IIFL WEALTH MANAGEMENT LIMITED
Corporate & Registered Office:
IIFL Centre, Kamala City, Senapati Bapat Marg,
Lower Parel, Mumbai – 400 013
TEL: (91-22) 4876 5600 | FAX: (91-22) 4875 5606 (An IIFL Group Company)
www.iiflwealth.com CIN: U74140MH2008PLC177884
June 11, 2020
The Manager, Listing Department, BSE Limited, Phiroze Jeejeebhoy Tower, Dalal Street, Mumbai 400 001. BSE Scrip Code: 542772
The Manager, Listing Department, The National Stock Exchange of India Ltd., Exchange Plaza, 5 Floor, Plot C/1, G Block, Bandra - Kurla Complex, Bandra (E), Mumbai 400 051. NSE Symbol: IIFLWAM
Dear Sir/Madam, Sub: - Outcome of the Board Meeting dated June 11, 2020, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations “) The Board of Directors of the Company at their meeting held today have, inter-alia considered and approved / noted the following; 1. The Board approved Standalone and Consolidated Audited Financial Statements of the Company
for quarter and financial year ended March 31, 2020;
In this regard, we are enclosing herewith: i. the audited financial results (Standalone and Consolidated) for quarter and financial year ended March 31, 2020, along with auditors’ report thereon - as required under Regulation 33 of the Listing Regulations. We hereby confirm that the Auditors have issued an Audit Report with unmodified opinion on the said financial results.
ii. Press Release being issued by the Company; iii. Analyst Presentation being issued by the Company;
2. The Board noted Mr. Yatin Shah’s appointment as Whole Time Director of IIFL Wealth Finance
Limited (material subsidiary company) and accordingly took note of his change in designation in the Company from Whole Time Director to Non-Executive Director;
The meeting of Board of Directors commenced at 6.30 P.M. and concluded at 10.50. P.M Please note the results have been uploaded on the Stock Exchange websites at https://www.nseindia.com and https://www.bseindia.com and on the website of the Company at http://www.iiflwealth.com Further, pursuant to the relaxation granted by SEBI vide its Circular dated May 12, 2020 regarding exemption from publication of advertisements in newspapers as required under Regulation 47 of the
IIFL WEALTH MANAGEMENT LIMITED
Corporate & Registered Office:
IIFL Centre, Kamala City, Senapati Bapat Marg,
Lower Parel, Mumbai – 400 013
TEL: (91-22) 4876 5600 | FAX: (91-22) 4875 5606 (An IIFL Group Company)
www.iiflwealth.com CIN: U74140MH2008PLC177884
SEBI Listing Regulations for all events scheduled till June 30, 2020, the Financial Results shall not be published in the newspapers. Kindly take the same on record and acknowledge.
Thanking You, Yours faithfully,
For IIFL Wealth Management Limited
Ashutosh Naik Company Secretary & Compliance Officer Email Id: [email protected]
Encl: a\a
Deloitte Haskins & Sells LLP
Chartered Accountants Indiabulls Finance Centre Tower 3, 27th -32nd Floor
Senapati Bapat Marg Elphinstone Road (West)
Mumbai – 400 013 Maharashtra, India
Tele: + 91 22 6185 4000 Fax: +91 22 6185 4001
Regd. Office. Indiabulls Finance Centre, Tower 3, 27th -32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)
INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL STANDALONE
FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF
IIFL WEALTH MANAGEMENT LIMITED
Opinion and Conclusion
We have (a) audited the Standalone Financial Results for the year ended March 31, 2020
and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2020
(refer ‘Other Matters’ section below), which were subject to limited review by us, both
included in the accompanying “Statement of Standalone Financial Results for the Quarter
and Year Ended March 31, 2020” (“the Statement”) of IIFL WEALTH MANAGEMENT
LIMITED (“the Company”), being submitted by the Company pursuant to the
requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (“the Listing Regulations”).
(a) Opinion on Annual Financial Results
In our opinion and to the best of our information and according to the explanations
given to us, and based on the consideration of the audit reports of the other auditors
as referred to in Other Matters section below the Standalone Financial Results for the
year ended March 31, 2020:
a. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
b. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year then ended.
(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2020
With respect to the Standalone Financial Results for the quarter ended March 31, 2020,
based on our review conducted as stated in paragraph (b) of Auditor’s Responsibilities
section below, nothing has come to our attention that causes us to believe that the
Standalone Financial Results for the quarter ended March 31, 2020, prepared in
accordance with the recognition and measurement principles laid down in the Indian
Accounting Standards and other accounting principles generally accepted in India, has
not disclosed the information required to be disclosed in terms of Regulation 33 of the
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Haskins & Sells LLP
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, including the manner in which it is to be disclosed, or that it contains any
material misstatement.
Basis for Opinion on the Audited Standalone Financial Results for the year
ended March 31, 2020
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified
under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under
those Standards are further described in paragraph (a) of Auditor’s Responsibilities section
below. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (“the ICAI”) together with the ethical
requirements that are relevant to our audit of the Standalone Financial Results for the
year ended March 31, 2020 under the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and the
audit evidence obtained by the other auditors in terms of their reports referred to in Other
Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.
Management’s Responsibilities for the Statement
This Statement which includes the Standalone Financial Results is the responsibility of the
Company’s Board of Directors and has been approved by them for the issuance. The
Standalone Financial Results for the year ended March 31, 2020 has been compiled from
the related audited standalone financial information. This responsibility includes the
preparation and presentation of the Standalone Financial Results for the quarter and year
ended March 31, 2020 that give a true and fair view of the net profit and other
comprehensive income and other financial information in accordance with the recognition
and measurement principles laid down in the Indian Accounting Standards prescribed
under Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 of
the Listing Regulations. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets
of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Standalone Financial Results that give a true and fair view and is free
from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Results, the Board of Directors are responsible for
assessing the Company’s ability, to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
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Haskins & Sells LLP
The Board of Directors are also responsible for overseeing the financial reporting process
of the Company.
Auditor’s Responsibilities
(a) Audit of the Standalone Financial Results for the year ended March 31, 2020
Our objectives are to obtain reasonable assurance about whether the Standalone
Financial Results for the year ended March 31, 2020 as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this
Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
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Haskins & Sells LLP
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities or business activities included in the Annual Standalone Financial Results of which we are the independent auditors. For the other entities or business activities included in the Annual Standalone Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Annual Standalone Financial
Results that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Annual Standalone Financial
Results may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified misstatements in the Annual
Standalone Financial Results.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Standalone Financial Results for the quarter ended March 31, 2020
We conducted our review of the Standalone Financial Results for the quarter ended
March 31, 2020 in accordance with the Standard on Review Engagements (“SRE”)
2410 ‘Review of Interim Financial Information Performed by the Independent Auditor
of the Entity’, issued by the ICAI. A review of interim financial information consists
of making inquiries, primarily of the Company’s personnel responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with SAs
specified under section 143(10) of the Act and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit opinion.
As part of annual audit we also performed procedures in accordance with the circular
issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.
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Haskins & Sells LLP
Other Matters
As stated in Note 16 of the Statement, the figures for the corresponding quarter ended
March 31, 2019 are the balancing figures between the annual audited figures for the year then ended and the year to date figures for the 9 months period ended December 31, 2018. We have not issued a separate limited review report on the results and figures for the quarter ended March 31, 2019. Our report on the Statement is not modified in respect of this matter.
The Statement includes the results for the Quarter ended March 31, 2020 being the
balancing figure between audited figures in respect of the full financial year and the year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.
The standalone financial results include the financial information of erstwhile subsidiary IIFL Wealth Advisors (India) Limited consequent to its amalgamation into the
Company. The NCLT order for the same was filed with the Registrar of Companies on December 27, 2019 with appointed date of November 22, 2018 (Refer Note 11 to the standalone financial results). We did not audit the financial information of erstwhile subsidiary IIFL Wealth Advisors (India) Limited, included in the standalone financial results of the Company, whose financial information reflect total revenues of Rs. 1,767.88 lakhs for the period from April 1, 2019 to December 27, 2019, total net profit before tax of Rs. 691.39 lakhs for the period from April 1, 2019 to December 27, 2019, total comprehensive income of Rs. 431.10 lakhs for the for the period from April 1, 2019 to December 27, 2019 as considered in the standalone financial results. This financial information of erstwhile subsidiary IIFL Wealth Advisors (India) Limited has been audited by other auditors whose report has been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this erstwhile subsidiary IIFL Wealth Advisors (India) Limited, is based solely on the report of such other auditors.
Our report on the Statement is not modified in respect of this matter.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Pallavi A. Gorakshakar
Partner
(Membership No.105035)
(UDIN: 20105035AAAADF8711)
Place: Mumbai
Date: 11 June 2020
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! " # $ % & ' ( ) % * % + $ , $ * ' " - , - ' $ ./ 0 1 2 3 4 5 4 6 ) 7 8 6 6 9 : " / 5 3 3 9 9 4; $ + . < = > > - ? $ 1 @ ! " / $ * ' A $ B C % , % & % / - ' D B E $ * % F % ' - G % F % ' ) % A + B " H I $ A : % A $ & B ) J , K % - @ 4 6 6 6 5 L B) % ( % A % M ( ' A % B * . - %N O P Q R S T U V W X Y Q W Z W [ T V \ R [ ] X [ ^ _ ` ` N a b c R W Z R Z b d e \ Q R f f R g \ f h T U ^ V h e i j ` k l j ` m W X [ W V V i e R [ \ Q R Z \ W X [ W h [ \ T e \ Zi R W Z R Z h R \ h T Z V R g \ e n R i Y O ] X W g g T h [ W X g R d e \ Q \ Q R h R o p e h R U R X \ Z T f \ Q R Z \ W X [ W h [ k \ Q R i R W Z R i e W q e i e \ Y W \ \ Q R V h R Z R X \ n W i p RT f h R U W e X e X r i R W Z R V W Y U R X \ Z W \ \ Q R [ W \ R T f e X e \ e W i W V V i e g W \ e T X e O R O ^ V h e i j ` k l j ` m W U T p X \ e X r \ T` s k t s j O s j i W u Q Z Q W Zq R R X h R g T r X e v R [ W X [ b w e r Q \ \ T p Z R W Z Z R \ Z b Q W Z q R R X h R g T r X e v R [ W \ W X W U T p X \ R o p W i \ T \ Q R b c R W Z R i e W q e i e \ Y b W Z W \\ Q W \ [ W \ R O ] X \ Q R _ \ W \ R U R X \ T f x h T f e \ W X [ c T Z Z f T h \ Q R g p h h R X \ V R h e T [ k \ Q R X W \ p h R T f R y V R X Z R Z e X h R Z V R g \ T f i R W Z R ZQ W Z g Q W X r R [ f h T U i R W Z R h R X \ e X V h R n e T p Z V R h e T [ Z \ T [ R V h R g e W \ e T X g T Z \ f T h b w e r Q \ \ T p Z R i R W Z R W Z Z R \ Z b W X [ e X \ R h R Z \W g g h p R [ T X b c R W Z R i e W q e i e \ Y b Oz O P Q R S T U V W X Y { Z U W e X q p Z e X R Z Z e Z | R W i \ Q } W X W r R U R X \ _ R h n e g R Z g T U V h e Z e X r T f k e X \ R h ~ W i e W k [ e Z \ h e q p \ e T X T f f e X W X g e W iV h T [ p g \ Z k V T h \ f T i e T U W X W r R U R X \ Z R h n e g R Z k W [ n e Z T h Y Z R h n e g R Z W X [ W i i T \ Q R h W g \ e n e \ e R Z h R n T i n R W h T p X [ \ Q R Z W U R O ^ i iW g \ e n e \ e R Z T f \ Q R S T U V W X Y W h R g W h h e R [ T p \ e X ] X [ e W O ^ Z Z p g Q \ Q R h R W h R X T Z R V W h W \ R h R V T h \ W q i R Z R r U R X \ Z W Z V R h \ Q R] X [ e W X ^ g g T p X \ e X r _ \ W X [ W h [ ` j � � ] � � ^ _ ` j � � T X � V R h W \ e X r _ R r U R X \ Z O� O P Q R S T U V W X Y Q W Z h R n e Z R [ e \ Z R Z \ e U W \ R T f p Z R f p i i e f R T f � p h X e \ p h R W X [ � e y \ p h R Z W X [ � i R g \ h e g W i � o p e V U R X \ p Z R [ e X \ Q RT f f e g R V h R U e Z R W g o p e h R [ [ p h e X r \ Q R V R h e T [ k d Q e g Q d W Z R W h i e R h T X i R W Z R k W X [ Q W Z h R g T U V p \ R [ \ Q R [ R V h R g e W \ e T X T X\ Q R Z W U R T X V h T Z V R g \ e n R q W Z e Z O ^ Z W h R Z p i \ k [ R V h R g e W \ e T X f T h \ Q R o p W h \ R h W X [ Y R W h R X [ R [ } W h g Q s ` k l j l j e Z i T d R hq Y
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! " # $ % & ' ( ) % * % + $ , $ * ' " - , - ' $ ./ 0 1 2 3 4 5 4 6 ) 7 8 6 6 9 : " / 5 3 3 9 9 4; $ + . < = > > - ? $ 1 @ ! " / $ * ' A $ B C % , % & % / - ' D B E $ * % F % ' - G % F % ' ) % A + B " H I $ A : % A $ & B ) J , K % - @ 4 6 6 6 5 L B) % ( % A % M ( ' A % B * . - %N O P Q R S R O T U V W X V S Q Y O Z [ R T V P T O P V S Q Y O \ ] ^ _ [ R ` O a U Y [ a T N Y O a a [ R ` O a U Y V S Q Y O b P R _ ] a [ c d [ Z P O U O R e O T _ X Q Y ON V ^ W [ a X V a f O U O ^ _ O P g h g i j k [ a T f O U O ^ _ O P g l h g i j k P O Z W O U Q R e O c X [ a T S R c O T d R Q Y Q Y O m O n R Z Q P [ P V S N V ^ W [ a R O ZV a f O U O ^ _ O P g l h g i j k ob Y O O S S O U Q V S a O Q W P V S R Q [ P R Z R a n S P V ^ [ U U V ] a Q R a n V S [ ^ [ c n [ ^ [ Q R V a S V P Q Y O W O P R V T p V e O ^ _ O P g g h g i j q Q V \ [ P U Y r j hg i j k [ ^ V ] a Q R a n Q V`
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U _ ` A F R @ I ^ K X X H E F M J K E I C G A a A L R M W A C ^ C E O M C G W b H A D E X C H A A W I M G F R R C L J F G R A c M O @ O @ A B C D E F G H d ef D E X C H A A g O C R h i E O M C G g R @ A D A j W k lT S l m K L M G N O @ A H A F L A G J A J Q F L R @ S T I U V U V O @ A n C D M G F O M C G F G J o A D K G A L F O M C G B C D D M O O A A C ^ O @ A p C F L J C ^ m M L A R O C L W IN L F G O A J U I S S q I \ V \ W O C R h C E O M C G W L A E L A W A G O M G N A P K F X G K D b A L C ^ A P K M O H W @ F L A W C ^ ^ F R A ] F X K A C ^`
