Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of...
Transcript of Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of...
Deloitte Haskins & Sells LLP
Chartered Accountants Indiabulls Finance Centre Tower 3, 27th -32nd Floor
Senapati Bapat Marg Elphinstone Road (West)
Mumbai – 400 013 Maharashtra, India
Tele: + 91 22 6185 4000 Fax: +91 22 6185 4001
Regd. Office. Indiabulls Finance Centre, Tower 3, 27th -32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)
INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL STANDALONE
FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF
IIFL WEALTH MANAGEMENT LIMITED
Opinion and Conclusion
We have (a) audited the Standalone Financial Results for the year ended March 31, 2020
and (b) reviewed the Standalone Financial Results for the quarter ended March 31, 2020
(refer ‘Other Matters’ section below), which were subject to limited review by us, both
included in the accompanying “Statement of Standalone Financial Results for the Quarter
and Year Ended March 31, 2020” (“the Statement”) of IIFL WEALTH MANAGEMENT
LIMITED (“the Company”), being submitted by the Company pursuant to the
requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (“the Listing Regulations”).
(a) Opinion on Annual Financial Results
In our opinion and to the best of our information and according to the explanations
given to us, and based on the consideration of the audit reports of the other auditors
as referred to in Other Matters section below the Standalone Financial Results for the
year ended March 31, 2020:
a. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
b. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year then ended.
(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2020
With respect to the Standalone Financial Results for the quarter ended March 31, 2020,
based on our review conducted as stated in paragraph (b) of Auditor’s Responsibilities
section below, nothing has come to our attention that causes us to believe that the
Standalone Financial Results for the quarter ended March 31, 2020, prepared in
accordance with the recognition and measurement principles laid down in the Indian
Accounting Standards and other accounting principles generally accepted in India, has
not disclosed the information required to be disclosed in terms of Regulation 33 of the
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SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, including the manner in which it is to be disclosed, or that it contains any
material misstatement.
Basis for Opinion on the Audited Standalone Financial Results for the year
ended March 31, 2020
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified
under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under
those Standards are further described in paragraph (a) of Auditor’s Responsibilities section
below. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (“the ICAI”) together with the ethical
requirements that are relevant to our audit of the Standalone Financial Results for the
year ended March 31, 2020 under the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and the
audit evidence obtained by the other auditors in terms of their reports referred to in Other
Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.
Management’s Responsibilities for the Statement
This Statement which includes the Standalone Financial Results is the responsibility of the
Company’s Board of Directors and has been approved by them for the issuance. The
Standalone Financial Results for the year ended March 31, 2020 has been compiled from
the related audited standalone financial information. This responsibility includes the
preparation and presentation of the Standalone Financial Results for the quarter and year
ended March 31, 2020 that give a true and fair view of the net profit and other
comprehensive income and other financial information in accordance with the recognition
and measurement principles laid down in the Indian Accounting Standards prescribed
under Section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 of
the Listing Regulations. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets
of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Standalone Financial Results that give a true and fair view and is free
from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Results, the Board of Directors are responsible for
assessing the Company’s ability, to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
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The Board of Directors are also responsible for overseeing the financial reporting process
of the Company.
Auditor’s Responsibilities
(a) Audit of the Standalone Financial Results for the year ended March 31, 2020
Our objectives are to obtain reasonable assurance about whether the Standalone
Financial Results for the year ended March 31, 2020 as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this
Standalone Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Annual Standalone Financial Results, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
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• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities or business activities included in the Annual Standalone Financial Results of which we are the independent auditors. For the other entities or business activities included in the Annual Standalone Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Annual Standalone Financial
Results that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Annual Standalone Financial
Results may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified misstatements in the Annual
Standalone Financial Results.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Standalone Financial Results for the quarter ended March 31, 2020
We conducted our review of the Standalone Financial Results for the quarter ended
March 31, 2020 in accordance with the Standard on Review Engagements (“SRE”)
2410 ‘Review of Interim Financial Information Performed by the Independent Auditor
of the Entity’, issued by the ICAI. A review of interim financial information consists
of making inquiries, primarily of the Company’s personnel responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with SAs
specified under section 143(10) of the Act and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit opinion.
