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Anand Rathi Report
IIFL Wealth Management Ltd.'s Q2 FY22 net profit grew 63% YoY to Rs 1.4 billion (our estimate: Rs 1.2 billion) boosted by operating revenues rising 48% YoY, other income growing 37% YoY and the cost-to-income ratio slipping to 48% (54% a year ago).
We expect a 28% net profit compound annual growth rate over FY21-23 to Rs 6 billion (our earlier estimate: Rs 5.6 billion).
The return on equity expanded from ~12% a year ago to 19.4% at end-Q2 FY22. We expect a further rise to 23% by end-FY23.
Assets under management rose 37% YoY to Rs 2.57 trillion, surpassing our Rs 2.43 trillion estimate.
IIFL Wealth's share of annual recurring revenue assets in AUM rose from 42% a year ago to 51% at end Q2 FY22 (we estimate 55% by FY23).
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