U _ ` A F R @ M G O @ AB C D E F G H O C O @ A A X M N M b X A A D E X C H A A W K G J A L O @ A r r s t u A F X O @ f D E X C H A A g O C R h i E O M C G g R @ A D A ` U V T \ l n C G A C ^ O @ AW O C R h C E O M C G W c A L A ] A W O A J C L A a A L R M W A J J K L M G N O @ A W F M J E A L M C J lT [ l v @ A w C ] A L G D A G O C ^ r G J M F ] M J A i L J M G F G R A n C l T Z C ^ U V T \ J F O A J g A E O A D b A L U V I U V T \ F D A G J A J O @ A M G R C D A O F aE L C ] M W M C G W b H M G W A L O M G N W A R O M C G T T Z p x x l x W E A L O @ A F D A G J A J E L C ] M W M C G W I O @ A B C D E F G H @ F W C E O A J O C E F H O F a F O L F O AC ^ U U y E X K W F E E X M R F b X A W K L R @ F L N A F G J R A W W W K b z A R O O C O @ A R C G J M O M C G W D A G O M C G A J K G J A L O @ A F D A G J A J E L C ] M W M C G W F G JL A R C N G M W A J O @ A A ^ ^ A R O C ^ R @ F G N A b H L A ] M W M G N O @ A F G G K F X A ^ ^ A R O M ] A M G R C D A O F a L F O A l m K A O C L A J K R A J O F a L F O A I O @ AB C D E F G H @ F W L A ` D A F W K L A J M O W m A ^ A L L A J v F a x W W A O W F G J t M F b M X M O M A W F W F O x E L M X T I U V T \ F G J O @ A M D E F R O C ^ O @ M W R @ F G N A@ F W b A A G ^ K X X H L A R C N G M W A J M G O @ A g O F O A D A G O C ^ { L C ^ M O F G J t C W W x R R C K G O K G J A L | v F a A a E A G W A | ^ C L O @ A H A F L A G J A JQ F L R @ S T I U V U VT Z l v @ A W E L A F J C ^ B i } r m ` T \ F R L C W W O @ A N X C b A F G J r G J M F R C G O L M b K O A J O C W M N G M ^ M R F G O ] C X F O M X M O H M G N X C b F X F G J r G J M F G ^ M G F G R M F XD F L h A O W F G J F W M N G M ^ M R F G O J A R L A F W A M G N X C b F X F G J X C R F X A R C G C D M R F R O M ] M O M A W l v @ A ^ K X X M D E F R O C G O @ A b K W M G A W W J K A O CF B i } r m ` T \ L A X F O A J A R C G C D M R W X C c J C c G I R @ F G N A W M G R X M A G O W A G O M D A G O F G J M G ] A W O D A G O b A @ F ] M C K L F L A F W H A OK G h G C c G l v @ A B C D E F G H @ F W R C G O M G K A J O C A G N F N A c M O @ R X M A G O W F G J A D E X C H A A W O @ L C K N @ A a O A G W M ] A b K W M G A W WR C G O M G K M O H E X F G G M G N F G J L C b K W O O A R @ G C X C N H E X F O ^ C L D c M O @ D M G M D F X J M W L K E O M C G C G F G H b K W M G A W W F R O M ] M O H J K L M G N O @ AX C R h J C c G E @ F W A l s K L O @ A L I O @ A B C D E F G H @ F W F W W A W W A J O @ F O M O c C K X J b A F b X A O C G F ] M N F O A R K L L A G O X H E L A ] F M X M G NK G R A L O F M G A R C G C D M R R C G J M O M C G W b F W A J C G M O W b K W M G A W W D C J A X I E L C ^ M X A C ^ F W W A O W F G J X M F b M X M O M A W I F ] F M X F b M X M O H C ^ X M P K M J M O HF G J R F E M O F X F O M O W J M W E C W F X l v @ A A a O A G O O C c @ M R @ O @ A B i } r m ` ~ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � d e � � � � � � � � � e � � �L A W K X O W c M X X J A E A G J C G ^ K O K L A J A ] A X C E D A G O W I c @ M R @ L A D F M G K G R A L O F M G l x R R C L J M G N X H I O @ A B C D E F G H @ F W K G J A L O F h A GA a O A G W M ] A W R A G F L M C E X F G G M G N O C b A O O A L E L A E F L A M O W A X ^ F G J c M X X R C G O M G K A O C F R O M ] A X H D C G M O C L F G H D F O A L M F X R @ F G N A W O CO @ A ^ K O K L A A R C G C D M R R C G J M O M C G W l
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Deloitte Haskins & Sells LLP
Chartered Accountants Indiabulls Finance Centre Tower 3, 27th -32nd Floor
Senapati Bapat Marg
Elphinstone Road (West) Mumbai – 400 013 Maharashtra, India
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INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL CONSOLIDATED
FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF
IIFL WEALTH MANAGEMENT LIMITED
Opinion and Conclusion
We have (a) audited the Consolidated Financial Results for the year ended March 31, 2020
and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2020
(refer ‘Other Matters’ section below), which were subject to limited review by us, both
included in the accompanying “Statement of Consolidated Financial Results for the Quarter
and Year Ended March 31, 2020” (“the Statement”) of IIFL WEALTH MANAGEMENT
LIMITED (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together
referred to as “the Group”), ,being submitted by the Parent pursuant to the requirements
of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (“the Listing Regulations”).
(a) Opinion on Annual Consolidated Financial Results
In our opinion and to the best of our information and according to the explanations
given to us, and based on the consideration of the audit reports of the other auditors
on separate financial statements/financial information of the subsidiaries referred to
in Other Matters section below, the Consolidated Financial Results for the year ended
March 31, 2020:
(i) includes the results of the following entities:
Sr no Name of the Entities Relationship
1 IIFL Wealth Management Limited Parent
2 IIFL Wealth Finance Limited Subsidiary
3 IIFL Asset Management Limited Subsidiary
4 IIFL Wealth Portfolio Managers Limited
(Formerly known as IIFL Alternate Asset
Advisors Limited)
Subsidiary
5 IIFL Distribution Services Limited Subsidiary
6 IIFL Investment Advisers & Trustee
Services Limited
Subsidiary
7 IIFL Trustee Limited Subsidiary
8 IIFL Wealth Securities IFSC Limited Subsidiary
9 IIFL Altiore Advisors Private Limited Subsidiary
10 IIFL Wealth Employee Welfare Benefit
Trust
Subsidiary
Deloitte Haskins & Sells LLP
Sr no Name of the Entities Relationship
11 IIFL Asset Management (Mauritius)
Limited
Subsidiary
12 IIFL (Asia) Pte. Limited Subsidiary
13 IIFL Capital Pte. Limited Subsidiary
14 IIFL Securities Pte. Limited Subsidiary
15 IIFL Inc. Subsidiary
16 IIFL Private Wealth Management (Dubai)
Limited
Subsidiary
17 IIFL Private Wealth Hong Kong Limited Subsidiary
18 IIFL Capital (Canada) Limited Subsidiary
(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended; and
(iii) gives a true and fair view in conformity with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India of the consolidated net profit and
consolidated total comprehensive income and other financial information of the
Group for the year ended March 31, 2020.
(b) Conclusion on Unaudited Consolidated Financial Results for the quarter
ended March 31, 2020
With respect to the Consolidated Financial Results for the quarter ended March 31,
2020, based on our review conducted and procedures performed as stated in
paragraph (b) of Auditor’s Responsibilities section below and based on the
consideration of the audit reports for the year ended March 31, 2020 of the other
auditors referred to in Other Matters section below, nothing has come to our attention
that causes us to believe that the Consolidated Financial Results for the quarter ended
March 31, 2020, prepared in accordance with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India, has not disclosed the information required to
be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, including the manner in which it is to
be disclosed, or that it contains any material misstatement.
Basis for Opinion on the Audited Consolidated Financial Results for the year
ended March 31, 2020
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified
under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under
those Standards are further described in paragraph (a) of Auditor’s Responsibilities section
below. We are independent of the Group in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (“ICAI”) together with the ethical
requirements that are relevant to our audit of the Consolidated Financial Results for the
year ended March 31, 2020 under the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
Deloitte Haskins & Sells LLP
and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and the
audit evidence obtained by the other auditors in terms of their reports referred to in Other
Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.
Management’s Responsibilities for the Statement
This Statement, which includes the Consolidated Financial Results is the responsibility of
the Parent’s Board of Directors and has been approved by them for the issuance. The
Consolidated Financial Results for the year ended March 31, 2020, has been compiled from
the related audited consolidated financial information. This responsibility includes the
preparation and presentation of the Consolidated Financial Results for the quarter and year
ended March 31, 2020 that give a true and fair view of the consolidated net loss and
consolidated net profit respectively and consolidated other comprehensive income and
other financial information of the Group in accordance with the recognition and
measurement principles laid down in the Indian Accounting Standards, prescribed under
Section 133 of the Act, read with relevant rules issued thereunder and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations.
The respective Board of Directors of the companies included in the Group are responsible
for maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Group and for preventing and detecting frauds and
other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the respective financial results
that give a true and fair view and are free from material misstatement, whether due to
fraud or error, which have been used for the purpose of preparation of this Consolidated
Financial Results by the Directors of the Parent, as aforesaid.
In preparing the Consolidated Financial Results, the respective Board of Directors of the
companies included in the Group are responsible for assessing the ability of the respective
entities to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the respective Board of
Directors either intends to liquidate their respective entities or to cease operations, or has
no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are responsible
for overseeing the financial reporting process of the Group.
Deloitte Haskins & Sells LLP
Auditor’s Responsibilities
(a) Audit of the Consolidated Financial Results for the year ended March 31,
2020
Our objectives are to obtain reasonable assurance about whether the Consolidated
Financial Results for the year ended March 31, 2020 as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this
Consolidated Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Annual
Consolidated Financial Results, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the
Board of Directors in terms of the requirements specified under Regulation 33 of
the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the Consolidated Financial
Results or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Annual
Consolidated Financial Results, including the disclosures, and whether the
Annual Consolidated Financial Results represent the underlying transactions and
events in a manner that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the Listing Regulations to the extent applicable.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone
Financial Results/ Financial Information of the entities within the Group to
express an opinion on the Annual Consolidated Financial Results. We are
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responsible for the direction, supervision and performance of the audit of
financial information of entities included in the Annual Consolidated Financial
Results of which we are the independent auditors. For the other entities included
in the Annual Consolidated Financial Results, which have been audited by the
other auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Annual Consolidated Financial
Results that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Annual Consolidated Financial
Results may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified misstatements in the Annual
Consolidated Financial Results.
We communicate with those charged with governance of the Parent and such other
entities included in the Consolidated Financial Results of which we are the
independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Consolidated Financial Results for the quarter ended March
31, 2020
We conducted our review of the Consolidated Financial Results for the quarter ended
March 31, 2020 in accordance with the Standard on Review Engagements (SRE)
2410 ‘Review of Interim Financial Information Performed by the Independent Auditor
of the Entity’, issued by the ICAI. A review of interim financial information consists
of making inquiries, primarily of the Company’s personnel responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with SA
specified under section 143(10) of the Act and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit opinion.
The Statement includes the results of the entities as listed under paragraph (a)(i) of
Opinion and Conclusion section above.
As part of our annual audit we also performed procedures in accordance with the
circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended, to the extent
applicable.
Deloitte Haskins & Sells LLP
Other Matters
As stated in Note 15 of the Statement, the figures for the corresponding quarter ended
March 31, 2019 are the balancing figures between the annual audited figures for the
year then ended and the year to date figures for the 9 months period ended December
31, 2018. We have not issued a separate limited review report on the results and
figures for the quarter ended March 31, 2019. Our report on the Statement is not
modified in respect of this matter
The Statement includes the results for the Quarter ended March 31, 2020 being the
balancing figure between audited figures in respect of the full financial year and the
year to date figures up to the third quarter of the current financial year which were
subject to limited review by us. Our report is not modified in respect of this matter.
We did not audit the financial statements / financial information of eight subsidiaries
included in the consolidated financial results, whose financial statements / financial
information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total
revenues of Rs. 8,733.99 lakhs for the year ended March 31, 2020, total net (loss) after
tax of Rs. 3,669.01 lakhs for the year ended March 31, 2020 and total comprehensive
loss of Rs. 3,003.70 lakhs for the year ended March 31, 2020 and net cash outflows of
Rs. (283.34) lakhs for the year ended March 31, 2020 , as considered in the Statement.
These financial statements / financial information have been audited, by other auditors
whose reports have been furnished to us by the Management and our opinion and
conclusion on the Statement, in so far as it relates to the amounts and disclosures
included in respect of these subsidiaries, is based solely on the reports of the other
auditors and the procedures performed by us as stated under Auditor’s Responsibilities
section above.
Eight subsidiaries are located outside India whose financial statements/financial
information have been prepared in accordance with accounting principles generally
accepted in their respective countries and which have been audited by other auditors
under generally accepted auditing standards applicable in their respective countries.
The Parent’s management has converted the financial statements of these subsidiaries
located outside India from the accounting principles generally accepted in their
respective countries to the accounting principles generally accepted in India. We have
audited these conversion adjustments made by the Parent’s Management. Our opinion
in so far as it relates to the balances and affairs of such subsidiaries located outside
India is based on the report of other auditors and the conversion adjustments prepared
by the Management of the Parent and audited by us.
Our report on the Statement is not modified in respect of the above matters with respect
to our reliance on the work done and the reports of the other auditors.
Deloitte Haskins & Sells LLP
The consolidated financial results include the financial information of erstwhile
subsidiary IIFL Wealth Advisors (India) Limited consequent to its amalgamation into
the Parent. The NCLT order for the same was filed with the Registrar of Companies on
December 27, 2019 with appointed date of November 22, 2018 (Refer Note 10 to the
consolidated financial results). We did not audit the financial information of erstwhile
subsidiary IIFL Wealth Advisors (India) Limited, included in the consolidated financial
results of the Parent, whose financial information, total revenues of Rs. 1,767.88 lakhs
for the period from April 1, 2019 to December 27, 2019, total net profit before tax of
Rs. 691.39 lakhs for the period from April 1, 2019 to December 27, 2019, and total
comprehensive income of Rs. 431.10 lakhs for the for the period from April 1, 2019
to December 27, 2019 as considered in the consolidated financial results. This financial
information of erstwhile subsidiary IIFL Wealth Advisors (India) Limited has been
audited by other auditors whose report has been furnished to us by the Management
and our opinion and conclusion on the Statement, in so far as it relates to the amounts
and disclosures included in respect of this erstwhile subsidiary IIFL Wealth Advisors
(India) Limited, is based solely on the report of such other auditors.
