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IIFL Group’s Quarterly Results for Q3 FY13
January 30, 2013
India Infoline Group
I: IIFL Group Performance review
II: IIFL (NBFC) Performance review
Annexure I: Corporate overview
Annexure II: Industry update
• Six quarters of consistent profit growth, highest ever quarterly profits
• Income at ` 696 Cr, up 7% qoq, up 45% yoy
• PAT* at ` 75 Cr, up 12% qoq , up 106% yoy
• RoE stood at 15.6% for the quarter, annualized
• Interim dividend declared at ` 3 per share i.e. 150% of par value
• Loan book grows steadily to ` 8,936 Cr in Q3FY13 from ` 7,849 Cr in Q2FY13
• Loan assets predominantly retail, are fully secured
• Loan assets exhibit high quality with net NPAs of 0.25%
• IIFL Wealth continues steady growth and has assets under advice of over ` 36,000 Cr
• Equities market volumes remain subdued, IIFL volumes flattish at ` 5,184 Cr per day
• Commodities market volumes witness decline amid low volatility
• Insurance and mutual fund distribution witness healthy growth
*Before providing for Minority interest, PAT after Minority interest is ` 73 Cr
Dec ‘12 Quarter profits more than double yoy, driven by 45% yoy income growth
IIFL Group Consolidated Performance Review
IIFL Group’s income and PAT rising consistently for last 6 quarters
EBDTA Margin (%)
Return on Equity (%)
Total Income(` Cr)
Profit after Tax (` Cr)
411 480
636 583
653 696
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
23
36
49 53
67 75
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
5.2
8.3
11.1 11.9
14.6 15.6
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
Net of Intergroup Net of Interest cost
Before Minority interest Quarterly annualised
IIFL Group Consolidated Performance Review
13.2 14.3 15.6
17.4 17.8 19.3
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
` Cr Q3FY13 Q2FY13 Q3FY12 QoQ YoY
Broking and related income 143.5 134.0 126.2 7.1% 13.6%
Financing and Investing income 469.5 457.9 287.5 2.6% 63.3%
Marketing and Distribution income 80.6 59.3 65.5 35.9% 23.0%
Other income 2.1 2.0 1.2 3.9% 74.4%
Total Income 695.7 653.2 480.4 6.5% 44.8%
A. Operating cost 85.1 84.4 53.7 0.8% 58.5%
B. Employee cost 135.7 139.2 130.3 (2.5%) 4.2%
C. Other expenses 118.6 117.1 91.3 1.3% 30.0%
EBITDA 356.3 312.5 205.2 14.0% 73.6%
Interest 222.2 196.5 136.4 13.1% 62.9%
Depreciation and amortization 27.6 20.2 19.5 36.6% 41.1%
Profit / (Loss) before tax 106.6 95.8 49.3 11.2% 116.3%
Provision for taxation 31.4 28.6 12.9 10.0% 144.2%
Profit/(Loss) after tax before minority 75.1 67.2 36.4 11.7% 106.4%
Minority Interest 2.0 1.4 0.6 40.0% 226.7%
Profit/(Loss) after tax 73.2 65.8 35.8 11.1% 104.4%
IIFL Group Consolidated Quarterly Results for Dec’12 compared qoq and yoy
IIFL Group Consolidated Performance Review
IIFL Group Consolidated YTD Results for 9 months ended Dec’12 compared yoy
` Cr 9MFY13 9MFY12 YoY FY12
Broking and related income 402.5 399.1 0.8% 545.8
Financing and Investing income 1,335.7 698.8 91.2% 1,090.5
Marketing and Distribution income 187.8 149.5 25.6% 243.1
Other income 5.5 3.5 56.7% 7.2
Total Income 1,931.5 1,250.9 54.4% 1,886.6
A. Operating cost 242.5 166.5 45.7% 258.3
B. Employee cost 399.7 334.2 19.6% 491.7
C. Other expenses 328.4 244.5 34.3% 352.3
EBITDA 960.9 505.7 90.0% 784.3
Interest 609.6 325.1 87.5% 504.3
Depreciation and amortization 66.9 53.6 24.8% 80.2
Profit / (Loss) before tax 284.4 127.0 124.0% 199.8
Provision for taxation 89.3 39.7 124.8% 63.5
Profit/(Loss) after tax before minority 195.1 87.3 123.6% 136.3
Minority Interest 3.9 2.1 88.0% 4.0
