore in June quarter

During the quarter, the company’s subsidiary IIFL Home Finance approved an investment transaction from a wholly-owned subsidiary of Abu Dhabi Investment Authority.

IIFL Finance net profit rises 24% to Rs 330 crore in June quarter
The non-banking finance company had posted a net profit of Rs 250 crore in the year-ago period. (File)

IIFL Finance on Wednesday reported a 24 per cent rise in consolidated net profit at Rs 330 crore in the quarter ended June on higher interest income.

The non-banking finance company had posted a net profit of Rs 250 crore in the year-ago period.

Total income during the April-June quarter of the current fiscal rose to Rs 1,975 crore as against Rs 1,532 crore in the same period a year ago, it said in a regulatory filing.

The core income earned through interest was up 17 per cent to Rs 1,677 crore in the first quarter of this financial year. In the year-ago period, the same stood at Rs 1,436 crore.

During the quarter, the company’s subsidiary IIFL Home Finance approved an investment transaction from a wholly-owned subsidiary of Abu Dhabi Investment Authority.

“Upon completion of the transaction, the investor will hold 20 per cent of the share capital of the subsidiary company and resultantly, the present shareholding of the company in the subsidiary company will get diluted,” IIFL Finance said in the filing.

The transaction is subject to requisite approvals.

Shares of IIFL Finance closed at Rs 345.50 apiece on BSE, up 1.50 per cent from previous close.

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