Our report on the Statement is not modified in respect of this matter.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Pallavi A. Gorakshakar
Partner
(Membership No.105035)
(UDIN: 20105035AAAADE5247)
Place: Mumbai
Date: 11 June 2020
( R s . I n L a k h s )M a r c h 3 1 , 2 0 2 0 D e c e m b e r 3 1 , 2 0 1 9 M a r c h 3 1 , 2 0 1 9 M a r c h 3 1 , 2 0 2 0 M a r c h 3 1 , 2 0 1 9( R e f e r N o t e 1 5 ) ( R e f e r N o t e 1 5 ) ( R e f e r N o t e 1 5 ) A u d i t e d A u d i t e d1 . 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F o r a n d o n b e h a lf o f t h e B o a r d o f D i r e c t o r sD a t e : J u n e 1 1 , 2 0 2 0P l a c e : M u m b a i K a r a n B h a g a tM a n a g i n g D i r e c t o r( D I N : 0 3 2 4 7 7 5 3 )
I I F L W e a lt h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e :c I I F L C e n t r e , K a m a la C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l, M u m b a i c 4 0 0 0 1 3 , M a h a r a s h t r a , I n d i aS t a t e m e n t o f C o n s o li d a t e d F i n a n c i a l R e s u lt s f o r t h e Q u a r t e r a n d Y e a r e n d e d M a r c h 3 1 , 2 0 2 0P a r t i c u la r s Y e a r e n d e dQ u a r t e r e n d e d
1 . S t a t e m e n t o f C o n s o l i d a t e d A s s e t s a n d L i a b i l i t i e s a s a t M a r c h 3 1 , 2 0 2 0 ( R s . I n L a k h s )A s a tM a r c h 3 1 , 2 0 2 0 A s a tM a r c h 3 1 , 2 0 1 9A S S E T S( 1 ) F i n a n c i a l A s s e t s( a ) C a s h a n d c a s h e q u i v a l e n t s 9 3 , 6 3 1 . 2 8 1 6 , 4 6 2 . 2 9( b ) B a n k B a l a n c e o t h e r t h a n ( a ) a b o v e 2 4 , 2 3 9 . 1 9 1 1 , 2 7 9 . 5 4( c ) D e r i v a t i v e f i n a n c i a l i n s t r u m e n t s 1 3 , 1 5 8 . 6 1 9 , 6 0 9 . 4 6( d ) R e c e i v a b l e s( I ) T r a d e R e c e i v a b l e s 2 4 , 2 0 4 . 8 9 2 9 , 6 0 7 . 4 5( I I ) O t h e r R e c e i v a b l e s 1 1 , 8 0 0 . 0 2 4 2 , 4 4 5 . 6 1( e ) L o a n s 3 6 3 , 1 8 9 . 2 5 4 9 6 , 6 4 6 . 0 1( f ) I n v e s t m e n t s 6 5 1 , 2 4 3 . 8 7 3 0 5 , 2 5 6 . 5 5( g ) O t h e r F i n a n c i a l a s s e t s 4 3 , 8 4 0 . 2 7 5 , 2 4 0 . 6 41 , 2 2 5 , 3 0 7 . 3 8 9 1 6 , 5 4 7 . 5 5( 2 ) N o n ý f i n a n c i a l A s s e t s( a ) I n v e n t o r i e s þ 1 , 9 7 5 . 0 6( b ) C u r r e n t t a x a s s e t s 7 , 3 0 4 . 4 3 2 , 6 7 4 . 2 2( c ) D e f e r r e d t a x A s s e t s 5 2 9 . 1 8 1 , 7 4 3 . 3 5( c ) I n v e s t m e n t P r o p e r t y þ þ( e ) B i o l o g i c a l a s s e t s o t h e r t h a n b e a r e r p l a n t s þ þ( d ) P r o p e r t y , P l a n t a n d E q u i p m e n t 2 9 , 8 8 0 . 2 8 6 , 1 6 3 . 0 2( e ) C a p i t a l w o r k þ i n þ p r o g r e s s 1 1 0 . 0 7 1 7 , 3 4 3 . 3 5( f ) I n t a n g i b l e a s s e t s u n d e r d e v e l o p m e n t þ þ( f ) G o o d w i l l o n a c q u i s i t i o n 1 8 , 7 8 5 . 1 0 1 8 , 7 8 5 . 1 0( g ) O t h e r I n t a n g i b l e a s s e t s 8 , 7 6 8 . 8 7 8 , 7 1 2 . 3 7( h ) R i g h t t o U s e a s s e t s 3 , 3 8 1 . 9 2 þ( i ) O t h e r n o n þ f i n a n c i a l a s s e t s 8 , 0 1 0 . 9 3 4 , 0 9 0 . 6 77 6 , 7 7 0 . 7 8 6 1 , 4 8 7 . 1 4T o t a l A s s e t s 1 , 3 0 2 , 0 7 8 . 1 6 9 7 8 , 0 3 4 . 6 9L I A B I L I T I E S A N D E Q U I T YL I A B I L I T I E S( 1 ) F i n a n c i a l L i a b i l i t i e s( a ) D e r i v a t i v e f i n a n c i a l i n s t r u m e n t s 2 4 , 8 8 3 . 7 1 2 5 , 1 6 0 . 9 3( b ) P a y a b l e s( I ) T r a d e P a y a b l e s( i ) t o t a l o u t s t a n d i n g d u e s o f m i c r o e n t e r p r i s e s a n d s m a l l e n t e r p r i s e s þ þ( i i ) t o t a l o u t s t a n d i n g d u e s o f c r e d i t o r s o t h e r t h a n m i c r o e n t e r p r i s e s a n ds m a l l e n t e r p r i s e s 6 , 9 4 4 . 5 4 5 , 1 4 7 . 3 5( I I ) O t h e r P a y a b l e s( i ) t o t a l o u t s t a n d i n g d u e s o f m i c r o e n t e r p r i s e s a n d s m a l l e n t e r p r i s e s þ þ( i i ) t o t a l o u t s t a n d i n g d u e s o f c r e d i t o r s o t h e r t h a n m i c r o e n t e r p r i s e s a n ds m a l l e n t e r p r i s e s 2 3 , 4 7 5 . 8 7 8 , 4 6 4 . 1 6( c ) F i n a n c e L e a s e O b l i g a t i o n 3 , 5 4 3 . 8 7 þ( d ) D e b t S e c u r i t i e s 5 4 2 , 6 1 4 . 8 0 4 3 4 , 9 5 4 . 6 1( e ) B o r r o w i n g s ( O t h e r t h a n D e b t S e c u r i t i e s ) 2 8 4 , 9 9 1 . 9 3 1 1 8 , 3 4 0 . 3 5( f ) S u b o r d i n a t e d L i a b i l i t i e s 5 6 , 2 0 3 . 4 1 5 7 , 0 1 3 . 4 1( g ) O t h e r f i n a n c i a l l i a b i l i t i e s 5 1 , 1 5 9 . 5 4 2 8 , 7 3 9 . 7 39 9 3 , 8 1 7 . 6 7 6 7 7 , 8 2 0 . 5 4( 2 ) N o n ý F i n a n c i a l L i a b i l i t i e s( a ) C u r r e n t t a x l i a b i l i t i e s 1 , 7 0 3 . 5 4 2 , 9 4 2 . 0 8( b ) P r o v i s i o n s 9 2 7 . 7 3 8 5 6 . 3 9( c ) D e f e r r e d t a x l i a b i l i t i e s 3 , 2 2 9 . 7 0 2 , 7 8 0 . 9 4( d ) O t h e r n o n þ f i n a n c i a l l i a b i l i t i e s 3 , 2 4 9 . 1 8 2 , 5 9 3 . 1 89 , 1 1 0 . 1 5 9 , 1 7 2 . 5 9( 3 ) E Q U I T Y( a ) E q u i t y S h a r e c a p i t a l 1 , 7 4 2 . 9 0 1 , 6 8 9 . 7 1( b ) I n c r e m e n t a l s h a r e s p e n d i n g i s s u a n c e þ 1 2 . 0 1( c ) O t h e r E q u i t y 2 9 7 , 4 0 7 . 4 4 2 8 9 , 3 3 9 . 8 42 9 9 , 1 5 0 . 3 4 2 9 1 , 0 4 1 . 5 6T o t a l L i a b i l i t i e s a n d E q u i t y 1 , 3 0 2 , 0 7 8 . 1 6 9 7 8 , 0 3 4 . 6 9þ þ
P a r t i c u l a r s I I F L W e a l t h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : ý I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i ý 4 0 0 0 1 3 , M a h a r a s h t r a , I n d i a
2 . C o n s o l i d a t e d C a s h F l o w S t a t e m e n t f o r t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 ( R s . I n L a k h s )P a r t i c u l a r s Y e a r e n d e d M a r c h 3 1 ,2 0 2 0 Y e a r e n d e d M a r c h 3 1 ,2 0 1 9A . C a s h f l o w s f r o m o p e r a t i n g a c t i v i t i e sN e t p r o f i t b e f o r e t a x a t i o n 2 8 , 6 4 2 . 1 1 5 3 , 7 9 2 . 9 2O p e r a t i n g p r o f i t b e f o r e w o r k i n g c a p i t a l c h a n g e s 4 9 , 5 8 6 . 3 8 4 9 , 4 9 1 . 9 5N e t c a s h g e n e r a t e d f r o m o p e r a t i n g a c t i v i t i e s ( A ) 1 8 4 , 1 7 7 . 9 7 1 8 5 , 2 2 6 . 4 4N e t c a s h u s e d i n i n v e s t i n g a c t i v i t i e s ( B ) ( 3 3 5 , 9 7 5 . 7 4 ) ( 2 1 3 , 3 4 6 . 7 1 )N e t c a s h g e n e r a t e d f r o m / ( u s e d i n ) f i n a n c i n g a c t i v i t i e s ( C ) 2 2 8 , 9 6 6 . 7 6 ( 8 , 0 4 3 . 0 3 )N e t i n c r e a s e / ( d e c r e a s e ) i n c a s h a n d c a s h e q u i v a l e n t s ( A + B + C ) 7 7 , 1 6 8 . 9 9 ( 3 6 , 1 6 3 . 3 0 )O p e n i n g C a s h a n d C a s h E q u i v a l e n t s 1 6 , 4 6 2 . 2 9 5 2 , 6 2 5 . 5 9C l o s i n g C a s h a n d C a s h E q u i v a l e n t s 9 3 , 6 3 1 . 2 8 1 6 , 4 6 2 . 2 9£ £I I F L W E A L T H M A N A G E M E N T L I M I T E DC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : ² I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i ² 4 0 0 0 1 3 , M a h a r a s h t r a , I n d i a
( R s . I n L a k h s )M a r c h 3 1 , 2 0 2 0 D e c e m b e r 3 1 , 2 0 1 9 M a r c h 3 1 , 2 0 1 9 M a r c h 3 1 , 2 0 2 0 M a r c h 3 1 , 2 0 1 9S e g m e n t R e v e n u e1 . W e a l t h M a n a g e m e n t 3 7 , 5 3 6 . 9 1 3 5 , 3 0 2 . 2 0 3 3 , 2 1 0 . 3 1 1 3 2 , 5 6 9 . 8 8 1 4 0 , 1 0 8 . 8 92 . A s s e t M a n a g e m e n t 5 , 7 6 8 . 9 7 6 , 2 2 1 . 1 5 3 , 5 6 4 . 7 4 2 0 , 1 7 7 . 6 9 1 7 , 8 3 1 . 9 9T o t a l 4 3 , 3 0 5 .8 8 4 1 , 5 2 3 .3 5 3 6 , 7 7 5 .0 5 1 5 2 , 7 4 7 .5 7 1 5 7 , 9 4 0 .8 8S e g m e n t R e s u lt s ( P r o f i t b e f o r e t a x )1 . W e a l t h M a n a g e m e n t 8 5 0 . 5 9 8 , 5 9 1 . 8 9 1 1 , 8 3 0 . 4 8 2 5 , 8 6 7 . 5 3 4 9 , 7 0 8 . 3 22 . A s s e t M a n a g e m e n t 5 6 6 . 3 2 1 , 4 0 7 . 0 0 9 3 5 . 3 8 2 , 7 7 4 . 5 8 4 , 0 8 4 . 6 0T o t a l 1 , 4 1 6 .9 1 9 , 9 9 8 .8 9 1 2 , 7 6 5 .8 6 2 8 , 6 4 2 . 1 1 5 3 , 7 9 2 .9 2U n a l l o c a t e d � � � � �T o t a l S e g m e n t R e s u lt s 1 , 4 1 6 .9 1 9 , 9 9 8 .8 9 1 2 , 7 6 5 .8 6 2 8 , 6 4 2 . 1 1 5 3 , 7 9 2 .9 2S e g m e n t A s s e t s1 . W e a l t h M a n a g e m e n t 1 , 2 7 5 , 1 4 6 . 4 3 1 , 1 3 4 , 2 5 5 . 2 6 9 5 5 , 7 4 1 . 6 9 1 , 2 7 5 , 1 4 6 . 4 3 9 5 5 , 7 4 1 . 6 92 . A s s e t M a n a g e m e n t 1 9 , 0 9 8 . 1 2 1 5 , 5 8 3 . 0 2 1 7 , 8 7 5 . 4 3 1 9 , 0 9 8 . 1 2 1 7 , 8 7 5 . 4 3T o t a l 1 , 2 9 4 , 2 4 4 .5 5 1 , 1 4 9 , 8 3 8 .2 8 9 7 3 , 6 1 7 . 1 2 1 , 2 9 4 , 2 4 4 .5 5 9 7 3 , 6 1 7 . 1 2U n a l l o c a t e d 7 , 8 3 3 . 6 1 6 , 9 8 9 . 2 0 4 , 4 1 7 . 5 7 7 , 8 3 3 . 6 1 4 , 4 1 7 . 5 7T o t a l S e g m e n t A s s e t s 1 , 3 0 2 , 0 7 8 . 1 6 1 , 1 5 6 , 8 2 7 .4 8 9 7 8 , 0 3 4 .6 9 1 , 3 0 2 , 0 7 8 . 1 6 9 7 8 , 0 3 4 .6 9S e g m e n t L i a b i li t i e s1 . W e a l t h M a n a g e m e n t 9 9 3 , 3 1 7 . 9 4 8 3 8 , 5 6 1 . 2 2 6 7 8 , 5 0 0 . 2 4 9 9 3 , 3 1 7 . 9 4 6 7 8 , 5 0 0 . 2 42 . A s s e t M a n a g e m e n t 4 , 6 7 6 . 6 4 5 , 9 4 6 . 1 9 2 , 7 6 9 . 8 7 4 , 6 7 6 . 6 4 2 , 7 6 9 . 8 7T o t a l 9 9 7 , 9 9 4 .5 8 8 4 4 , 5 0 7 .4 1 6 8 1 , 2 7 0 . 1 1 9 9 7 , 9 9 4 .5 8 6 8 1 , 2 7 0 . 1 1U n a l l o c a t e d 4 , 9 3 3 . 2 4 6 , 0 6 0 . 2 2 5 , 7 2 3 . 0 2 4 , 9 3 3 . 2 4 5 , 7 2 3 . 0 2T o t a l S e g m e n t L i a b i li t i e s 1 , 0 0 2 , 9 2 7 .8 2 8 5 0 , 5 6 7 .6 3 6 8 6 , 9 9 3 . 1 3 1 , 0 0 2 , 9 2 7 .8 2 6 8 6 , 9 9 3 . 1 3C a p i t a l E m p lo y e d( S e g m e n t A s s e t s l e s s S e g m e n t l i a b i l i t i e s )1 . W e a l t h M a n a g e m e n t 2 8 1 , 8 2 8 . 4 9 2 9 5 , 6 9 4 . 0 4 2 7 7 , 2 4 1 . 4 5 2 8 1 , 8 2 8 . 4 9 2 7 7 , 2 4 1 . 4 52 . A s s e t M a n a g e m e n t 1 4 , 4 2 1 . 4 8 9 , 6 3 6 . 8 3 1 5 , 1 0 5 . 5 6 1 4 , 4 2 1 . 4 8 1 5 , 1 0 5 . 5 6T o t a l c a p i t a l e m p lo y e d i n S e g m e n t s 2 9 6 , 2 4 9 .9 7 3 0 5 , 3 3 0 .8 7 2 9 2 , 3 4 7 .0 1 2 9 6 , 2 4 9 .9 7 2 9 2 , 3 4 7 .0 1U n a l l o c a t e d 2 , 9 0 0 . 3 7 9 2 8 . 9 8 ( 1 , 3 0 5 . 4 5 ) 2 , 9 0 0 . 3 7 ( 1 , 3 0 5 . 4 5 )T o t a l C a p i t a l E m p lo y e d 2 9 9 , 1 5 0 .3 4 3 0 6 , 2 5 9 .8 5 2 9 1 , 0 4 1 .5 6 2 9 9 , 1 5 0 .3 4 2 9 1 , 0 4 1 .5 6( R s . I n L a k h s )G e o g r a p h i c a l I n f o r m a t i o n M a r 3 1 , 2 0 2 0 D e c 3 1 , 2 0 1 9 M a r 3 1 , 2 0 1 9 M a r 3 1 , 2 0 2 0 M a r 3 1 , 2 0 1 9I n d ia 4 2 , 8 7 8 .8 4 4 0 , 9 4 0 .6 6 3 5 , 6 4 8 . 2 4 1 5 0 , 3 1 9 .6 1 1 4 7 , 4 8 6 .3 4M a u r it i u s 9 0 . 2 6 2 7 3 .4 1 9 1 7 .0 2 1 , 2 5 8 .7 7 9 , 1 6 3 .9 3S i n g a p o r e 3 3 6 .7 2 3 0 8 . 1 0 2 0 6 .9 4 1 , 1 6 6 .3 2 1 , 1 5 6 .9 3O t h e r s 0 .0 6 1 . 1 8 2 .8 5 2 .8 7 1 3 3 .6 8T o t a l : 4 3 , 3 0 5 . 8 8 4 1 , 5 2 3 . 3 5 3 6 , 7 7 5 . 0 5 1 5 2 , 7 4 7 . 5 7 1 5 7 , 9 4 0 . 8 8Q u a r t e r e n d e d Y e a r e n d e d
