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Motilal Oswal Report
IIFL Finance Ltd. reported a healthy quarter, driven by strong momentum in the gold loan segment amid robust demand and supportive gold prices, while the MFI business showed recovery with an improving growth trajectory alongside better asset quality.
Asset quality improved across all segments, including MFI, and the company's exit from riskier segments such as micro-loan-against property and personal loans led to a sequential decline in credit costs.
The brokerage has raised its FY27 EPS by ~6% to factor in higher other income from assignments and co-lending and slightly higher AUM growth.
The stock trades at 1.2x FY27E P/BV and ~8x P/E for an estimated RoA/RoE of 2.7%/18% in FY28.
Motilal Oswal maintains Buy rating on IIFL Finance with a target price of Rs 600.
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