As part of annual audit we also performed procedures in accordance with the circular
issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.
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Haskins & Sells LLP
Other Matters
As stated in Note 16 of the Statement, the figures for the corresponding quarter ended
March 31, 2019 are the balancing figures between the annual audited figures for the year then ended and the year to date figures for the 9 months period ended December 31, 2018. We have not issued a separate limited review report on the results and figures for the quarter ended March 31, 2019. Our report on the Statement is not modified in respect of this matter.
The Statement includes the results for the Quarter ended March 31, 2020 being the
balancing figure between audited figures in respect of the full financial year and the year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report on the Statement is not modified in respect of this matter.
The standalone financial results include the financial information of erstwhile subsidiary IIFL Wealth Advisors (India) Limited consequent to its amalgamation into the
Company. The NCLT order for the same was filed with the Registrar of Companies on December 27, 2019 with appointed date of November 22, 2018 (Refer Note 11 to the standalone financial results). We did not audit the financial information of erstwhile subsidiary IIFL Wealth Advisors (India) Limited, included in the standalone financial results of the Company, whose financial information reflect total revenues of Rs. 1,767.88 lakhs for the period from April 1, 2019 to December 27, 2019, total net profit before tax of Rs. 691.39 lakhs for the period from April 1, 2019 to December 27, 2019, total comprehensive income of Rs. 431.10 lakhs for the for the period from April 1, 2019 to December 27, 2019 as considered in the standalone financial results. This financial information of erstwhile subsidiary IIFL Wealth Advisors (India) Limited has been audited by other auditors whose report has been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this erstwhile subsidiary IIFL Wealth Advisors (India) Limited, is based solely on the report of such other auditors.
Our report on the Statement is not modified in respect of this matter.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Pallavi A. Gorakshakar
Partner
(Membership No.105035)
(UDIN: 20105035AAAADF8711)
Place: Mumbai
Date: 11 June 2020
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! " # $ % & ' ( ) % * % + $ , $ * ' " - , - ' $ ./ 0 1 2 3 4 5 4 6 ) 7 8 6 6 9 : " / 5 3 3 9 9 4; $ + . < = > > - ? $ 1 @ ! " / $ * ' A $ B C % , % & % / - ' D B E $ * % F % ' - G % F % ' ) % A + B " H I $ A : % A $ & B ) J , K % - @ 4 6 6 6 5 L B) % ( % A % M ( ' A % B * . - %N O P Q R S T U V W X Y Q W Z W [ T V \ R [ ] X [ ^ _ ` ` N a b c R W Z R Z b d e \ Q R f f R g \ f h T U ^ V h e i j ` k l j ` m W X [ W V V i e R [ \ Q R Z \ W X [ W h [ \ T e \ Zi R W Z R Z h R \ h T Z V R g \ e n R i Y O ] X W g g T h [ W X g R d e \ Q \ Q R h R o p e h R U R X \ Z T f \ Q R Z \ W X [ W h [ k \ Q R i R W Z R i e W q e i e \ Y W \ \ Q R V h R Z R X \ n W i p RT f h R U W e X e X r i R W Z R V W Y U R X \ Z W \ \ Q R [ W \ R T f e X e \ e W i W V V i e