I I F L W e a lt h M a n a g e m e n t L i m it e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : T I I F L C e n t r e , K a m a l a C it y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l, M u m b a i T 4 0 0 0 1 3 , M a h a r a s h t r a , I n d i aP a r t i c u l a r s R s i n L a c s Q u a r t e r e n d e d Y e a r e n d e d3 . T h e C o m p a n y a n d it s s u b s id ia r ie s a r e e n g a g e d i n f i n a n c e a n d f i n a n c ia l s e r v ic e s a c t iv it ie s . O n a c o n s o l id a t e d b a s is , t h e C o m p a n y h a s id e n t if ie d t w o r e p o r t a b le s e g m e n t s n a m e ly ( i ) W e a lt h M a n a g e m e n ta n d ( i i ) A s s e t M a n a g e m e n t . T h e d is c lo s u r e s i n t e r m s o f I n d ia n A c c o u n t i n g S t a n d a r d 1 0 8 ( I n d A S ) o n “ O p e r a t i n g S e g m e n t ” a s s p e c if ie d u n d e r s e c t io n 1 3 3 o f C o m p a n ie s A c t , 2 0 1 3 f o r t h e G r o u p is a s u n d e r :
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I I F L W e a l t h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : ¬ I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i ¬ 4 0 0 0 1 3 ,M a h a r a s h t r a , I n d i a4 . T h e a b o v e c o n s o l i d a t e d f i n a n c i a l r e s u l t s f o r t h e q u a r t e r a n d y e a r e n d e d M a r c h 3 1 , 2 0 2 0 , h a v e b e e n r e v i e w e da n d a u d i t e d r e s p e c t i v e l y a n d r e c o m m e n d e d b y t h e A u d i t C o m m i t t e e a n d a p p r o v e d b y t h e B o a r d o f D i r e c t o r s o ft h e C o m p a n y a t t h e i r m e e t i n g h e l d o n J u n e 1 1 , 2 0 2 0 . T h e S t a t u t o r y A u d i t o r s h a v e i s s u e d a u d i t r e p o r t w i t hu n m o d i f i e d c o n c l u s i o n a n d o p i n i o n o n t h e c o n s o l i d a t e d f i n a n c i a l r e s u l t s f o r t h e q u a r t e r a n d y e a r e n d e d M a r c h3 1 , 2 0 2 0 .5 . T h e s e c o n s o l i d a t e d f i n a n c i a l r e s u l t s h a v e b e e n p r e p a r e d i n a c c o r d a n c e w i t h t h e r e c o g n i t i o n a n d m e a s u r e m e n tp r i n c i p l e s l a i d d o w n i n I n d i a n A c c o u n t i n g S t a n d a r d s p r e s c r i b e d u n d e r S e c t i o n 1 3 3 o f t h e C o m p a n i e s A c t , 2 0 1 3r e a d w i t h r e l e v a n t R u l e s i s s u e d t h e r e u n d e r a n d o t h e r a c c o u n t i n g p r i n c i p l e s g e n e r a l l y a c c e p t e d i n I n d i a a n d i na c c o r d a n c e w i t h t h e r e q u i r e m e n t o f R e g u l a t i o n 3 3 o f t h e S E B I ( L i s t i n g O b l i g a t i o n s a n d D i s c l o s u r e R e q u i r e m e n t s )R e g u l a t i o n s 2 0 1 5 a s a m e n d e d .6 . T h e G r o u p h a s a d o p t e d I n d A S 1 1 6 — " L e a s e s " w i t h e f f e c t f r o m A p r i l 0 1 , 2 0 1 9 a n d a p p l i e d t h e s t a n d a r d t o i t sl e a s e s r e t r o s p e c t i v e l y . I n a c c o r d a n c e w i t h t h e r e q u i r e m e n t s o f t h e s t a n d a r d , t h e l e a s e l i a b i l i t y a t t h e p r e s e n tv a l u e o f r e m a i n i n g l e a s e p a y m e n t s a t t h e d a t e o f i n i t i a l a p p l i c a t i o n i . e . A p r i l 0 1 , 2 0 1 9 a m o u n t i n g t o`
4 , 3 5 7 . 0 1l a k h s h a s b e e n r e c o g n i z e d a n d " R i g h t t o u s e a s s e t s " h a s b e e n r e c o g n i z e d a t a n a m o u n t e q u a l t o t h e " L e a s el i a b i l i t y " a s a t t h a t d a t e . I n t h e S t a t e m e n t o f P r o f i t a n d L o s s f o r t h e c u r r e n t p e r i o d , t h e n a t u r e o f e x p e n s e s i nr e s p e c t o f l e a s e s h a s c h a n g e d f r o m l e a s e r e n t i n p r e v i o u s p e r i o d s t o d e p r e c i a t i o n c o s t f o r " R i g h t t o u s e l e a s ea s s e t s " a n d i n t e r e s t a c c r u e d o n " L e a s e l i a b i l i t y ” .7 . T h e C o m p a n y h a s r e v i s e d i t s e s t i m a t e o f u s e f u l l i f e o f F u r n i t u r e a n d F i x t u r e s a n d E l e c t r i c a l E q u i p m e n t u s e d i n t h eo f f i c e p r e m i s e a c q u i r e d d u r i n g t h e p e r i o d , w h i c h w a s e a r l i e r o n l e a s e , a n d h a s r e c o m p u t e d t h e d e p r e c i a t i o n o nt h e s a m e o n p r o s p e c t i v e b a s i s . A s a r e s u l t , d e p r e c i a t i o n f o r t h e q u a r t e r a n d y e a r e n d e d M a r c h 3 1 , 2 0 2 0 i s l o w e rb y`
1 4 2 . 6 8 l a k h s a n d`
5 6 0 . 5 9 l a k h s r e s p e c t i v e l y a n d t h e p r o f i t b e f o r e t a x f o r t h e q u a r t e r a n d y e a r e n d e d M a r c h3 1 , 2 0 2 0 i s h i g h e r b y`
1 4 2 . 6 8 l a k h s a n d`
5 6 0 . 5 9 l a k h s r e s p e c t i v e l y .8 . I n t e r m s o f t h e C o m p o s i t e S c h e m e o f A r r a n g e m e n t ( S c h e m e ) a m o n g s t I I F L F i n a n c e L i m i t e d ( f o r m e r l y k n o w n a sI I F L H o l d i n g s L i m i t e d ) , I n d i a I n f o l i n e F i n a n c e L i m i t e d , I n d i a I n f o l i n e M e d i a a n d R e s e a r c h S e r v i c e s L i m i t e d ( " I I F LM & R " ) , I I F L S e c u r i t i e s L i m i t e d ( " I I F L S e c u r i t i e s " ) , I I F L W e a l t h M a n a g e m e n t L i m i t e d ( " I I F L W e a l t h " ) a n d I I F LD i s t r i b u t i o n S e r v i c e s L i m i t e d ( " I I F L D i s t r i b u t i o n " ) , a n d t h e i r r e s p e c t i v e s h a r e h o l d e r s , u n d e r S e c t i o n s 2 3 0 ø 2 3 2a n d o t h e r a p p l i c a b l e p r o v i s i o n s o f t h e C o m p a n i e s A c t , 2 0 1 3 ( " S c h e m e " ) w h i c h w a s a p p r o v e d b y t h e N a t i o n a lC o m p a n y L a w T r i b u n a l B e n c h a t M u m b a i ( T r i b u n a l ) o n M a r c h 0 7 , 2 0 1 9 u n d e r t h e a p p l i c a b l e p r o v i s i o n s o f t h eC o m p a n i e s A c t , 2 0 1 3 , t h e e q u i t y o p t i o n s h o l d e r s o f I I F L F i n a n c e L i m i t e d ( f o r m e r l y k n o w n a s I I F L H o l d i n g s L i m i t e d )( O p t i o n s h o l d e r s ) s h a l l b e g r a n t e d 1 s t o c k o p t i o n b y t h e C o m p a n y f o r e v e r y 7 s t o c k o p t i o n s h e l d i n I I F L F i n a n c eL i m i t e d , o n t e r m s a n d c o n d i t i o n s s i m i l a r t o t h e E S O P S c h e m e o f I I F L F i n a n c e L i m i t e d . A c c o r d i n g l y , 1 , 2 7 , 9 1 3o p t i o n s o f I I F L W e a l t h M a n a g e m e n t L i m i t e d w e r e g r a n t e d o n A u g u s t 2 1 , 2 0 1 9 .9 . D u r i n g t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 t h e C o m p a n y g r a n t e d 2 , 3 3 8 , 9 0 9 s t o c k o p t i o n s r e p r e s e n t i n g e q u a l n u m b e ro f e q u i t y s h a r e s o f f a c e v a l u e o f`
2 / ø e a c h i n t h e C o m p a n y t o t h e e l i g i b l e e m p l o y e e s u n d e r t h e I I F L W e a l t hE m p l o y e e S t o c k O p t i o n S c h e m e ø 2 0 1 9 . N o n e o f t h e s t o c k o p t i o n s w e r e v e s t e d o r e x e r c i s e d d u r i n g t h e s a i d p e r i o d .1 0 . O n N o v e m b e r 2 2 , 2 0 1 8 , I I F L W e a l t h M a n a g e m e n t L i m i t e d a c q u i r e d 1 0 0 % s t a k e i n I I F L W e a l t h A d v i s o r s ( I n d i a )L i m i t e d ( F o r m e r l y k n o w n a s W e a l t h A d v i s o r s ( I n d i a ) P r i v a t e L i m i t e d ) . T h e r e a f t e r , o n 2 9 J a n u a r y 2 0 1 9 , t h e B o a r do f D i r e c t o r s o f I I F L W e a l t h M a n a g e m e n t L i m i t e d ( t h e “ T r a n s f e r e e C o m p a n y ” ) a p p r o v e d a d r a f t s c h e m e o fa m a l g a m a t i o n o f I I F L W e a l t h A d v i s o r s ( I n d i a ) L i m i t e d ( t h e “ T r a n s f e r o r C o m p a n y ” ) w i t h t h e T r a n s f e r e e C o m p a n y
I I F L W e a l t h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : 4 I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i 4 4 0 0 0 1 3 ,M a h a r a s h t r a , I n d i aa n d t h e i r r e s p e c t i v e s h a r e h o l d e r s i n t e r m s o f t h e p r o v i s i o n s o f S e c t i o n s 2 3 0 t o 2 3 2 r e a d w i t h o t h e r a p p l i c a b l ep r o v i s i o n s o f t h e C o m p a n i e s A c t , 2 0 1 3 ( t h e “ S c h e m e ” ) .T h e N a t i o n a l C o m p a n y L a w T r i b u n a l ( T r i b u n a l ) B e n c h a t M u m b a i h a s a p p r o v e d t h e a f o r e m e n t i o n e d S c h e m e o nO c t o b e r 2 4 , 2 0 1 9 a n d t h e N a t i o n a l C o m p a n y L a w T r i b u n a l B e n c h a t C h e n n a i a p p r o v e d t h e S c h e m e o nD e c e m b e r 2 0 , 2 0 1 9 u n d e r t h e a p p l i c a b l e p r o v i s i o n s o f t h e C o m p a n i e s A c t , 2 0 1 3 a n d t h e a p p o i n t e d d a t e o f t h eS c h e m e i s f i x e d a s N o v e m b e r 2 2 , 2 0 1 8 .C e r t i f i e d c o p y o f t h e s a i d o r d e r o f t h e M u m b a i B e n c h a n d C h e n n a i B e n c h o f t h e T r i b u n a l w a s r e c e i v e d b y t h eC o m p a n y o n D e c e m b e r 2 , 2 0 1 9 a n d D e c e m b e r 2 7 , 2 0 1 9 r e s p e c t i v e l y a n d f i l e d w i t h t h e R e g i s t r a r o f C o m p a n i e so n D e c e m b e r 2 7 , 2 0 1 9 .1 1 . A n i n t e r i m d i v i d e n d o f`
8 , 7 1 2 . 3 0 l a k h s (`
1 0 / � p e r s h a r e ) w a s a p p r o v e d i n t h e B o a r d M e e t i n g h e l d o n J a n u a r y2 2 , 2 0 2 0 a n d h a s b e e n a p p r o p r i a t e d a n d p a i d d u r i n g t h e q u a r t e r e n d e d M a r c h 3 1 , 2 0 2 0 . A g g r e g a t e I n t e r i md i v i d e n d a p p r o p r i a t e d a n d p a i d d u r i n g t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 a m o u n t e d t o`