Profit/(Loss) after tax 191.2 85.2 124.5% 132.3
*Before providing for Minority interest
IIFL Group Consolidated Performance Review
• Average daily turnover was at ` 5,148 Cr in Q3FY13 up 3% qoq, down 0.6% yoy
• Market share on NSE was at 3.7% in Q3FY13 as compared to 3.8% in Q2FY13
• Present in over 2,000 business locations through branches and sub-brokers
• Brokerage yield remains abysmally low in the hyper competitive industry
Average daily turnover (` Cr)
Despite equity markets upsurge, retail participation still low, IIFL strives to maintain market share
3.6 3.7 3.8 3.4
3.8 3.7
Q2FY13 Q3FY13 Q4FY13 Q1FY13 Q2FY13 Q3FY13
3.1 3.1
3.5 3.6 3.5 3.5
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
Market share on NSE (%) Brokerage yield (Bps)
Avg Cash TO
Avg FAO TO
Q2FY13 Q3FY13 Q4FY12 Q1FY13 Q2FY13 Q3FY13
IIFL Group Consolidated Performance Review
• Over 250 stocks under coverage
• Our in-depth, thematic research
published during the quarter include
• China – Commodities: China
braces for a change as the country
enters a slower growth phase
• The Winning Dozen: 12 stocks
showing stellar performance
• India – Utilities: Report
summarizing key reforms that
would improve Power sector
prospects
IIFL Research remains port of first call for fund managers, coverage further expanded
IIFL Group Consolidated Performance Review
• Average daily commodities turnover was at ` 1,617 Cr in Q3FY13, down 11% qoq and up 4% yoy
• Commodities market share was 3.0% in Q3FY13
• Average daily currency turnover was `647 Cr in Q3FY13
Amid lower volatility, commodity volumes were down, in line with the market
1,779 1,560 1,484 1,492
1,818 1,617
Q2FY13 Q3FY13 Q4FY13 Q1FY13 Q2FY13 Q3FY13
570
702
540 629
722 647
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
Average daily commodities turnover (` Cr)
Average daily currency turnover (` Cr) Commodities market share (%)
2.1 2.4
2.7 2.8 3.1 3.0
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
IIFL Group Consolidated Performance Review
IIFL emerges as one of the leading player in wealth management and financial products distribution
• Assets under advice are over ` 36,000 Cr
• Weighted Annualized insurance premium income mobilization was ` 217 Cr for 9MFY13
• IIFL distributes mutual fund on open architecture. IIFL Clients MF AUM is over ` 12,000 Cr
• Launched the first of its kind Category II Alternative Investment Fund (AIF)
• Closed the largest QFI transaction in India till date of US $110mn in Oct ’12
• With unprecedented tightening of regulatory framework on disclosure, commission etc, industry is undergoing consolidation; we remain sanguine for long term prospects
MF Industry AUM (` Bn)
6,419 6,114 5,872
6,888 7,201 7,599
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
APE growth YoY
(4)
16 1
(17)
5
(7)
28
(13) (26) (19) (17) (22)
(100)
(50)
0
50
100
Jun
/1
2
Jul/
12
Au
g/
12
Sep
/1
2
Oct
/1
2
No
v/
12
Private Players LIC
IIFL Group Consolidated Performance Review
• IIFL was sole financial advisor to Cox & Kings for Citi Venture Capital International (CVCI) investment in its UK subsidiary
• IIFL was book runner for the Qualified Institutions Placement (QIP) of Talwalkars Better Value Fitness Ltd
• Repeat business reflects strong client satisfaction with IIFL and our ability to work across client’s life cycle
• A good pipeline of mandates under execution, across capital markets, private equity and structured finance deals
IIFL Investment Banking acted as the sole advisor for one of the largest cross border deals
US$137.75 Mn
Prometheon Holdings (UK) Ltd. (Subsidiary of Cox & Kings Ltd.)
