Financial services provider IIFL today reported a close to three times rise in its net profit to Rs 66 crore in the second quarter, against Rs 22.5 crore in the same period last fiscal.
Total income rose 59% to Rs 653.2 crore in the July-September period compared to Rs 410.9 crore a year ago.
"During the reporting quarter, consumer finance, financial products distribution and advisory businesses were the key growth drivers. With higher volumes, we derived benefits of operating leverage as well," Chairman Nirmal Jain said in a release here.
He also said that government's recent reform initiatives have turned the sentiment positive, which is likely to have positive impact on the business.
However, revenue from equities and commodities broking was down by 4% to Rs 134 crore.
IIFL had seen an income of Rs 59 crore, up by 41% year-on-year from its distribution and marketing business, comprising life insurance, mutual fund and portfolio advisory businesses.
About its NBFC subsidiary, the company said its loan portfolio increased to Rs 7,849 crore by the end of September quarter.
"In Q2FY13, portfolio comprised of secured lending like mortgages, capital market products, gold loans and medical equipment financing. Gold and mortgage/LAP loans forms 37% and 35%, respectively," the company said.
It also said that its NBFC subsidiary raised Rs 500 crore through a NCD issuance.