1 7 , 3 9 6 . 0 6 l a k h s .1 2 . T h e G o v e r n m e n t o f I n d i a v i d e O r d i n a n c e N o . 1 5 o f 2 0 1 9 d a t e d S e p t e m b e r 2 0 , 2 0 1 9 a m e n d e d t h e i n c o m e t a xp r o v i s i o n s b y i n s e r t i n g s e c t i o n 1 1 5 B A A . A s p e r t h e a m e n d e d p r o v i s i o n s , t h e C o m p a n y a n d s o m e o f i t ’ ss u b s i d i a r i e s h a v e o p t e d t o p a y t a x a t r a t e o f 2 2 % p l u s a p p l i c a b l e s u r c h a r g e a n d c e s s s u b j e c t t o t h e c o n d i t i o n sm e n t i o n e d u n d e r t h e a m e n d e d p r o v i s i o n s a n d r e c o g n i s e d t h e e f f e c t o f c h a n g e b y r e v i s i n g t h e a n n u a l e f f e c t i v ei n c o m e t a x r a t e . D u e t o r e d u c e d t a x r a t e , t h e G r o u p h a s , d u r i n g t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 , r e � m e a s u r e d i t sD e f e r r e d T a x A s s e t s a n d L i a b i l i t i e s a s a t A p r i l 1 , 2 0 1 9 a n d t h e i m p a c t o f t h i s c h a n g e h a s b e e n f u l l y r e c o g n i s e d i nt h e S t a t e m e n t o f P r o f i t a n d L o s s A c c o u n t u n d e r " T a x e x p e n s e " f o r t h e F i n a n c i a l R e s u l t s o f t h e Y e a r e n d e d M a r c h3 1 , 2 0 2 0 .1 3 . T h e s p r e a d o f t h e C O V I D � 1 9 p a n d e m i c a c r o s s t h e g l o b e a n d I n d i a c o n t r i b u t e d t o s i g n i f i c a n t v o l a t i l i t y i n g l o b a l a n dI n d i a n f i n a n c i a l m a r k e t s a n d a s i g n i f i c a n t d e c r e a s e i n g l o b a l a n d l o c a l e c o n o m i c a c t i v i t i e s . T h e u l t i m a t e d u r a t i o na n d e x t e n t o f t h e p a n d e m i c c a n n o t r e a s o n a b l y b e a s s e s s e d a n d c o n s e q u e n t l y t h e f u l l i m p a c t o n t h e b u s i n e s s d u et o a C O V I D � 1 9 r e l a t e d e c o n o m i c s l o w d o w n , c h a n g e s i n c l i e n t s e n t i m e n t a n d i n v e s t m e n t b e h a v i o u r a r e c u r r e n t l yu n k n o w n . T h e G r o u p s o f a r h a s c o n t i n u e d t o e n g a g e w i t h c l i e n t s a n d e m p l o y e e s t h r o u g h t h e b u s i n e s s c o n t i n u i t ym e a s u r e s p u t i n p l a c e a n d i t s t e c h n o l o g y p l a t f o r m w i t h l i m i t e d d i s r u p t i o n . F u r t h e r , t h e G r o u p h a s a s s e s s e d t h a ti t e x p e c t s t o n a v i g a t e c u r r e n t l y p r e v a i l i n g u n c e r t a i n e c o n o m i c c o n d i t i o n s b a s e d o n i t s b u s i n e s s m o d e l , p r o f i l e o fa s s e t s a n d l i a b i l i t i e s a n d a v a i l a b i l i t y o f l i q u i d i t y a n d c a p i t a l a t i t s d i s p o s a l . H o w e v e r , t h e e x t e n t t o w h i c h t h eC O V I D � 1 9 p a n d e m i c w i l l u l t i m a t e l y i m p a c t t h e G r o u p ’ s o p e r a t i o n s w i l l d e p e n d o n c u r r e n t l y u n c e r t a i n f u t u r ed e v e l o p m e n t s .I n t e r m s o f t h e p o l i c y a p p r o v e d b y t h e B o a r d o f D i r e c t o r s o f I I F L W e a l t h F i n a n c e L i m i t e d ( t h e S u b s i d i a r y ) p u r s u a n tt o R e s e r v e B a n k o f I n d i a ( R B I ) C i r c u l a r s d a t e d M a r c h 2 7 , 2 0 2 0 , t h e S u b s i d i a r y h a s g r a n t e d m o r a t o r i u m t o a l le l i g i b l e c u s t o m e r s f o r a p e r i o d u p t o 3 m o n t h s w i t h r e g a r d s t o t h e p a y m e n t f a l l i n g d u e b e t w e e n M a r c h 0 1 , 2 0 2 0a n d M a y 3 1 , 2 0 2 0 . T h e S u b s i d i a r y h a s a s s e s s e d , b a s e d o n i t s a c t i o n s t a k e n , t h a t s u c h m o r a t o r i u m h a s n o tt r i g g e r e d a s i g n i f i c a n t i n c r e a s e i n c r e d i t r i s k . F u r t h e r , a s p e r m a n a g e m e n t a s s e s s m e n t t h e r e i s n o s i g n i f i c a n td e t e r i o r a t i o n i n t h e v a l u e o f t h e c o l l a t e r a l , d e s p i t e t h e s i g n i f i c a n t d o w n t u r n e x p e r i e n c e d i n t h e s t o c k m a r k e tt o w a r d s t h e e n d o f M a r c h 2 0 2 0 . B a s e d o n a n a s s e s s m e n t o f t h e c i r c u m s t a n c e s , u s i n g b o t h i n t e r n a l a n d e x t e r n a li n f o r m a t i o n , t h e s e c u r i t y a v a i l a b l e a n d t h e a b i l i t y t o r e a l i z e s u c h s e c u r i t y , t h e S u b s i d i a r y d o e s n o t e n v i s a g e t h en e e d f o r a n y a d d i t i o n a l E x p e c t e d C r e d i t L o s s ( E C L ) p r o v i s i o n o n t h e l o a n s o n a c c o u n t o f t h e p a n d e m i c . H o w e v e r ,E C L p r o v i s i o n s r e q u i r e d m a y d i f f e r f r o m t h o s e e s t i m a t e d c u r r e n t l y i f s i t u a t i o n w o r s e n s . S u c h f u t u r e i m p a c t w i l lb e r e c o g n i s e d p r o s p e c t i v e l y .
I I F L W e a l t h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : Ë I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i Ë 4 0 0 0 1 3 ,M a h a r a s h t r a , I n d i a1 4 . I I F L W e a l t h F i n a n c e L i m i t e d , s u b s i d i a r y o f t h e C o m p a n y , h a d e n t e r e d i n t o S h a r e P u r c h a s e A g r e e m e n t w i t h L & TF i n a n c e H o l d i n g s L i m i t e d . o n A u g u s t 2 8 , 2 0 1 9 t o a c q u i r e 1 0 0 % h o l d i n g i n L & T C a p i t a l M a r k e t s L t d . A s o n M a r c h3 1 , 2 0 2 0 t h e t r a n s a c t i o n w a s y e t t o b e c o n s u m m a t e d p e n d i n g , i n t e r � a l i a , r e g u l a t o r y a p p r o v a l s . H e n c e n o i m p a c th a s b e e n g i v e n f o r s u c h a c q u i s i t i o n a s a t M a r c h 3 1 , 2 0 2 0 . P u r s u a n t t o t h e p r o v i s i o n s o f t h e s a i d A g r e e m e n t , t h eC o m p a n y p l a c e d c e r t a i n i n v e s t m e n t s a m o u n t i n g t o`
4 , 6 0 0 l a k h s ( M a r k e t V a l u e`
4 , 7 3 7 . 8 1 l a k h s a s o n M a r c h 3 1 ,2 0 2 0 ) a n d f u n d s o f`
3 , 0 0 0 l a k h s i n a n e s c r o w a c c o u n t w i t h a B a n k a c t i n g a s a n e s c r o w a g e n t . T h e C o m p a n y h a sc o m p l e t e d t h e a c q u i s i t i o n o f 1 0 0 % e q u i t y s h a r e s o f L & T C a p i t a l M a r k e t s L i m i t e d ( L T C M ) , f o r a t o t a l c o n s i d e r a t i o no f`
2 3 , 0 0 0 l a k h s p l u s a v a i l a b l e c a s h / c a s h e q u i v a l e n t s e t c . T h e t r a n s a c t i o n w a s c o n s u m m a t e d o n A p r i l 2 4 , 2 0 2 0 ,a f t e r r e c e i v i n g r e q u i s i t e r e g u l a t o r y a p p r o v a l s .1 5 . T h e f i g u r e s f o r t h e q u a r t e r e n d e d M a r c h 3 1 , 2 0 2 0 a n d q u a r t e r e n d e d M a r c h 3 1 , 2 0 1 9 a r e t h e b a l a n c i n g f i g u r e sb e t w e e n a u d i t e d f i g u r e s i n r e s p e c t o f t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 a n d M a r c h 3 1 , 2 0 1 9 a n d t h e u n a u d i t e df i g u r e s o f n i n e m o n t h s e n d e d D e c e m b e r 3 1 , 2 0 1 9 a n d D e c e m b e r 3 1 , 2 0 1 8 r e s p e c t i v e l y .1 6 . P r e v i o u s p e r i o d / y e a r f i g u r e s h a v e b e e n r e g r o u p e d / r e c l a s s i f i e d t o m a k e t h e m c o m p a r a b l e w i t h t h o s e o f c u r r e n tp e r i o d .I n t e r m s o f o u r r e p o r t a t t a c h e d B y t h e o r d e r o f t h e B o a r dF o r I I F L W e a l t h M a n a g e m e n t L i m i t e dP l a c e : M u m b a i M a n a g i n g D i r e c t o r( D I N : 0 3 2 4 7 7 5 3 )D a t e : J u n e 1 1 , 2 0 2 0 K a r a n B h a g a t
Strictly Private and Confidential - Internal Circulation Only
Quarterly Performance Review Q4 FY 20 #1 Wealth Manager in India #1 Manager of Alternates in India
IIFL WEALTH & ASSET MANAGEMENT
AGENDA
2
BUSINESS HIGHLIGHTS
OUR DIFFERENTIATORS
Market Environment
AWARDS, KEY PERSONNEL & SHAREHOLDERS
SEGMENT DEEP DIVE
FINANCIAL SUMMARY
AUM: Rs. 1,31,422 Cr. AUM: Rs. 21,940 Cr.
5,300+RELEVANT FAMILIES3
64TEAM LEADERS
WITH 210+ RMS
CONSOLIDATED AUM INCL CUSTODY ASSETS
RS. 1,60,034 CR.
• Alternate Investment Funds
• Discretionary Portfolio Management
• Mutual Funds
• Global Asset Management
• Discretionary
• Non-Discretionary
• Broking and Distribution Services
• Corporate Advisory & Custody Services
WEALTH MANAGEMENT
#1 Wealth Manager in India #1 Manager of Alternates in India
ASSET MANAGEMENT
A LEADER IN WEALTH MANAGEMENT & ALTERNATES
41. OPBT = Revenue From Operations Less Costs2. Revenue from operations = Total Revenues less Other Incomes 3. Relevant Families: Basis Number of families with AUM as on the 31st Mar 2020 in excess of Rs 1 Cr
FY 20 OPBT1
356 Crs
FY 20 PBT 286 CrsPAT 206 Crs FY 20 Q4
OPBT 94 CrsPBT 14 Crs
IIFLW COVID 19 RESPONSE
5
EMPLOYEESCLIENTS
SOCIETY
• Work from Home seamlessly Implemented
• Successfully implementation of BCP with enhanced Tech infrastructure for seamless connectivity
• Engaged in additional healthcare tie ups for employees and their families
• Focus on extensive communications with Senior management - weekly Webinars with Employees
• Dedicated LMS launched with Business & Learning Courses
• Intensified engagements with clients, supported by RMs, Research, Solutions & Servicing teams
• Multiple outreach channels established with dedicated servicing desks
• Lined up marquee Global Industry stalwarts for client centric Webinars
• Increased communications between clients and Senior Management
• Periodic market and Business updates sent to clients
• INR 35 million contributed to Global and Local Relief Funds
• Promoting significant Client, Employee and Management Contribution to PM Cares and NGOs assisting frontline workers
• IIFLW a part of the Give India Steering Committee; Covid Relief Fund
• Leveraging Client Partner networks to provide on ground assistance
MARKET ENVIRONMENT & ECONOMIC UPDATE
6
COVID – economic impact: Global economic growth is likely to fall to multi-decade lows as a result of the economic disruptions
due to the COVID pandemic, likely to rebound in 2021
Coordinated policy response: Policymakers have responded promptly by announcing record monetary and fiscal stimulus
packages. This has resulted in abundant supply of liquidity, supporting asset prices and keeping interest rates low
Corporates shift focus to liquidity: Indian corporates have raised more than $22bn during the year (yearly average - $ 10 bn)
through fresh issuances to strengthen balance sheets and build liquidity. Higher availability of capital to market leaders will provide
them opportunities to consolidate their positions further
Savings effect: Lower wage growth and higher unemployment should lead to lower discretionary consumption and higher savings
– leading to opportunities for the wealth and asset management industry
Country/ regionReal GDP growth rate (YoY)
Stimulus* (% of GDP)3 year average
(2017-19) 2020$ 2021$
United States of America 2.5 -6.1 4.0 13.0
Euro area 1.9 -9.1 4.5 33.2
Japan 1.1 -6.1 2.5 41.8
China 6.5 1.0 6.9 9.5
India 5.8 -3.2 3.1 9.4
Brazil 1.2 -8.0 2.2 10.0
World 2.9 -5.2 4.2 20.1
Source: World Bank, IMF and Haver Analytics. Aggregate growth rates calculated using GDP weights at 2010 prices and market exchange rates. For India, annual GDP is on fiscal year basis, as per reporting practice in the country. Data as on 4th June 2020; * Includes monetary and fiscal stimulus; $forecasted value
STRATEGY UPDATE
7
• Client appetite sharply moved to risk off during the quarter. High net worth Clients showed high inclinationtowards short term high quality liquid instruments and for the longer term only sovereign / quasi sovereign andbank deposits and funds. This has seem some bit of reversal in the current quarter but safety of capital remainsthe highest priority
• Asset Managers have had to work hard to mitigate risk in credit specially in open ended strategies. Within ourWealth Management Business we have been largely immune to this, however within the Alternate AssetsManagement our Real Estate funds is where greater focus and stress testing will be needed in these times
• IIFL One continues to gain traction and that gives us confidence in further enhancing the proposition. Wecontinue to invest heavily around people, platform and technology in this segment. Though the current quarterhas been challenging because of documentation related issues we are confident that conversions pick up againfrom Q2 of FY 21.
