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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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