Sole Advisor
Private Equity Funding by CVCI
INR 424 Mn Talwalkars Better Value
Fitness Ltd.
Qualified Institutions Placement
IIFL Group Consolidated Performance Review
I: IIFL Group Performance review
II: IIFL (NBFC) Performance review
Annexure I: Corporate overview
Annexure II: Industry update
For 9 months of current financial year ended Dec’12,
• Income from Operations at ` 1,217 Cr, up 111% yoy
• PBT at ` 199 Cr, up 89% yoy
• PAT* at ` 138 Cr, up 81% yoy
• Capital adequacy has improved to 22.6%, boosted by infusion of Tier-II capital
• Loan book grows steadily to ` 8,936 Cr as on Q3FY13 from ` 7,849 Cr in Q2FY13
• Book exhibits high quality assets, with low net NPAs at 0.25%
• Net interest margin and spread remain healthy, driven by retail nature of book
• Borrowing profile gets more diversified; cost of funds trending down
• Relative share of gold loan has been on decline post tightening of norms by RBI
Strong growth in YTD income and PAT *; Income up 111% yoy; PAT* up 81% yoy
*Before providing for Minority interest
IIFL NBFC Performance Review
IIFL Finance Consolidated YTD Results for 9 months ended Dec’12 compared yoy
` Cr 9MFY13 9MFY12 YoY FY12
Income from operations 1,216.7 577.8 110.6% 908.5
Other income 39.7 34.4 15.5% 45.1
Total Income 1,256.4 612.2 105.2% 953.6
A. Operating cost 118.3 39.5 199.4% 62.2
B. Employee cost 131.5 68.0 93.4% 109.3
C. Other expenses 155.7 84.5 84.3% 137.1
EBITDA 851.0 420.2 102.5% 645.0
Interest 627.9 304.8 106.0% 479.8
Depreciation and amortization 23.8 9.8 143.3% 15.0
Profit / (Loss) before tax 199.3 105.6 88.7% 150.2
Provision for taxation 61.6 29.5 109.1% 44.8
Profit/(Loss) after tax 137.7 76.1 80.8% 105.4
IIFL NBFC Performance Review
41% 37%
10% 12%
37% 36%
2% 3%
10% 12%
• Loan portfolio in Q3FY13 steadily increased to ` 8,936 Cr as against ` 7,849 Cr in Q2FY13
• Predominantly retail book, wholesale lending accounts for only 9% of total financial assets
• Loan book comprises entirely secured lending against tangible collaterals
• Gold loan product’s relative share is being brought down consciously, post RBI’s tightening of norms
• Diversifying risk with multiple products against collaterals of mortgage, property, gold jewellery, medical equipment, shares etc
Loan book is diversified and growing steadily, relative share of Gold Loan has fallen
Gold loan
Capital market
Mortgage loan
Medical equipment
Other financial assets
Q1FY13 Q3FY13
IIFL NBFC Performance Review
Changing mix of financial assets Financial assets as on Dec 31, 2012
` Cr
A Loan Book 8,936
B Securitised /assigned portfolio
427
C Other Financial Assets 1,234
D AUM (A+B) 9,363
E Total Financial Assets (A+C)
10,170
Other financial assets comprise cash, bank, fixed deposits , bonds, mutual funds investments etc
NIM and spread maintained at healthy levels, supported by retail lending
• Retail book enjoys high spread and NIM with concomitant high operations cost
• NIM has tapered off in last quarter, with decline in share of Gold Loans
• With increasing leverage, divergence between spread and NIM is reducing
• IIFL plans to remain focussed on retail business and maintain healthy NIM
NIM (%)
Spread (%)
6.8
8.5 8.7
10.2 10.5 9.2
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
4.2
6.0 6.9
8.4 8.8 8.5
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
IIFL NBFC Performance Review
• IIFL has been successfully bringing down cost of funds with improving credit acceptability and expanding lenders’ base
• Cost to Income has been falling on the back of higher productivity from branches
• IIFL focus is to take branches to optimum asset level, before embarking upon next phase of expansion
Cost of funds and cost to income are trending down
Cost of Funds (%)