• Overall the industry last year has seen squeeze on margins driven by regulatory pressures ; market impact;portfolio being skewed towards debt as well as compensation pressures for senior bankers. While in the shortterm this has resulted in us relooking at our business models and driving change we believe in the medium termit will lead to healthy consolidation and a gain in market share
L&T WEALTH ACQUISITION - UPDATE
8
L&T Numbers will be integrated into our reported numbers from Q1 FY 21 onwards
w.e.f. 22 April 2020
• Statutory Approval for the L&T merger
received on 22nd of April 2020
• Team onboarded and effectively
integrated at each location (during the
lockdown period)
• Seamless client transition – extensive
communication, multiple touch points
Business Snapshot
• AUM on 31st March 2020: Rs.
10,807 Crs
• ARR Assets: Rs. 6,093 Crs
• TBR Assets: Rs. 4,714 Crs
• No of Relevant Clients: 900+
• No of Employees: 59
BUSINESS SUMMARY (1/2)
10
INR Cr FY 20 FY 20 Q4 FY 20 Q3 FY 20 Q2 FY 20 Q1 FY 19 FY 19 Q4 QoQ growth %; Q4 vs Q3 FY 20
YoY growth %FY 20 vs FY 19
Closing AUMRecurring Revenue Assets 62,595 62,595 70,434 64,016 63,530 58,270 58,270 -11.1% 7.42%Transactional / Brokerage Assets 94,302 94,302 101,703 99,276 97,930 97,220 97,220 -7.3% -3.00%
Total AUM 156,897 156,897 172,137 163,292 161,460 155,490 155,490 -8.9% 0.91%Less: Double counted Assets 18,106 18,106 21,375 19,436 19,149 18,889 18,889 -15.3% -4.15%
Net Total AUM 138,792 138,792 150,762 143,856 142,312 136,601 136,601 -7.9% 1.60%
Revenue from Operations 920 256 221 232 211 1,023 245 16.0% -10.1%Recurring Revenues 535 142 139 125 129 444 125 1.9% 20.5%Transactional / Brokerage Income 385 115 82 107 82 579 120 40.0% -33.5%
Retention on Revenue from Operations 0.67% 0.71% 0.60% 0.65% 0.61% 0.82% 0.73%Recurring Revenues 0.88% 0.85% 0.83% 0.78% 0.84% 0.86% 0.90%Transactional / Brokerage Income 0.49% 0.47% 0.46% 0.56% 0.49% 0.76% 0.62%
Other Income -69 -79 23 -19 6 44 1Total Revenue 851 177 244 212 217 1,067 245 -27.6% -20.2%
Costs 564 163 144 130 127 530 118 12.8% 6.6%Employee Costs 385 123 99 83 81 337 60 24.5% 14.2%
Fixed Employee Costs 300 71 74 77 78 307 85 -3.8% -2.3%Variable Employee Costs 63 38 17 6 2 30 -25 123.5% 110.1%Employee ESOP Costs 22 14 8 0 0 0 0 87.9%
Admin and Other Expenses 180 40 46 47 46 193 58 -12.4% -6.8%
Profit MetricsOperating Profit before Taxes (OPBT) 356 94 77 101 84 493 127 22.1% -27.9%Profit before Taxes (PBT) 286 14 100 82 90 537 128 -85.8% -46.7%Profit After Tax (PAT) including OCI and FCTR 206 0 76 70 61 384 84 -100.0% -46.2%Effective Tax Rates 28% 100% 24% 15% 33% 30% 34%
Cost to Income Ratio 66% 92% 59% 61% 58% 50% 48%Cost to Operating Income Ratio 61% 63% 65% 56% 60% 52% 48%ROE 7% 0% 10% 9% 8% 16% 12%Operating ROE 13% 14% 11% 14% 11% 19% 16%
1. Operating ROE: OPBT less average tax rate for the year / Net worth less goodwill, intangibles & proprietary funds amounts invested in AIF’ s
BUSINESS SUMMARY (2/2)
11
Rs in Crs.
Particulars FY 20 FY 19Avg AUM Amount Avg AUM Amount
ARR Revenue (A) 60,432 535 51,350 444 Fees on PMS - Discretionary / Non Discretionary & Advisory 13,217 35 5,190 15 Management Fees on Funds Managed By IIFL AMC 21,356 146 17,084 80 Trail Commission on Third Party Managed Funds 21,692 119 23,531 127 Net Interest Margin on Loans 4,167 234 5,546 222
Transaction Revenue (B) 385 579
Revenue from Operations 920 1,023 Costs 564 530
Employee Cost 385 337 Other Costs 180 193
Operating Profit Before Tax (OPBT) 356 493
Other Income on Investments (C) (69) 44
Profit Before Tax (PBT) 286 537 Profit After Tax (PAT) 206 384
Operating ROE 12.5% 18.9%ROE 7.0% 16.2%
KEY FINANCIAL HIGHLIGHTS
12
AUM & Net Flows
Revenues
Cost
Profitability
• Continued focus on ARR assets – increase of 7.4% YoY to Rs 62,595 Crs• Net flows remained strong at Rs 12,434 Crs for FY20 and Rs 3,527 Crs for Q4• Significant momentum in IIFL One – continues to be biggest focus area for Wealth. Assets
increased 103.3% YoY and 10.2% QoQ to Rs 17,720 Crs; Net flows is Rs 2,821 Crs for Q4
• Revenue from Operations decreased 10.1% to 920 Crs for FY20, in line with the change inrevenue model from upfront to annuity
• ARR increased 20.4% to 535 Crs for FY20; 1.9% increase to Rs 142 Crs for Q4
• Rationalization of costs and increase in productivity remains key business priority- Fixed Employee Costs reduced 2.3% for FY20 with significantly lower run-rate for FY21- Administration costs decreased by 6.8% for FY20 and 12.3% for Q4; Expect these coststo further reduce as a part of comprehensive cost reduction program underway
• Operating PBT is down 27.9% to Rs 356 Crs for FY20 (basis change in revenue model); OnQoQ basis, Operating PBT increased by 22.1% to Rs 94 Crs for Q4
• Reduction in PAT driven by impact of MTM losses on AIF holdings
58,270 63,530 64,016 70,434 62,595
97,220 97,930 99,276 1,01,703 94,302
(18,889) (19,149) (19,436) (21,375) (18,106)FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
8,714 10,306 11,354 16,082 17,720
20,773 22,339 23,420 26,903 21,940
19,249 21,456 20,276
18,518 15,576 4,736
4,814 5,115 4,905
3,823 4,798 4,615 3,851
4,027 3,536
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
KEY BUSINESS HIGHLIGHTS – AUM AND NET FLOW
13
Assets Under Management (Rs. Cr.) Excluding Custody
Recurring Revenue Assets (Rs. Cr.)
143,856142,312136,601
Less: Double counted assetsTransactional / Brokerage AssetsAnnual Recurring Revenue Assets
1,50,7621,38,792
70,434
58,270 63,530 64,016 62,595
PMS - Discretionary / Non-Discretionary / Advisory Funds Managed by IIFL AMC Mutual Funds Distributed Managed Accounts Distributed Loans
1,30,981
1,67,746 1,60,034
20,136
12,424
Mar/18 Mar/19 Net NewMoney
InorganicGrowth
MarketPerformance
ForexFluctuations
Mar/20
Net Flows including Custody
5,377
6,637
455
1,806
3,527
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
Net New Money
Net Flows including Custody QoQ
85 78 77 74 71
(25)
2 6 25 52 58
46 4746
40
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
Revenues from Operations (Rs. Cr.) & Yields (%) QoQ
245232
221
Transactional / Brokerage IncomeAnnual Recurring Revenue
Ret. On Revenue from Operations
256211
KEY BUSINESS HIGHLIGHTS – REVENUE, COST AND PROFITABILITY
14
139125
142129 125
Management Fees on Funds Managed by IIFL AMC Fees on PMS - Discretionary/Non-Discretionary/Advisory Trail Commission on Mutual Funds Distributed Trail Commission on Managed Accounts DistributedROA on Loans
Recurring Revenues (Rs. Cr.)
Cost Mix (Rs. Cr.)
Operating PBT and Reported PBT
48.0% 60.2% 56.3% 65.3%
118127
144
63.5%
Cost to Operating income ratioAdmin and Other ExpensesFixed Employee Costs
Variable Employee Costs 163
130
OPBT PBT
125 129 125 139 142
120 82 107 82 115
0.73%
0.61%0.65% 0.60%
0.71%
0. 00 %
0. 10 %
0. 20 %
0. 30 %
0. 40 %
0. 50 %
0. 60 %
0. 70 %
0. 80 %
-
50
10 0
15 0
20 0
25 0
30 0
35 0
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
6 7 8 9 10 23 31 33 41 42 27 22 21
23 22 8 8 7 8 9
61 61 56 58 59
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
127
84101
7794
128
9082
100
14
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
CONSOLIDATED BALANCE SHEET
15
Rs in Crs.
ASSETS As at As at 31-Mar-20 31-Dec-19
1 Financial Assets (a) Cash and cash equivalents 936 242(b) Bank Balance other than (a) above 242 96(c) Derivative financial instruments 132 115(d) Receivables
(I) Trade Receivables 242 265(II) Other Receivables 118 65
(e) Loans 3632 4,114(f) Investments 6512 5,849(g) Other Financial assets 438 702 Non-Financial Assets
(a) Inventories 0 0(b) Current tax assets (Net) 73 53(c) Deferred tax Assets (Net) 5 16(d) Investment Property 0 0(e) Property, Plant and Equipment 299 296(f) Capital work-in-progress 1 4(g) Intangible assets under development 0 0(h) Goodwill 188 188(i) Other Intangible assets 88 89
Right to Use assets 34 41Other non-financial assets 80 67Total Assets 13,021 11,570
LIABILITIES AND EQUITY As at As at31-Mar-20 31-Dec-19
1 Financial Liabilities(a) Derivative financial instruments 249 266(b) Payables 304 199(c) Debt Securities 5426 3,994(d) Borrowings (Other than Debt Securities) 2850 2,925
(e) Subordinated Liabilities 562 570(f) Other financial liabilities 512 400
Finance Lease Obligation 35 422 Non-Financial Liabilities
(a) Current tax liabilities (Net) 17 34(b) Provisions 9 8(c) Deferred tax liabilities (Net) 32 26(d) Other non-financial liabilities 32 443 Equity 0 0
(a) Equity Share capital 17 17(b) Other Equity 2974 3045(c) Non-controlling interest 0
Total Liabilities and Equity 13,021 11,570
BREAKDOWN OF INVESTMENTS
16
Mar 31, 2020
Dec 31, 2019
Mar 31, 2020
Dec 31, 2019
Investments 6,654 5,964 Borrowings 8,862 7,755Derivative financial instruments [1c] 132 115 Derivative Financial Instruments [1a] 249 266Investments [1f] 6,512 5,849 Debt Securities [1c] 5,193 3,994
Borrowings (Other than Debt Securities) [1d] 2,850 2,925Subordinated debt [1e] 570 570
Investments split as 6,654 5,964 Borrowings split as 8,862 7,755Hedged Investments* 4,417 4,362 Hedged Borrowing 4,417 4,362Liquid Investments 1241 770In-transit Investments (Available for Sale) 205 63 Net Borrowings for business 4,445 3,392Investment in AIF
Sponsor 258 323Non-Sponsor 523 445
* Hedged Investments consist of products structured for clients on
1. Government of India Securities (Gsec) – 73%2. Perpetual Bonds issued by Nationalized & Private Banks – 19%3. Debentures – 8% (Includes Derivative financial instruments – 132 Crs)
Total Capital used for Hedged Investments: 77 Crs.
BREAK DOWN OF INVESTMENTS
17
Investment Type Category Description Value as on 31st
Mar 20 (in Cr)Value as on 31st Dec
19 (in Cr)% of Total
Investment
Hedged Investments
Govt Securities Govt Securities 3,216 3,205 48%
Perpetuals Various 839 1044 19%
Debentures Various 362 115 8%
Hedged Investments 4,417 4,362 66%
Liquid Investments Mutual Funds
Liquid Fund 1065 633 16%
Other Debt Funds 166 135 2%
IIFL Growth Fund 9 2 0%
Liquid Investments 1241 770 19%
AIF AIF Sponsor 258 323 4%
AIF AIF Non Sponsor 523 445 8%
AIF 781 768 12%
In Transit Investments High Quality Bonds 205 63 3%
Total Investment 6,644 5,964 100%
CONSOLIDATED FINANCIALS – RE CLASSIFIED RESULT TABLE
18
Particulars Quarter Ended Year Ended Mar 31, 2020 Dec 31, 2019 Mar 31, 2019 Mar 31, 2020 Mar 31, 2019
Fee based Income (A) 197 163 184 686 8011. (iii) Fees and commission Income 218 158 173 678 8061. (iv) Net gain on fair value changes (Reclassified) 0 37 42 85 812. (iii) Net loss on fair value changes (Reclassified) 10 0 0 30 02. (ii) Fees and commission expense -25 -26 -23 -90 -662. (ix) Others expenses (Reclassified) -7 -6 -8 -16 -20
Fund based Income (B) -21 81 61 164 2681. (i) Interest Income 206 198 149 780 6541. (ii) Dividend & Distribution income on investments 1 2 2 5 291. (iv) Net gain on fair value changes 0 -3 -1 -19 -201. (v) Sale of products 7 15 0 41 01. (II) Other Income 1 9 4 24 28
Total of Fund based Income 215 220 153 831 6922. (i) Finance Costs -144 -123 -92 -502 -4312. (iii) Net loss on fair value changes -86 0 0 -129 02. (v) Impairment on financial instruments 1 -1 0 5 82. (vii) Purchases of Stock-in-trade -7 -15 -21 -22 -212. (viii) Changes in Inventories of finished goods, stock-in-trade and wip 0 0 20 -20 20
Total of Fund based Expenses -236 -139 -93 -667 -424
3. Net Revenue (A+B) 176 244 244 851 1069
4. Expenses (Indirect Cost) 162 144 117 564 531(vii) Employee Benefits Expenses 119 95 59 373 331(viii) Depreciation, amortization and impairment 10 10 8 41 22(ix) Others expenses 32 39 51 149 178
5. Profit before tax (3-4) 14 100 127 286 5385. Profit After Tax 0 76 84 206 384
(XIII) Earnings per equity share Basic (In Rs.) * -0.34 8.54 9.54 23.82 34.91Diluted (In Rs.) * -0.34 8.39 9.28 23.41 33.95
Distribution related incomes categorized under the heading Net Gain / Loss on fair value changes have been reclassified under Fee based Income to correctlyreflect the nature of such Incomes.
