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Press Releases
07-Aug-19
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IIFL Wealth Finance Limited: Rating of [ICRA]A1+ assigned to Commercial Paper Programme (IPO Financing)
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Rationale
While arriving at the ratings, ICRA has taken a consolidated view of the credit profiles of key India Infoline Group companies (collectively referred to as the IIFL Group), given their common promoters and senior management team, shared brand name, and strong financial and operational synergies.
The ratings factor in the IIFL Group's diversified business revenues constituted by its financing, distribution and broking operations, the Group's granular retail portfolio, strong profitability and healthy capitalisation profile backed by a strong consolidated net worth* of Rs. 5,953 crore as on March 31, 2019. The strengths are partially offset by the moderate seasoning of the portfolio and the exposure to the risky construction and real estate portfolio comprising ~15% of the assets under management (AUM) of India Infoline Finance (Consolidated) as March 31, 2019.
On January 31, 2018, the IIFL Group had announced the restructuring of the corporate business lines thereby creating three listed entities, one for each line of business – India Infoline Finance (loans and mortgages), IIFL Wealth (wealth and asset management business) and IIFL Securities (capital markets and broking business). The Board of Directors of the Company at its meeting held on January 31, 2018, had approved the reorganization of IIFL Group. ICRA has taken note of this and will take an appropriate rating action, if required, subsequent to the assessment of the revised business and operational plans of the independent demerged entities.
Also, ICRA has withdrawn the short term ratings of [ICRA]A1+ (pronounced as ICRA A One Plus) on the Rs. 500 crore Commercial Paper Programme (IPO Financing) of IIFL Wealth Finance Limited at the request of the company. The rating has been withdrawn in accordance with ICRA's policy on withdrawal and suspension.
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