28 April 2023 For the year ended March 31, 2023, the Company reported net profit after tax of Rs. 1,608 Cr (before non-controlling interest) up 35% y-o-y and Rs 458 Cr (before non-controlling interest) for the quarter ended March 31, 2023, up 43% y-o-y. Profit before tax (PBT) for the year was Rs. 2,113 up 38% y-o-y and Rs. 594 Cr for the quarter, up 42% y-o-y. Loan growth in core products was robust – Gold loans and Home loans AUM grew by 28% and 23% y-o-y respectively. Microfinance grew by 59% while Digital loans and loans against property grew by 33% and 18% y-o-y respectively. Overall core loan portfolio grew by 29% y-o-y and non-core (primarily Construction & real estate finance) portfolio shrunk by 11% y-o-y.

IIFL Finance Limited Consolidated Results Quarterly – Q4FY23


Rs Crore


The quarter ended March 31, 2023


Quarter ended March 31, 2022



Quarter ended December 31,




Loan growth
Loan AUM 64,638 51,210 26% 57,941 12%
Core loan AUM 61,502 47,669 29% 54,689 12%
Non-core loan AUM 3,136 3,541 (11%) 3,252 (4%)
Total Income (Net)* 1,379.2 1,124.9 23% 1,318.4 5%
Pre-provision operating


766.1 656.4 17% 751.7 2%
Profit before tax 594.0 419.6 42% 555.1 7%
Profit after tax (pre-NCI1) 457.6 321.0 43% 423.2 8%
TCI (pre-NCI1) 417.7 338.2 23% 379.6 10%
Return ratios
Return on assets 3.6% 2.9%   3.4%  
Return on equity 19.3% 21.1%   17.9%  
Per share
Earnings per share (EPS) 10.9 8.5 28% 10.0 9%
Book value per share (BVPS) 231.1 165.3 40% 225.6 2%
Asset quality
Gross NPA 1.8% 3.2%   2.1%  
Net NPA 1.1% 1.8%   1.1%  
Balance sheet          
Off book and securitized

assets to AUM

39% 38%   39%  

*excluding Fair value changes

1NCI is Non-controlling interest

Mr. Nirmal JainManaging Director, IIFL Finance Ltd., remarked on the financial results: We are pleased to report a robust performance across all core loan products. We ended the year with loan AUM of over ₹64,000 crores and net profit (pre NCI) of over ₹1,600 crores. The demand for affordable home loans and MSME loans is expected to accelerate with revival in the business sentiment. We have expanded the branch network and invested aggressively in technology over the last two years. Having done the hard work, we expect to reap rewards of the investment from the current year.”


Mr. Kapish JainGroup Chief Financial Officer, IIFL Finance Ltd., commented on the financial results: The consistency in our financial performance confirms the robustness of our business model and our asset light strategy driven in partnership with banks and financial institutions.”

 Financial performance review

The company’s annualized ROE and ROA for Q4FY23 stood at 19.3% and 3.6% respectively. Pre-provision operating profit stood at Rs. 766 Cr. for the quarter up 17% y-o-y. Average borrowing costs for the quarter increased 38 bps q-o-q and 14 bps y-o-y to 8.9%.

95% of our loans are retail in nature and 67% of our retail loans (excluding gold loans which are not classified as PSL loans) are PSL compliant. The assigned loan book, currently at Rs 16,979 Cr. Besides, there are securitized assets of Rs 736 Cr. Apart from securitization and assignment, co-lending book is at Rs 7,557 Cr.

GNPA stood at 1.8% down from 2.1% q-o-q and NNPA stood at 1.1% steady q-o-q, as at March 31, 2023. With implementation of Expected Credit Loss under Ind AS, provision coverage on NPAs stands at 167%.

Total CRAR2 stood at 20.4% as of March 31, 2023, as against minimum regulatory requirement of 15%.

The total presence of branches stood at 4,267 at the end of quarter, spanning the length and breadth of the country.