Cost to Income (%)
32.8 33.4 36.0 35.3
32.2 28.9
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
11.5 11.7
12.3 12.6
12.2
11.7
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
IIFL NBFC Performance Review
IIFL’s high asset quality is reflected in low NPAs and strong financials in robust capital adequacy
• IIFL boosted its capital adequacy by raising ` 500 Cr through a public issue of sub-ordinated bonds in Q2FY13
• Further improvement in capital adequacy in Q3FY13, was with elimination of inter group exposures
• IIFL’s steadfast commitment to maintain high asset quality through superior credit processes is reflected in low NPA levels
• IIFL provisioning is more conservative than statutory requirements
Capital Adequacy (%)
Net NPA (%)
0.31 0.25
0.40 0.38
0.32
0.25
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
19.9
16.4 17.9
16.2
20.6 22.6
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
IIFL NBFC Performance Review
A ROBUST strategy in place
Retail focus
Focus on high growth, dispersed risk- retail lending where IIFL can leverage its distribution strength
Operations
excellence
Build a process driven organization with a culture of compliance and audit
Bouquet of
products
Diversify risk through multiple products catering to different profile of borrowers
Under-
banked niches
Face minimal competition with banks in their core businesses to ensure NIM and ROA at desired levels
Secured
lending
Build primarily a secured portfolio with adequate margin of safety in collateral value
Technology
driven
Leverage technology for risk monitoring, cost control and enhancing customer experience
Steadily grow high quality, diversified retail assets focusing on under-banked segments, keeping cost and risk under control through well defined processes, leveraging technology
Focus on high growth, dispersed risk- retail lending where IIFL can leverage its distribution strength
Build a process driven organization with a culture of compliance and audit
Diversify risk through multiple products catering to different profile of borrowers
IIFL NBFC Performance Review
I: IIFL Group Performance review
II: IIFL (NBFC) Performance review
Annexure I: Corporate overview
Annexure II: Industry update
Customer Strategy
2
Drive stickiness through high quality research & service
Maintain cutting-edge proprietary technology
Wide, multi-modal network serving as one-stop shop to customers
Business Strategy
1
Continuously assimilate, analyse and apply knowledge to power superior financial decisions
Focus on core competence in financial services
Ensure de-risked business through multiple products and diverse revenue streams
People Strategy
3
Attract exceptionally talented and driven people
Ensure conducive merit environment
Liberal ownership-sharing
Vision
“To become the Most Respected Company in the financial services space”
KNOWLEDE IS THE EDGE
Vision and Strategy
• Team with impeccable academic and professional credentials
• Open door, transparent and performance oriented culture
• Liberal employee ownership
Management team
Corporate Functions Verticals
Institutional Equities
Investment Banking
Consumer Finance
Retail Broking
Wealth Management
International Operations
H. Nemkumar
Pratima Ram
Prasanth Prabhakaran
Karan Bhagat
Bharat Parajia
Management Team
Finance
Compliance
Operations
Audit
Human Resources
Dhruv Jain
R Mohan
Narendra Jain
Kamal Ahuja
Pallab Mukherji
Offshore Advisory Amit Shah
Insurance Distribution Mukesh Kumar Singh
Chairman Nirmal Jain Managing Director R. Venkataraman
Risk Upendra Jaiswal
Nipun Goel
A K Purwar Independent Director
Former Chairman, State Bank of India
Nilesh Vikamsey Independent Director
Central Council Member, ICAI & Partner of M/s Khimji Kunverji & Co.
