Its Q3 numbers pleasantly surprised the Street

IIFL Holdings (IIFL) is one of the leading NBFCs in India and presently it has been making serious attempts to diversify. The company popularly known as a broking firm, has declared its Q3FY17 results in last week. Following an impressive set of numbers, the share price of IIFL jumped over 10 per cent pleasantly surprising its share-holders.

IIFL has acquired Samasta Microfinance, Bangalore based Non-Banking Finance Company and formed a subsidiary. It has acquired 31,68,111 equity shares i.e., about 28 per cent of the equity capital of Samasta. IIFL Merchant Banking division acted as the advisor for the transaction.

IIFL has proposed draft scheme of arrangement envisaging the demerger of its real estate advisory services undertaking from the company into IIFL Facilities Services (IFSL). The appointed date of the proposed scheme of arrangement is April 1, 2017. The proposed restructuring is being done to facilitate transfer of IFSL as a special purpose vehicle to a REIT, subject to required its board, shareholders and regulatory approvals.

In an official communique, Nirmal Jain, Chairman of IIFL Holdings said, “We are happy to report accelerated profit growth on y-o-y basis, on the back of continued strong performance of our NBFC and wealth businesses and tailwinds in capital market business. We look forward to growth and reform oriented Budget and policy changes to give impetus to economic activity and thereby financial services sector.”

At the same time, the company’s IIFL Markets continues to be the highest rated on Android and IOS amongst peers (4.4) with over eight lakh downloads. There has been a steady increase in number of clients into trading through the mobile platform as over 30 per cent of retail customers have traded through the app in Q3FY17.

The share price of IIFL increased 1.55 per cent on bourses in early trades and is trading at Rs 298.9 in an intraday basis.