BREAKDOWN OF NET FUND BASED INCOMES (YoY)
19
FY 20 Income Expense Net Average Capital
DeployedRemarks
Fund Based Income 831 -667 164 2,736 Average Capital Allocation Excluding Goodwill & Intangibles
ROA on Loans 465 -233 232 1,906 NIM earned on Average Loans outstanding for the period
Hedged Investments 270 -270 - 85These are Incomes and expenses including MTM on our hedged instruments which have no impact on our financials and are completely pass through
Investment & Treasury Incomes 96 -164 -68 745 Includes Average investments of 665 Crs in AIF's as sponsor / Distributer
FY 19 Income Expense Net Average Capital
DeployedRemarks
Fund Based Income 692 -424 268 2,237 Average Capital Allocation Excluding Goodwill & Intangibles
ROA on Loans 591 -369 222 1,613 NIM earned on Average Loans outstanding for the period
Hedged Investments 22 -22 - 72These are Incomes and expenses including MTM on our hedged instruments which have no impact on our financials and are completely pass through
Investment & Treasury Incomes 79 -34 46 552 Includes Average investments of 414 Crs in AIF's as sponsor / Distributer
Rs in Crs.
BREAKDOWN OF NET FUND BASED INCOMES (QoQ)
20
Q4 FY 20 Income Expense Net Average Capital
DeployedRemarks
Total Fund Based 215 -236 -21 2,751 Average Capital Allocation Excluding Goodwill & Intangibles
NIM on Loans 112 -53 59 1,887 NIM earned on Average Loans outstanding for the period
Hedged Investments 78 -78 - 77These are Incomes and expenses including MTM on our hedged instruments which have no impact on our financials and are completely pass through
Investment & Treasury Incomes 24 -105 -79 786 Includes Average investments of 774 Crs in AIF's as sponsor / Distributer
Q3 FY 20 Income Expense Net Average Capital
DeployedRemarks
Total Fund Based 220 -139 81 2,783 Average Capital Allocation Excluding Goodwill & Intangibles
NIM on Loans 114 -56 58 1,886 NIM earned on Average Loans outstanding for the period
Hedged Investments 77 -77 - 85These are Incomes and expenses including MTM on our hedged instruments which have no impact on our financials and are completely pass through
Investment & Treasury Incomes 30 -7 23 812 Includes Average investments of 709 Crs in AIF's as sponsor / Distributer
Rs in Crs.
IIFL WEALTH BEST POSITIONED TO WIN
22
PEOPLE
Wealth management is a high personal interface driven business
TALENT ACQUISITIONStrong platform has attracted quality talent. Over 250 RM’s, mostly from varied competing
firms.
TALENT DEVELOPMENTContinuous learning through
ongoing one-on-one mentorships and group engagements
TALENT RETENTIONEmployee equity ownership, strong internal culture has led to probably
the lowest attrition rates in the industry for Teamleaders
PROPOSITION
Ability to offer full scale wealth management services
OPEN ARCHECTECTURE
Multi Manager Platform and rigorous and unbiased manufacturer selection
MULTIPLE ENGAGEMENT LEVELS
Clients can segregate and manage their portfolios through varios
modes of engagement simultaneously.
DIVERSIFICATION ACROSS ASSET CLASSES
Ability to generate steady state returns above inflation with the
least volatility and risk
PLATFORM
Comprehensive suite of products and services
STRONG SUPPORT TEAMS
Large Investment and Product teams provide innovation & high
quality support.
CUTTING EDGE TECHNOLOGY
• Client Portfolio Reporting • In Depth Analysis• Data Aggregation
ENABLERS
• Credit solutions• Trust advisory
• Corporate Finance
PROCESS
Stringent standardized control mechanisms
PORTFOLIO MANAGEMENT APPROACH
Portfolios are managed in line with defined Investment Policy
Statements and are constantly monitored
STRONG BUSINESS INTELLIGENCE & TRACKING
Constant review and tracking of liquidity events lead to 67%
conversion ratios
AUTOMATION
Strong technology and internal processes to ensure seamless and
efficient execution
PRICINGTransparency and alignment of interest
PIONEER IN ADVISORY LED MODELS
First to market with a pure fee for advice model: IIFL-ONE
COMBINED PLATFORM ALLOWS ALL-IN FEE MODEL
In-house brokerage and allied services allow for All-In Fee models
ECONOMIES OF SCALE
Scale enables attractive pricing of products from a client perspective
54 54 61 63 64
123 129189
236 210
0
50
100
150
200
250
300
350
FY16 FY17 FY18 FY 19 FY20
Wealth - Teamleaders Wealth - RM
Team Leader attrition
50% of Team Leaders have more than 5 year vintage in IIFL Wealth
HIGH EMPLOYEE RETENTION
23
Avg. AUM per Team by Vintage (Rs Crs.)
RM Buildup
1. RM Attrition Ratio: Basis Exits of team leaders over the last 5 years2. AUM of team leaders of Wealth Advisors (India) has been considered basis their vintage in wealth advisors
10961Avg. relevant clients perTeam
Team Vintage (Years)
37
299
177 183
250Weighted
average tenure of all Team Leaders is
5.8 yrs
274
54 54
6163
64
3.7%
1.6%
3.2%
6.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
48
50
52
54
56
58
60
62
64
66
FY16 FY17 FY18 FY19 FY20
Teamleaders Attrition Rate
738 1,151
2,570
<3 3-5 yrs 5+ yr
0-1 Years
1-3 Years
3-5 Years5-7 Years
7+ Years 27
811
14
4
46.5
5966.4
82.2 83.2
FY 16 FY 17 FY 18 FY 19 FY 20
1,705 2,288 2,904 3,6724,643807
9051,160
1,509679
FY 16 FY 17 FY 18 FY 19 FY 20
4669
7867
121
2.07%2.42% 2.16%
1.45%2.31%
0. 00 %
0. 50 %
1. 00 %
1. 50 %
2. 00 %
2. 50 %
3. 00 %
3. 50 %
4. 00 %
0
20
40
60
80
10 0
12 0
14 0
FY 16 FY 17 FY 18 FY 19 FY 20
LEADS TO LOW CLIENT ATTRITION AND HIGH PRODUCTIVITY
24
28.6% 18.9% 16.9% 17.7%
2,5113,185
4,053
5,176
0.96% 1.4% 0.87% 0.40% 052%
% of AUM coming from new family
1. Client Attrition Ratio: Basis % of the number of relevant families who have with drawn their complete AUM over the last 5 years2. AUM of Clients Lost: Basis the percentage of the AUM lost to the total AUM of all relevant families within the respective year3. Relevant Families : are all families with AUM (excluding custody Assets) greater than Rs 1 Cr on the last day of the respective period.4. The number of relevant families acquired from WAI acquisition is 445 families in FY 19
AUM lost as a % of Total AUM
9.0%
5,322
No. of relevant families
Average number of relevant clients per Team LeaderAverage Client AUM by vintage in IIFL Wealth (Rs. Cr.)
Average AUM Per Relevant
Client is 23 Crs
Client Attrition <2.5 % per annum
4Total Existing Family countTotal Relevant New Family count
No. of clients lost%. of clients lost
14.4 14.919.6
34
0-1 1-3 3-5 5+
UNIQUE POSITIONING IN ALTERNATES
25
Source: IIFL Asset Management. Data as on 31st March 2020. *After Mar 2019
Thematic Long-ShortDiversified (UCITS and Domestic Funds)
Pre-IPOMid Stage
Public Equity ₹ 7,292 Cr
Private Equity₹ 8,771 Cr
Credit ₹ 2,037 Cr
Real Estate ₹ 3,840 Cr
Early Stage
Concentrated
Liquid Funds
Residential Debt
Seed Stage
Distressed DebtStructured Credit
Residential Equity Commercial
Infrastructure
Existing Under evaluation
1 2 3 4
5 6 7 8
9 10 11 12
13 14 15
Total AUM: ₹ 21,940 Cr
Leading player in the alternate segment
1. Costs include allocated costs that have been split between the Wealth and Asset Management verticals basis of a formula that gives 50% weightage to Net Revenues & 50% weightageto Employee Costs
2. AUM split for Q4 FY 20: Debt 64%, Equity36%,
Assets Under Management - QoQ (Rs. Cr.)Assets Under Management - YoY (Rs. Cr.)
Wealth ManagementAsset ManagementAMC Assets Distributed by WealthCustody Assets
172,763167,746 173,245 178,921160,034
94,919
160,034
62,164
130,981
167,746
Net Flows including Custody
1,30,981
1,67,746 1,60,034
20,136
12,424
Mar/18 Mar/19 Net New Money Inorganic Growth MarketPerformance
Forex Fluctuations Mar/20
CONSOLIDATED METRICS BY BUSINESS SEGMENT
27
Profitability FY16 FY17 FY18 FY19 FY20
Wealth Management
Revenues 406 651 952 896 774
Costs 147 206 284 231 253
Operating Profit before Taxes 166 313 478 469 331
Asset Management
Revenues 58 57 77 127 146
Costs 43 63 92 103 121
Operating Profit before Taxes 15 -6 -15 25 25
1,29,919 1,34,506 1,36,021 1,41,208 1,31,422
20,773 22,339 23,420 26,903 21,940
(14,091) (14,534) (15,585) (17,348) (14,570)
31,145 30,933 28,907 28,159 21,243
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
59,049 85,839
1,10,833 1,29,919 1,31,422
5,455
8,939
13,395 20,773 21,940
(5,233) (8,875) (11,811) (14,091) (14,570)
2,892 9,017
18,564
31,145 21,243
FY16 FY17 FY18 FY19 FY20
135 195 254 307 3005884
141 30 85
90
122
170193
180
FY16 FY17 FY18 FY19 FY20
108 239
367 444 535 356
469
662 579 385 0.83%
0.98%
1.04%
0.82% 0.67%
0.00 %
0.20 %
0.40 %
0.60 %
0.80 %
1.00 %
1.20 %
1.40 %
-
200
400
600
800
1,000
1,200
FY16 FY17 FY18 FY19 FY20
21,144 29,852 44,852 58,270 62,595 43,361
68,540
86,091 97,220 94,302
(5,233) (12,490) (18,526) (18,889) (18,106)
FY16 FY17 FY18 FY19 FY20
1. Net Revenues are calculated after setting of all direct operating and financing costs2. Cost to income ratios have been calculated basis Net Revenues3. Yield = Current year Net Revenue /Avg. of current year Assets and Previous year assets ( Excluding custody Assets)
Assets Under Management (Rs. Cr.) Excluding Custody Revenues from Operations (Rs. Cr.) & Yields (%)
Cost Mix (Rs. Cr.)Profitability (Rs. Cr.)
464
1,029
708
1,023
85,902
136,601
112,416
138,792
59,272
61.0% 56.7% 54.9% 51.8%
564
283
401
565 530
24.0% 19.3% 21.9% 16.2% 7.0% 61.4%
Less: AMC Assets distributed by wealth+ Loan Assets double counted
Transactional / Brokerage AssetsAnnual Recurring Revenue Assets
Transactional / Brokerage IncomeAnnual Recurring Revenue Retention on Revenue from Operations
CONSOLIDATED METRICS YOY
28
Fixed Employee costs
920
RoE %PBTOPBTVariable Employee Costs
Cost to Operating income ratioAdmin and Other Expenses
181
307
464 493
356
226
384
478537
286
FY16 FY17 FY18 FY19 FY20
85 78 77 74 71
(25)
2 6 25 52 58 46 47
4640
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
125 129 125 139 142
120 82 107 82 115
0.73%
0.61%0.65% 0.60%
0.71%
0. 00 %
0. 10 %
0. 20 %
0. 30 %
0. 40 %
0. 50 %
0. 60 %
0. 70 %
0. 80 %
-
50
10 0
15 0
20 0
25 0
30 0
35 0
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
Transactional / Brokerage IncomeAnnual Recurring Revenue Retention on Revenue from Operations
1. Net Revenues are calculated after setting of all direct operating and financing costs2. Cost to income ratios have been calculated basis Net Revenues3. Yield = Current year Net Revenue /Avg. of current year Assets and Previous year assets (Excluding custody Assets)
127
11.6% 8.3% 9.3%
RoE %
Cost Mix (Rs. Cr.)Profitability (Rs. Cr.)
9.9%
Cost to Operating income ratioAdmin and Other ExpensesFixed Employee Costs Variable Employee Costs
1.2%
Assets Under Management (Rs. Cr.) Excluding Custody
143,856142,312136,601Less: Double counted assetsTransactional / Brokerage AssetsAnnual Recurring Revenue Assets
150,762138,792
Revenues from Operations (Rs. Cr.) & Yields (%)
245232 221
256
211
CONSOLIDATED METRICS QoQ
29
OPBT PBT
48.0% 60.2% 56.3% 65.3% 63.5%
127
84101
7794
128
90 82100
14
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
118 144163
130
58,270 63,530 64,016 70,434 62,595
97,220 97,930 99,276 1,01,703 94,302
(18,889) (19,149) (19,436) (21,375) (18,106)FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
38 47 67 38 36 119 113 67 143 139 63 28 46
39 211 48 67 67 51 4 10 11 53
200 376 250
36
10
29 47
FY16 FY17 FY18 FY19 FY20
8,967 17,425 25,524 27,575 22,088 17,115
18,898 17,771 15,812 25,562 10,425
13,069 12,426 12,976 9,491 1,408 8,745 15,260 22,787 21,316
5,445
10,403
15,110 18,069 15,846
FY16 FY17 FY18 FY19 FY20
0
1 4 15 35 22 47 48 80
146 83 76 99
101
87
3 6 10 26
32
-
110
206 222
234
FY16 FY17 FY18 FY19 FY2074 287 1,666
8,714 17,720
5,455 8,939 13,395
20,773
21,940
14,303 15,400
20,478
19,249 15,576
1,312 1,611
2,598
4,736 3,823
-3,615
6,715
4,798 3,536
FY16 FY17 FY18 FY19 FY20
Transactional / Brokerage Revenues (Rs. Cr.)
CONSOLIDATED METRICS YoY
30
Recurring Revenue Assets (Rs. Cr.)
Transactional / Brokerage Assets (Rs. Cr.)