Kranti Sinha Independent Director
Former Chief Executive Officer of LIC Housing
Finance
M N Singh Independent Director
IPS (Retd), Former Commissioner of Police,
Mumbai
Sunil Kaul Non Executive Director
Operating Partner, Carlyle Group
C Ratnaswami Non Executive Director Managing Director of
Hamblin Watsa (Fairfax Group, Canada)
V K Chopra Independent Director Former Chairman &
Managing Director of Corporation Bank
Dr S Narayan Independent Director
IAS (Retd), Former Finance Secretary
R S Loona Independent Director
Former Executive Director (Law) of SEBI
A K Shukla Independent Director
Former Chairman of LIC
Homai Daruwala Independent Director
Former Chairperson & Managing Director of Central Bank of India
P Pattanayak Independent Director
Former Managing Director of State Bank of
Mysore
IIFL has attracted luminaries from the Indian financial world to guide the management
•Institutional equities
•Derivatives •Investment banking
•Corporate debt
•Wealth management
•Financial advisory
•Financing
Retail Affluent
Institutional Corporate
CUSTOMER SEGMENTS
Our service offerings
Equities
Insurance
Credit & finance
Wealth management
Asset management
Investment banking
•Equities, commodities broking •Mutual funds distribution •Insurance distribution •Loans
Business model
How we differentiate ourselves
• Promoted by first generation professional entrepreneurs
• Highly qualified and experienced Management team Managerial depth
• Group net worth of around `1,965 Cr
• Significant unutilized capacity to leverage Well-capitalized
• Present at over 4,000 business locations across more than 900 cities in India
• Global footprint covers Colombo, Dubai, New York, Mauritius and Singapore Distribution reach
• The top management is driven by pride and reward of ownership
• To think and work like an owner is part of organization’s DNA Owner-mindset
• Uniquely placed with proprietary front, mid and back office software
• Effectively harnessed technology to provide superior customer experience Technology edge
• De-risked and diversified business model across multiple revenue streams
• Multiple products across all segments of financial services De-risked
Recent awards and accolades received by IIFL
IIFL Analyst receives “Best Analyst” award from then Finance Minister,
Shri Pranab Mukherjee
Mr R Venkataraman received the award on behalf of IIFL at the D&B
Equity Broking Awards, 2012
BEST
COMMODITIES INVESTMENT 2012
BEST WEALTH MANAGEMENT HOUSE – INDIA
2011 & 2012
BEST MARKET ANALYST 2009 &
2012
ENTREPRENEUR OF THE YEAR
(MR NIRMAL JAIN) - 2012
BEST BROKING HOUSE WITH
GLOBAL PRESENCE 2011 & 2012
TOP PERFORMER – EQUITY – FI
CATEGORY – 2012
IIFL Holds Financial Literacy Workshops in Mumbai
Over 50,000 school students enrolled from over 190
schools across India for 2012-13 batch in the FLAME education programme
FLAME (IIFL’s Financial Literacy Campaign) update
I: IIFL Group Performance review
II: IIFL (NBFC) Performance review
Annexure I: Corporate overview
Annexure II: Industry update
Source: Bloomberg, IIFL Research
Source: CMIE, IIFL Research, FY13 GDP data is Advance Estimate
Macro economy
Source: CMIE, FAO, Govt of India, NDDB, IMD, IIFL Research
Source: CMIE, IIFL Research
-5%
-4%
-3%
-2%
-1%
0%
1%
2%
3% 2%
3%
4%
5%
6%
7%
8%
9%
10%
FY9
0
FY9
1
FY9
2
FY9
3
FY9
4
FY9
5
FY9
6
FY9
7
FY9
8
FY9
9
FY0
0
FY0
1
FY0
2
FY0
3
FY0
4
FY0
5
FY0
6
FY0
7
FY0
8
FY0
9
FY1
0
FY1
1
FY1
2
Real GDP growth (LHS)
Current account deficit (RHS) (3yr Cagr)
(% of GDP, 3yr avg)
(25)
(20)
(15)
(10)
(5)
0
5
10
15
(20)
(15)
(10)
(5)
0
5
10
15
20
19
90
1
99
1
19
92
1
99
3
19
94
1
99
5
19
96
1
99
7
19
98
1
99
9
20
00
2
00
1
20
02
2
00
3
20
04
2
00
5
20
06
2
00
7
20
08
2
00
9
20
10
2
01
1
20
12
Agri GDP growth Monsoon deviation from average (rhs)
