IIFL Wealth Q4 Review - Strong Results, Sanguine FY22/23 Guidance: Anand Rathi
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Anand Rathi Report
Driven by asset management company and good third party product sale, recurring assets grew 63%, pushing up IIFL Wealth Management Ltd.’s Q4 FY21 assets under management higher by 32% YoY.
The company achieved its guidance of FY21 AUM and improved that of FY22/23 to Rs 2.45 trillion/Rs 2.85 trillion (earlier guidance for FY22 was Rs 2.3 trillion).
It expects annual net flows of Rs 200 billion-250 billion (excluding inorganic growth) to aid AUM growth.
We raise our FY22E/23E AUM 3.2%/6.4%.
AUM would clock a 17% compound annual growth rate over FY21-23 to Rs 2.83 trillion.
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