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Analyst Meet / AGM
16-Jul-09
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AGM
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IL&FS Invest Managers
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High stability of operating earnings
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IL&FS Invest Managers held its 23rd AGM in Mumbai on 15 July 2009. S M Datta, chairman of the company, chaired and addressed the meet. Following are the excerpts of the meet;
Highlights of the meet
- As the Company's operating income is derived from Management Fee charged to Funds under its management on a predefined percentage of the fund corpus and is an annuity in nature, the company therefore has, despite the business turmoil, high stability on its future operating income.
The company has been able to continue its planned growth in the funds under management which has reached to USD 2.5 billion. The company has been able to continue its investment, though at slower pace than before, but the quality and valuation of the deals have improved because of slowdown.
- The Indian private equity industry is passing through exceptional times as the deal velocity has come down significantly in India, in line with global slowdown. During the quarter ended March 2009, investments of worth a little over USD 500 million consummated against USD 3.9 billion invested in quarter ended March 2008, as some foreign managed funds pulled out while others suspended investing activity. In such conditions, the company sees an opportunity for itself.
- The management sees early signs of economic revival from a macro business environment perspective. Management expects that with improvement in business confidence and revival of demand, opportunities to invest into and divest from investee companies will increase during the next financial year. On the back of two successful fund raisings during the year, the company has a sizeable corpus of investable funds, which it will seek to prudently deploy during FY 10.
- During the year the company attained final close for the second Real Estate Fund at USD 895 million mark (above the fund's cover size) and also attained final close for new Private Equity Fund – Tara India Fund III at USD 225 million.
- The Pan Asian Infrastructure Fund, being jointly raised by IL&FS with Standard Chartered Bank, also attained its First Close. The Infrastructure Fund, which has a target corpus of USD 800 million, had already attracted commitments of USD 601 million.
- In terms of funds deployment, the Company invested / committed investment across 5 companies in the infrastructure / private equity space and across 8 investments in real estate.
- As the valuation of its investee companies have turmoiled due to drop in valuation of their listed peers, the company did not therefore consummate as many exits as otherwise it would have done from the matured part of its portfolio. During the year the company saw only two exits.
- The standalone total income for the company surged up by 22% to Rs 100.94 crore while the net profit increased by 31% to Rs 36.64 crore. The consolidated total income for the company stood at Rs 164.16 crore, up 55% Y-o-Y while consolidated net profit surged up 95% to Rs 62.19 crore.
For the quarter ended June 2009, the consolidated income stood at Rs 43.5 crore, 24% higher Y-o-Y and the net profit stood 36% higher at Rs 17.7 crore.
- The board of IL&FS Investment Managers has approved sub-division of each equity share of the company of the face value of Rs 10 each to five equity shares of the face value of Rs 2 each.
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