(YoY
(%)
Growth may remain below trend
Near term Inflation is coming off due to base effect
6.7
8.4 8.4
6.5
5.5 6.0
FY09 FY10 FY11 FY12 FY13ii FY14ii
Real GDP growth (YoY)
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
Dec
-06
Dec
-07
Dec
-08
Dec
-09
Dec
-10
Dec
-11
Dec
-12
WPI - Overall WPI - Core inflation YoY,
Until recently, widening current account deficit has generally meant faster growth
Monsoon is the key driver of near term growth
Source: Exchange website, IIFL Research
Equities
83,640
77,186
78,725
75,679 74,772
78,344
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
Cash market volumes picking up again (` bn)
FAO market volumes* (` bn)
Constant share of delivery and intra day
Steady share of options *
41% 40% 41% 40% 44% 48%
59% 60% 59% 60% 56% 52%
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
Delivery Intra Day
24% 23% 26% 22% 22% 22%
76% 77% 74% 78% 78% 78%
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
Futures Options
8,677
7,154
10,224
7,455 7,882 8,502
Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13
*Doesnot include BSE volumes
Source: CMIE, RBI, World Bank, Bloomberg, IIFL Research
0
20
40
60
80
100
FY9
1
FY9
2
FY9
3
FY9
4
FY9
5
FY9
6
FY9
7
FY9
8
FY9
9
FY0
0
FY0
1
FY0
2
FY0
3
FY0
4
FY0
5
FY0
6
FY0
7
FY0
8
FY0
9
FY1
0
FY1
1
PSUs
Private sector
Foreign
(%)
-
0.5
1.0
1.5
2.0
2.5
3.0
FY90 FY92 FY94 FY96 FY98 FY00 FY02 FY04 FY06 FY08 FY10 FY12
Credit growth relative to nominal GDP Average
Credit and Finance
0
5
10
15
20
25
30
Dec
-08
Dec
-09
Dec
-10
Dec
-11
Dec
-12
%
SLR
CRR
0
10
20
30
40
50
60
70
80
90
Dec
/90
D
ec/9
1
Dec
/92
D
ec/9
3
Dec
/94
D
ec/9
5
Dec
/96
D
ec/9
7
Dec
/98
D
ec/9
9
Dec
/00
D
ec/0
1
Dec
/02
D
ec/0
3
Dec
/04
D
ec/0
5
Dec
/06
D
ec/0
7
Dec
/08
D
ec/0
9
Dec
/10
D
ec/1
1
(%)
Investment-deposit
Loan-deposit ratio
Credit growth to nominal GDP has been relatively sluggish
PSU banks steadily losing market share in the credit market
Loan–deposit ratio has structurally moved up
Reserve ratios - CRR and SLR trend
Source: Bloomberg, IIFL Research
Source: Bloomberg, IIFL Research Source: Bloomberg, IIFL Research
Source: RBI, CMIE, IIFL Research
Capital raising and fund flows Capital raised through QIPs
(` bn)
Net FII flows (US$bn)
Capital raised through IPOs (` bn)
FDI inflows (US$bn)
FY08 FY09 FY10 FY11 FY12 FY13
1Q 2Q 3Q 4Q
Source: IRDA
Source: AMFI Source: AMFI
Source: CMIE, RBI, World Bank, IIFL Research
Insurance and Mutual funds APE growth yoy
(%)
AUM by asset class (` Bn)
Modest increase in non banking system
Average AUM for the Quarter (` bn)
Thank you
Published in January 2013 © India Infoline Ltd 20012-13. India Infoline Ltd. All rights reserved. Regd. Off: IIFL House, Sun Infotech Park, Road No. 16V, Plot No.B-23, Thane Industrial Area, Wagle Estate, Thane – 400604. Tel.: +(91 22)4007 7000 Fax: 2685 0451. This report is for information purposes only and does not construe to be any investment, legal or taxation advice. It is not intended as an offer or solicitation for the purchase and sale of any financial instrument. Any action taken by you on the basis of the information contained herein is your responsibility alone and India Infoline Ltd (hereinafter referred as IIL) and its subsidiaries or its employees or directors, associates will not be liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of the information contained herein, but do not represent that it is accurate or complete. IIL or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this publication. The recipients of this report should rely on their own investigations. IIL and/or its subsidiaries and/or directors, employees or associates may have interests or positions, financial or otherwise in the securities mentioned in this report.