g W \ e T X e O R O ^ V h e i j ` k l j ` m W U T p X \ e X r \ T` s k t s j O s j i W u Q Z Q W Zq R R X h R g T r X e v R [ W X [ b w e r Q \ \ T p Z R W Z Z R \ Z b Q W Z q R R X h R g T r X e v R [ W \ W X W U T p X \ R o p W i \ T \ Q R b c R W Z R i e W q e i e \ Y b W Z W \\ Q W \ [ W \ R O ] X \ Q R _ \ W \ R U R X \ T f x h T f e \ W X [ c T Z Z f T h \ Q R g p h h R X \ V R h e T [ k \ Q R X W \ p h R T f R y V R X Z R Z e X h R Z V R g \ T f i R W Z R ZQ W Z g Q W X r R [ f h T U i R W Z R h R X \ e X V h R n e T p Z V R h e T [ Z \ T [ R V h R g e W \ e T X g T Z \ f T h b w e r Q \ \ T p Z R i R W Z R W Z Z R \ Z b W X [ e X \ R h R Z \W g g h p R [ T X b c R W Z R i e W q e i e \ Y b Oz O P Q R S T U V W X Y { Z U W e X q p Z e X R Z Z e Z | R W i \ Q } W X W r R U R X \ _ R h n e g R Z g T U V h e Z e X r T f k e X \ R h ~ W i e W k [ e Z \ h e q p \ e T X T f f e X W X g e W iV h T [ p g \ Z k V T h \ f T i e T U W X W r R U R X \ Z R h n e g R Z k W [ n e Z T h Y Z R h n e g R Z W X [ W i i T \ Q R h W g \ e n e \ e R Z h R n T i n R W h T p X [ \ Q R Z W U R O ^ i iW g \ e n e \ e R Z T f \ Q R S T U V W X Y W h R g W h h e R [ T p \ e X ] X [ e W O ^ Z Z p g Q \ Q R h R W h R X T Z R V W h W \ R h R V T h \ W q i R Z R r U R X \ Z W Z V R h \ Q R] X [ e W X ^ g g T p X \ e X r _ \ W X [ W h [ ` j � � ] � � ^ _ ` j � � T X � V R h W \ e X r _ R r U R X \ Z O� O P Q R S T U V W X Y Q W Z h R n e Z R [ e \ Z R Z \ e U W \ R T f p Z R f p i i e f R T f � p h X e \ p h R W X [ � e y \ p h R Z W X [ � i R g \ h e g W i � o p e V U R X \ p Z R [ e X \ Q RT f f e g R V h R U e Z R W g o p e h R [ [ p h e X r \ Q R V R h e T [ k d Q e g Q d W Z R W h i e R h T X i R W Z R k W X [ Q W Z h R g T U V p \ R [ \ Q R [ R V h R g e W \ e T X T X\ Q R Z W U R T X V h T Z V R g \ e n R q W Z e Z O ^ Z W h R Z p i \ k [ R V h R g e W \ e T X f T h \ Q R o p W h \ R h W X [ Y R W h R X [ R [ } W h g Q s ` k l j l j e Z i T d R hq Y
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! " # $ % & ' ( ) % * % + $ , $ * ' " - , - ' $ ./ 0 1 2 3 4 5 4 6 ) 7 8 6 6 9 : " / 5 3 3 9 9 4; $ + . < = > > - ? $ 1 @ ! " / $ * ' A $ B C % , % & % / - ' D B E $ * % F % ' - G % F % ' ) % A + B " H I $ A : % A $ & B ) J , K % - @ 4 6 6 6 5 L B) % ( % A % M ( ' A % B * . - %N O P Q R S R O T U V W X V S Q Y O Z [ R T V P T O P V S Q Y O \ ] ^ _ [ R ` O a U Y [ a T N Y O a a [ R ` O a U Y V S Q Y O b P R _ ] a [ c d [ Z P O U O R e O T _ X Q Y ON V ^ W [ a X V a f O U O ^ _ O P g h g i j k [ a T f O U O ^ _ O P g l h g i j k P O Z W O U Q R e O c X [ a T S R c O T d R Q Y Q Y O m O n R Z Q P [ P V S N V ^ W [ a R O ZV a f O U O ^ _ O P g l h g i j k ob Y O O S S O U Q V S a O Q W P V S R Q [ P R Z R a n S P V ^ [ U U V ] a Q R a n V S [ ^ [ c n [ ^ [ Q R V a S V P Q Y O W O P R V T p V e O ^ _ O P g g h g i j q Q V \ [ P U Y r j hg i j k [ ^ V ] a Q R a n Q V`
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U _ ` A F R @ I ^ K X X H E F M J K E I C G A a A L R M W A C ^ C E O M C G W b H A D E X C H A A W I M G F R R C L J F G R A c M O @ O @ A B C D E F G H d ef D E X C H A A g O C R h i E O M C G g R @ A D A j W k lT S l m K L M G N O @ A H A F L A G J A J Q F L R @ S T I U V U V O @ A n C D M G F O M C G F G J o A D K G A L F O M C G B C D D M O O A A C ^ O @ A p C F L J C ^ m M L A R O C L W IN L F G O A J U I S S q I \ V \ W O C R h C E O M C G W L A E L A W A G O M G N A P K F X G K D b A L C ^ A P K M O H W @ F L A W C ^ ^ F R A ] F X K A C ^`
