BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
IIFL Wealth Management Ltd.'s profit after tax grew 8% QoQ and 64% YoY to Rs 1.7 billion (24% beat) in Q4 FY22.
The beat on profitability was driven by a 16% beat on net revenue, up 12% QoQ and 59% YoY to Rs 4.2 billion, owing to transaction/brokerage revenue (39% beat) and annual recurring revenue (a 4% beat).
IIFL Wealth's operating expense stood at Rs 2.4 billion, up 54% YoY and 6% QoQ and 5% higher than our estimate. The increase was attributable to higher variable employee expenses (up 5% QoQ) and administration costs (up 11% QoQ).
The cost-to-income ratio stood at 55.6% (estimate: 61.2%), down 310 basis points QoQ, and 180 bps YoY.
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