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Motilal Oswal Report
IIFL Wealth Management Ltd.'s Q2 FY21 profit after tax grew 28% YoY to Rs 873 million (26% beat), driven by higher-than expected other income of Rs 350 million (versus estimate Rs 100 million) and lower-than-estimate tax rate.
Core performance was in line with expectations. However, on the asset under management front, core profit before tax missed estimates (5%) due to lower revenues.
Traction on annual recurring revenue assets is healthy.
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