U _ ` A F R @ M G O @ AB C D E F G H O C O @ A A X M N M b X A A D E X C H A A W K G J A L O @ A r r s t u A F X O @ f D E X C H A A g O C R h i E O M C G g R @ A D A ` U V T \ l n C G A C ^ O @ AW O C R h C E O M C G W c A L A ] A W O A J C L A a A L R M W A J J K L M G N O @ A W F M J E A L M C J lT [ l v @ A w C ] A L G D A G O C ^ r G J M F ] M J A i L J M G F G R A n C l T Z C ^ U V T \ J F O A J g A E O A D b A L U V I U V T \ F D A G J A J O @ A M G R C D A O F aE L C ] M W M C G W b H M G W A L O M G N W A R O M C G T T Z p x x l x W E A L O @ A F D A G J A J E L C ] M W M C G W I O @ A B C D E F G H @ F W C E O A J O C E F H O F a F O L F O AC ^ U U y E X K W F E E X M R F b X A W K L R @ F L N A F G J R A W W W K b z A R O O C O @ A R C G J M O M C G W D A G O M C G A J K G J A L O @ A F D A G J A J E L C ] M W M C G W F G JL A R C N G M W A J O @ A A ^ ^ A R O C ^ R @ F G N A b H L A ] M W M G N O @ A F G G K F X A ^ ^ A R O M ] A M G R C D A O F a L F O A l m K A O C L A J K R A J O F a L F O A I O @ AB C D E F G H @ F W L A ` D A F W K L A J M O W m A ^ A L L A J v F a x W W A O W F G J t M F b M X M O M A W F W F O x E L M X T I U V T \ F G J O @ A M D E F R O C ^ O @ M W R @ F G N A@ F W b A A G ^ K X X H L A R C N G M W A J M G O @ A g O F O A D A G O C ^ { L C ^ M O F G J t C W W x R R C K G O K G J A L | v F a A a E A G W A | ^ C L O @ A H A F L A G J A JQ F L R @ S T I U V U VT Z l v @ A W E L A F J C ^ B i } r m ` T \ F R L C W W O @ A N X C b A F G J r G J M F R C G O L M b K O A J O C W M N G M ^ M R F G O ] C X F O M X M O H M G N X C b F X F G J r G J M F G ^ M G F G R M F XD F L h A O W F G J F W M N G M ^ M R F G O J A R L A F W A M G N X C b F X F G J X C R F X A R C G C D M R F R O M ] M O M A W l v @ A ^ K X X M D E F R O C G O @ A b K W M G A W W J K A O CF B i } r m ` T \ L A X F O A J A R C G C D M R W X C c J C c G I R @ F G N A W M G R X M A G O W A G O M D A G O F G J M G ] A W O D A G O b A @ F ] M C K L F L A F W H A OK G h G C c G l v @ A B C D E F G H @ F W R C G O M G K A J O C A G N F N A c M O @ R X M A G O W F G J A D E X C H A A W O @ L C K N @ A a O A G W M ] A b K W M G A W WR C G O M G K M O H E X F G G M G N F G J L C b K W O O A R @ G C X C N H E X F O ^ C L D c M O @ D M G M D F X J M W L K E O M C G C G F G H b K W M G A W W F R O M ] M O H J K L M G N O @ AX C R h J C c G E @ F W A l s K L O @ A L I O @ A B C D E F G H @ F W F W W A W W A J O @ F O M O c C K X J b A F b X A O C G F ] M N F O A R K L L A G O X H E L A ] F M X M G NK G R A L O F M G A R C G C D M R R C G J M O M C G W b F W A J C G M O W b K W M G A W W D C J A X I E L C ^ M X A C ^ F W W A O W F G J X M F b M X M O M A W I F ] F M X F b M X M O H C ^ X M P K M J M O HF G J R F E M O F X F O M O W J M W E C W F X l v @ A A a O A G O O C c @ M R @ O @ A B i } r m ` ~ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � d e � � � � � � � � � e � � �L A W K X O W c M X X J A E A G J C G ^ K O K L A J A ] A X C E D A G O W I c @ M R @ L A D F M G K G R A L O F M G l x R R C L J M G N X H I O @ A B C D E F G H @ F W K G J A L O F h A GA a O A G W M ] A W R A G F L M C E X F G G M G N O C b A O O A L E L A E F L A M O W A X ^ F G J c M X X R C G O M G K A O C F R O M ] A X H D C G M O C L F G H D F O A L M F X R @ F G N A W O CO @ A ^ K O K L A A R C G C D M R R C G J M O M C G W l