Business segment review

Home Loans: At the end of the quarter, retail home loan assets grew by 23% y-o-y and 7% q-o-q to Rs 21,800 Cr. The primary focus in this segment is on affordable and non-metro housing loans. Over 73,000 customers benefitted with a subsidy of more than Rs 1,750 Cr under the Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme.

Gold Loans: As of March 31, 2023, the gold loan AUM grew to Rs. 20,733 Cr, showing strong growth of 28% y-o-y and 13% q-o-q. Gold loans are provided through our widespread presence in 1,439 cities across 22 states and 4 Union Territories to salaried, self-employed, and MSME customer segments.

2CRAR is Capital adequacy ratio

Microfinance: The microfinance loan AUM stood at Rs. 9,786 Cr, up 59% y-o-y and 25% q-o-q, as at March 31, 2023. The microfinance customer base stood at 23.5 lakh customers.

Loan against property: Loan against property AUM grew by 18% y-o-y and 8% q-o-q to Rs. 6,671 as at March 31, 2023.

Digital loans: Digital loans AUM grew by 33% y-o-y to Rs. 2,512 as at March 31, 2023.

Construction and Real Estate: Construction and real estate AUM stood at Rs. 2,694 Cr, down 7% y-o-y as at March 31, 2023.

Liquidity position

Cash and cash equivalents and committed credit lines from banks and institutions of Rs 9,356 Cr were available as on March 31, 2023. During the quarter, we raised Rs 5,880 Cr through term loans, bonds and refinance. Additionally, Rs 3,981 Cr was raised through direct assignment of loans.

International credit rating upgrade by Moody’s

On April 6, Moody’s upgraded IIFL Finance’s credit rating from B2 to B1, retaining ‘stable’ outlook on the company which also includes the MTNs. Moody’s said the upgrade has been driven by factors such as higher share of off-balance sheet loans; further fortifying its asset-light business model and improvement in the company’s key metrics of funding, profitability.

Fully repaid maiden dollar bonds

IIFL Finance fully repaid its maiden dollar bonds issue due April 2023 along with interest upon maturity. IIFL Finance, which is one of India’s largest retail-focused NBFCs had raised $400 million through a medium-term note (MTN) program in February 2020. This is a demonstration of strong treasury management capabilities and financial strength of IIFL Finance group. This has also established a strong track record for the company in international bond market.”

Secured $100 million in long-term funding jointly from EDC and Deutsche Bank

IIFL Finance secured $100 million in long-term funding, jointly, from Export Development Canada (EDC) and Deutsche Bank. IIFL Finance secured $50 million from EDC and $50 million from Deutsche Bank, respectively. The deal was structured under the aegis of Deutsche Bank as mandated lead arranger, book runner and co-financier. This would also be IIFL’s second loan from EDC. It had previously secured funding of $100 million from EDC in 2019.

Appointment of Mr. Bharat Aggarwal as Business Head – Unsecured Lending

  • Mr. Bharat Aggarwal has joined us as Business Head – Unsecured Lending. He is a post-graduate from IIM Lucknow with engineering from IIT Delhi. He comes with 15+ years of experience in FinTech, NBFC & Banking Industry. Prior to joining us, he was associated with Poonawalla Fincorp, handling Unsecured lending, partnerships & digital lending. Also, he has worked with brands like Lendingkart, Bajaj Firv & HSBC

Awards and Accolades

  • IIFL Finance received ‘Most Innovative Fintech Product Award’ at National Awards for Excellence in BFSI Award
  • IIFL Finance received ‘Customer Services Excellence Award’ at the Asia Awards for Excellence in BFSI Award
  • IIFL Finance received ‘Marketing Campaign of the Year Award at Global Brand Excellence Awards
  • IIFL Finance received the ‘Best Sustainability Initiative Award’ for at World BFSI Congress & Awards
  • IIFL Foundation received the ‘CSR Leadership Award’ at Asia’s Best CSR Practices Awards
  • IIFL Finance received ‘Best Leading Tech of the Year Award at World BFSI Congress & Awards