PMS - Discretionary / Non-Discretionary / Advisory
21,144 29,852
44,852
58,270 62,595 Funds Managed by IIFL AMC
Mutual Funds Distributed Managed Accounts Distributed Loans
Direct Stocks
97,220
Structured Notes & Bonds
Managed Accounts Distributed
Mutual Funds Distributed
43,361
68,540
86,091 94,302
Recurring Revenues (Rs. Cr.)
108
239
367
444
535
356
469
662 579
Fees on PMS - Discretionary / Non-Discretionary / Advisory Management Fees on Funds Managed by IIFL AMC Trail Commission on Mutual Funds Distributed Trail Commission on Managed Accounts Distributed ROA on Loans
Direct Stocks Structured Notes & Bonds
Other Brokerage / Syndications
Commissions on Mutual Funds DistributedCommission on Managed Accounts DistributedCarry Income / One time Income
Mutual Funds - Direct Code / Feeders
Mutual Funds - Direct Code / Feeders
385
4 6 9 7 13
63 47 20 27
46
16 29 78 48
56 2 26 7
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
27,575 29,147 29,971 26,610 22,088
15,812 17,061 16,851 20,543 25,562 12,976 9,385 8,327 10,419 9,491 22,787 24,027 25,965 24,511 21,316
18,069 18,309 18,162 19,619 15,846
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
6 7 8 9 10 23 31 33 41 42 27 22 21
23 22 8 8 7 8 9
61 61 56 58 59
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
8,714 10,306 11,354 16,082 17,720 20,773 22,339 23,420
26,903 21,940 19,249 21,456 20,276
18,518 15,576 4,736
4,814 5,115 4,905
3,823 4,798 4,615 3,851
4,027 3,536
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
PMS - Discretionary / Non-Discretionary / Advisory
70,434
58,270 63,530 64,016 62,615
139125
142
82
120
82
107115
Funds Managed by IIFL AMC Mutual Funds Distributed Managed Accounts Distributed Loans
Direct Stocks
99,276
Structured Notes & BondsManaged Accounts Distributed
129 125
Management Fees on Funds Managed by IIFL AMC Fees on PMS - Discretionary/Non-Discretionary/Advisory Trail Commission on Mutual Funds Distributed Trail Commission on Managed Accounts DistributedROA on Loans
Direct Stocks Structured Notes & BondsOther Brokerage / Syndications
Mutual Funds Distributed Commission on Mutual Funds DistributedCommission on Managed Accounts Distributed Carry Income / One time Income
101,703 97,220 97,930 94,302
Mutual Funds - Direct Code / Feeders
CONSOLIDATED METRICS QoQ
31
Recurring Revenue Assets (Rs. Cr.) Recurring Revenues (Rs. Cr.)
Transactional / Brokerage Assets (Rs. Cr.) Transactional / Brokerage Revenues
8,714 10,306 11,354 16,082 17,720
55,012 54,869 54,568 53,448 46,383
22,805 23,122 23,277 24,524 19,669
27,575 29,147 29,971 26,610 22,088
15,812 17,061 16,851 20,543 25,562
0.67%
0.54%0.59%
0.52%
0.63%
0. 00 %
0. 10 %
0. 20 %
0. 30 %
0. 40 %
0. 50 %
0. 60 %
0. 70 %
-
20 ,0 00
40 ,0 00
60 ,0 00
80 ,0 00
1, 00 ,0 00
1, 20 ,0 00
1, 40 ,0 00
1, 60 ,0 00
1, 80 ,0 00
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
406
1 4 11
35 131 148 176 163 87 55
205 387
276
32
38
47
67
38
36 119
113
67 143
139 -
110
206 222
234 63
28
46
43
211
FY16 FY17 FY18 FY19 FY20
74 287
1,666 8,714 17,720 26,136 37,214 48,164 55,012 46,383
6,757 12,015
17,708 22,805 19,669
8,967
17,425
25,524
27,575 22,088
17,115
18,898
17,771
15,812 25,562
0.73%
0.90%0.97%
0.74%
0.59%
0. 00 %
0. 20 %
0. 40 %
0. 60 %
0. 80 %
1. 00 %
1. 20 %
-
20 ,0 00
40 ,0 00
60 ,0 00
80 ,0 00
1, 00 ,0 00
1, 20 ,0 00
1, 40 ,0 00
FY16 FY17 FY18 FY19 FY20
AUM by Products YoY (Rs. Cr.)
1. Yield = Current year Revenue /Avg AUM. (Current year AUM / Previous year AUM)
Net Revenues by Products QoQ (Rs. Cr.)
AUM by Products QoQ (Rs. Cr.)
Net Revenues by Products YoY (Rs. Cr.)
59,049
85,839
110,833
129,919 131,422
129,919 134,506 136,021141,208 131,422
180214
180199
215
651
952896
774
PMS - Discretionary / Non-Discretionary / Advisory Managed Accounts Distributed
Mutual Funds Distributed
Other Brokerage / Syndications Equity Stocks Structured Notes and Bonds ROA on Loans
WEALTH MANAGEMENT
32
Ret. on Rev from Operations
PMS - Discretionary / Non-Discretionary / Advisory Managed Accounts Distributed
Mutual Funds Distributed Equity Stocks Structured Notes and Bonds
Ret. On Rev from Operations
PMS - Discretionary / Non-Discretionary / Advisory Managed Accounts Distributed
Mutual Funds Distributed Equity Stocks Structured Notes and Bonds
PMS - Discretionary / Non-Discretionary / Advisory Managed Accounts Distributed
Mutual Funds Distributed
Other Brokerage / Syndications Equity Stocks Structured Notes and Bonds ROA on Loans
3 7 8 9 10 29 22 21 23 22
34 8 7 8 9
4 6 9
7 13
63
47 20 27 46
61
61 56 58
59
20
29 78 48 56
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
BREAK DOWN OF LOAN BOOK
33
• Loan book ~12% lower QoQ, average book remained steady on QoQ basis
• Spreads improved by ~50 bps YoY, driven by increased yields
• Borrowing book (~80%+ on average) remains in the form of market linked, long dated liabilities – median cost and stable source of money
• Navigated through unprecedented volatility in the capital markets over Q4 FY20 with zero incidence of default
• Robust framework to keep the business running smoothly during lockdown with full operational efficiency
• The book continues to have zero credit losses since inception
Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4 FY 20 FY 20
Loans Disbursed 1,786 1,876 1,830 2,503 7,995
Loans Repaid 2,425 2,185 1,654 2,995 9,259
Net Movement (639) (308) 176 (492) (1,264)
Loan Book Loan Spread
2.7%2.4%
1.4%
1.9%
FY17 FY18 FY19 FY 20
3,615
6,715
4,798
3,536
FY17 FY18 FY19 FY20
866 598 758 3,625 4,643
492 625 901 1,486 1,300
4,097 7,715
11,736
15,661 15,996
1.38%
0.79%
0.69% 0.74%0.69%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
-
5,000
10,000
15,000
20,000
25,000
FY16 FY17 FY18 FY19 FY20
3,625 4,511 5,262 5,839 4,643 1,486 1,329 1,199 1,851
1,300
15,661 16,499 16,959 19,213
15,996
0.63%
0.57% 0.57%
0.66%
0.68%
0.50%
0.52%
0.54%
0.56%
0.58%
0.60%
0.62%
0.64%
0.66%
0.68%
0.70%
-
5,000
10,000
15,000
20,000
25,000
30,000
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q4
5,455
20,773
8,939
13,395
21,940
AUM by Products YoY (Rs. Cr.) and Yield %
Net Revenues by Products QoQ (Rs. Cr.)
AUM by Products QoQ (Rs. Cr.) and Yield %
Net Revenues by Products YoY (Rs. Cr.)
5777
127
146
58
31 31
42
33
1.Carry Income: Revenue earned as performance fees at the maturity of a fund, or at the end of a defined period as agreed with clients / investors.2.Yield = Current year Revenue /Avg AUM. (Current year AUM / Previous year AUM)
Alternative Investment FundRet. On Revenue from OperationsMutual Fund
Discretionary Portfolio Management Schemes
41
20,773 22,33923,420
26,903
21,940
Alternative Investment FundMutual Fund
Discretionary Portfolio Management Schemes
ASSET MANAGEMENT
34
Alternative Investment FundRet. On Revenue from Operations Mutual Fund
Discretionary Portfolio Management Schemes
Alternative Investment FundMutual Fund
Discretionary Portfolio Management Schemes
7 4 4 6 7
2 1 1
1 2
21 26 27
34 33
FY 19 Q4 FY 20 Q1 FY 20 Q2 FY 20 Q3 FY 20 Q42 3 5 16 22
2 2 4 8 5 54 52 68
103 120
FY16 FY17 FY18 FY19 FY20
EUROMONEY AWARDS – CLEAN SWEEP; MULTIPLE AWARDS & ACCOLADES
36
Proud Recipient of
106
Best Private Bank, India 2018
Best Artificial Intelligence, 2018
Best Private Banking Services Overall – India 2020
Outstanding Wealth Mgmt Technology Initiative -2019
Excellence in Wealth Management, India 2018
BFSI Innovation Tribe Awards 2018
Best Private Bank, India 2019
Best Wealth Management App - 2019
Awards till date
EXPERIENCED MANAGEMENT TEAM WITH DEEP DOMAIN EXPERTISE
Anup Maheshwari
Vinay Ahuja
Girish Venkataraman Trust Advisory
Umang PapnejaCIO
24+ years of experience
19+ years of experience
20+ years of experience
18+ years of experience
Karan Bhagat20+ years of experience
Yatin Shah
16+ years of experience
20+ years of experience
Anirudha Taparia Prashasta SethUnlisted Equity
Shaji Kumar Devakar17+ years of experience
Himanshu Jain NBFC 17+ years of experience
Sandeep JethwaniClient Advisory
18+ years of experience
15+ years of experience
Himadri ChatterjeeSales 15+ years of experience
Vivek Mishra Real Estate
Pranob GuptaStructured Debt
Mehul JaniListed Equity 15+ years of experience
WEALTH AMC CORPORATE FUNCTIONS
Pramod Kumar
15+ years of experience
Mihir NanavatiCFO
27+ years of experience
Niraj MurarkaCredit
20+ years of experience
Anirban BanerjeeHR
15+ years of experience
Pavan ManghnaniStrategy & IR
20+ years of experience
Ashutosh NaikCompliance 20+ years of experience
Abhishek ChandraTechnology
20+ years of experience
Raghuvir MukherjiRisk 24+ years of experience
Ronak ShethEvents 18+ years of experience
Amit GargGlobal Products
15+ years of experience
16+ years of experience
Mayur PatelListed Equity 14+ years of experience
Anshuman MaheshwaryCOO
20+ years of experience
Shashi SinghSales 20+ years of experience
19+ years of experience
Manoj Shenoy
20+ years of experience
MARQUEE INSTITUTIONAL SHAREHOLDING AND EXPERIENCED BOARD
38
Name & Designation Previous Experience
Nirmal JainNon-Executive Director & Promoter 30+ years of experience
R. VenkataramanNon-Executive Director & Promoter 20+ years of experience
Karan BhagatManaging Director & Promoter 20+ years of experience
Yatin ShahNon-Executive Director & Promoter 16+ years of experience
1. Share holding Pattern is represented as on the record date – 31st March 20202. * Promoters lock in is 3 years against 1 year for others
Name & Designation Previous Experience
Nilesh Vikamsey Independent Director, Chairman
15+ years of experience
Shantanu Rastogi Nominee Director
30+ years of experience
Geeta Mathur Independent Director 25+ years of experience
S NarayananIndependent Director
Former Fin. Secy, Former Economic Advisor to PM
Mr. Pankaj VaishIndependent Director
Board of Directors
Lock in / Liquidity as on 31st March 2020Shareholding Split
No Lock In
Promoters
Other Institutions
Lock In (1 Yr)
Public
Employees
14.07%
12.36%
12.99%
8.86%*
5.73%
5.84%
54.67%
0.27%
45.33%
3.54%
General Atlantic - 21.36%Fairfax 18.52% -
Non Promoter 1 year Lock in Release : Sep 2020
Sandeep NaikNominee Director 20+ years of experience 34+ years of experience
Mr. G SoundarajanNon-Executive Director
18.52%
0.40%
3.59%
4.35%RIMCO
21.36%
0.34%
1.25%
Promoters
Others
Employees
22.93%
6.00%
21.26%
DISCLAIMER
This document is for the personal information of the authorised recipient(s) and does not construe to be an offer or solicitation of an offer to buy/sellany securities. It does not construe to be any investment, legal or taxation advice or recommendation in relation to holding, purchasing or sellingsecurities or other financial products or instruments in any jurisdiction. The documents is not for public distribution and should not be reproduced orredistributed to any other person or in any form without IIFL Wealth Management Limited (IIFLW) prior permission.
It is not directed to, or for any use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction,where such distribution, publication, availability or use would be contrary to local law, regulation or which would subject IIFLW to any registration orlicensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certaincategory of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restrictions.
Any action taken by you on the basis of the information contained herein is your responsibility alone and IIFLW and its subsidiaries and affiliates or theirrespective employees or directors will not be responsible or liable in any manner for the consequences of such action taken by you. IIFLW or any of itssubsidiaries or associates or their respective directors or employees shall not be in any way responsible for any loss or damage that may arise to anyperson from any inadvertent error or omission in the information contained in this document. The recipients of this document should rely on their owninvestigations or advisors. IIFLW and/or its subsidiaries and/or its affiliates and their respective directors or employees may have interests or positions,financial or otherwise, in the securities mentioned in this document.
The information contained herein has been prepared to assist interested parties in making their own evaluation of IIFLW and while reasonableendeavours have been made to present reliable data so far as it relates to current and historical information does not purport to be complete or tocontain all information that a prospective investor may desire or that may be required in order to properly evaluate the business, prospects or value ofIIFLW. In all cases, interested parties should conduct their own investigation and analysis of IIFLW and the data set forth in this document. Theinformation and opinions contained in this document are provided as at the date of this document and are subject to change without notice. We do notundertake responsibility to update any information contained herein. Securities investments are subject to market risks. As with any securitiesinvestment, the value of a security can go up or down depending on the factors and forces affecting the capital markets. In considering the priorperformance information contained in this document, prospective investors are reminded that past performance is not necessarily indicative of futureresults, and there can be no assurance that IIFLW and its subsidiaries will achieve comparable results. Therefore, prospective investors should not placeundue reliance on such prior performance information. By receiving a copy of this document, you agree to be bound by the provisions contained herein.Any industry data and statistics have been obtained or derived from IIFL Wealth Management Limited and published industry sources or publiclyavailable information. Any forward looking statement or information given is based on management’s current estimates and internal goals and is subjectto change. The actual performance can be materially different. Therefore, the accuracy or completeness of these expectations cannot be guaranteed.
All Data and Performance numbers as shown in this presentation are pre acquisition of IIFL Media & Research Limited (IMRL) pursuant to the compositescheme of arrangement. IMRL data has not been considered in the data displayed in this presentation
39