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Deloitte Haskins & Sells LLP
Chartered Accountants Indiabulls Finance Centre Tower 3, 27th -32nd Floor
Senapati Bapat Marg
Elphinstone Road (West) Mumbai – 400 013 Maharashtra, India
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INDEPENDENT AUDITOR’S REPORT ON AUDIT OF ANNUAL CONSOLIDATED
FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF
IIFL WEALTH MANAGEMENT LIMITED
Opinion and Conclusion
We have (a) audited the Consolidated Financial Results for the year ended March 31, 2020
and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2020
(refer ‘Other Matters’ section below), which were subject to limited review by us, both
included in the accompanying “Statement of Consolidated Financial Results for the Quarter
and Year Ended March 31, 2020” (“the Statement”) of IIFL WEALTH MANAGEMENT
LIMITED (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together
referred to as “the Group”), ,being submitted by the Parent pursuant to the requirements
of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended (“the Listing Regulations”).
(a) Opinion on Annual Consolidated Financial Results
In our opinion and to the best of our information and according to the explanations
given to us, and based on the consideration of the audit reports of the other auditors
on separate financial statements/financial information of the subsidiaries referred to
in Other Matters section below, the Consolidated Financial Results for the year ended
March 31, 2020:
(i) includes the results of the following entities:
Sr no Name of the Entities Relationship
1 IIFL Wealth Management Limited Parent
2 IIFL Wealth Finance Limited Subsidiary
3 IIFL Asset Management Limited Subsidiary
4 IIFL Wealth Portfolio Managers Limited
(Formerly known as IIFL Alternate Asset
Advisors Limited)
Subsidiary
5 IIFL Distribution Services Limited Subsidiary
6 IIFL Investment Advisers & Trustee
Services Limited
Subsidiary
7 IIFL Trustee Limited Subsidiary
8 IIFL Wealth Securities IFSC Limited Subsidiary
9 IIFL Altiore Advisors Private Limited Subsidiary
10 IIFL Wealth Employee Welfare Benefit
Trust
Subsidiary
Deloitte Haskins & Sells LLP
Sr no Name of the Entities Relationship
11 IIFL Asset Management (Mauritius)
Limited
Subsidiary
12 IIFL (Asia) Pte. Limited Subsidiary
13 IIFL Capital Pte. Limited Subsidiary
14 IIFL Securities Pte. Limited Subsidiary
15 IIFL Inc. Subsidiary
16 IIFL Private Wealth Management (Dubai)
Limited
Subsidiary
17 IIFL Private Wealth Hong Kong Limited Subsidiary
18 IIFL Capital (Canada) Limited Subsidiary
(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended; and
(iii) gives a true and fair view in conformity with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India of the consolidated net profit and
consolidated total comprehensive income and other financial information of the
Group for the year ended March 31, 2020.
