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IIFL Finance Q3 Review — Lower NIMs, Elevated Credit Cost Dent Earnings; Systematix Maintains 'Buy', Lowers TP

The brokerage maintain Buy rating on the stock with a revised price target of Rs 475 (earlier Rs 560).

Systematix Institutional Equities

14 Feb 2025, 04:31 PM IST i

<div class="paragraphs"><p>IIFL's operating expenses were largely controlled (3% YoY / 2 % QoQ) led by steady employee cost resulting in stable opex to AUM ratio at 4.3%.</p><p> (Photo: Shubhayan Bhattacharya /Source: NDTV Profit)</p></div>

IIFL's operating expenses were largely controlled (3% YoY / 2 % QoQ) led by steady employee cost resulting in stable opex to AUM ratio at 4.3%.

(Photo: Shubhayan Bhattacharya /Source: NDTV Profit)

IIFL’s operating performance was weak and missed our estimates due to weak business growth, margin contraction and elevated credit cost. NII/operating profit came in at Rs 12.4 billion / Rs 7.1 billion (vs estimate of Rs 13.6 billion / Rs 8.2 billion) registering a de-growth of 22% YoY / 28% YoY.

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