(b) Conclusion on Unaudited Consolidated Financial Results for the quarter
ended March 31, 2020
With respect to the Consolidated Financial Results for the quarter ended March 31,
2020, based on our review conducted and procedures performed as stated in
paragraph (b) of Auditor’s Responsibilities section below and based on the
consideration of the audit reports for the year ended March 31, 2020 of the other
auditors referred to in Other Matters section below, nothing has come to our attention
that causes us to believe that the Consolidated Financial Results for the quarter ended
March 31, 2020, prepared in accordance with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India, has not disclosed the information required to
be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, including the manner in which it is to
be disclosed, or that it contains any material misstatement.
Basis for Opinion on the Audited Consolidated Financial Results for the year
ended March 31, 2020
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified
under Section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under
those Standards are further described in paragraph (a) of Auditor’s Responsibilities section
below. We are independent of the Group in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (“ICAI”) together with the ethical
requirements that are relevant to our audit of the Consolidated Financial Results for the
year ended March 31, 2020 under the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements
Deloitte Haskins & Sells LLP
and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us and the
audit evidence obtained by the other auditors in terms of their reports referred to in Other
Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.
Management’s Responsibilities for the Statement
This Statement, which includes the Consolidated Financial Results is the responsibility of
the Parent’s Board of Directors and has been approved by them for the issuance. The
Consolidated Financial Results for the year ended March 31, 2020, has been compiled from
the related audited consolidated financial information. This responsibility includes the
preparation and presentation of the Consolidated Financial Results for the quarter and year
ended March 31, 2020 that give a true and fair view of the consolidated net loss and
consolidated net profit respectively and consolidated other comprehensive income and
other financial information of the Group in accordance with the recognition and
measurement principles laid down in the Indian Accounting Standards, prescribed under
Section 133 of the Act, read with relevant rules issued thereunder and other accounting
principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations.
The respective Board of Directors of the companies included in the Group are responsible
for maintenance of adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Group and for preventing and detecting frauds and
other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the respective financial results
that give a true and fair view and are free from material misstatement, whether due to
fraud or error, which have been used for the purpose of preparation of this Consolidated
Financial Results by the Directors of the Parent, as aforesaid.
In preparing the Consolidated Financial Results, the respective Board of Directors of the
companies included in the Group are responsible for assessing the ability of the respective
entities to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the respective Board of
Directors either intends to liquidate their respective entities or to cease operations, or has
no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are responsible
for overseeing the financial reporting process of the Group.
Deloitte Haskins & Sells LLP
Auditor’s Responsibilities
(a) Audit of the Consolidated Financial Results for the year ended March 31,
2020
Our objectives are to obtain reasonable assurance about whether the Consolidated
Financial Results for the year ended March 31, 2020 as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of this
Consolidated Financial Results.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Annual
Consolidated Financial Results, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the Board of Directors.
• Evaluate the appropriateness and reasonableness of disclosures made by the
Board of Directors in terms of the requirements specified under Regulation 33 of
the Listing Regulations.
• Conclude on the appropriateness of the Board of Directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the Consolidated Financial
Results or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Annual
Consolidated Financial Results, including the disclosures, and whether the
Annual Consolidated Financial Results represent the underlying transactions and
events in a manner that achieves fair presentation.
• Perform procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the Listing Regulations to the extent applicable.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone
Financial Results/ Financial Information of the entities within the Group to
express an opinion on the Annual Consolidated Financial Results. We are
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responsible for the direction, supervision and performance of the audit of
financial information of entities included in the Annual Consolidated Financial
Results of which we are the independent auditors. For the other entities included
in the Annual Consolidated Financial Results, which have been audited by the
other auditors, such other auditors remain responsible for the direction,
supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Annual Consolidated Financial
Results that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Annual Consolidated Financial
Results may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of
our work; and (ii) to evaluate the effect of any identified misstatements in the Annual
Consolidated Financial Results.
We communicate with those charged with governance of the Parent and such other
entities included in the Consolidated Financial Results of which we are the
independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
(b) Review of the Consolidated Financial Results for the quarter ended March
31, 2020
We conducted our review of the Consolidated Financial Results for the quarter ended
March 31, 2020 in accordance with the Standard on Review Engagements (SRE)
2410 ‘Review of Interim Financial Information Performed by the Independent Auditor
of the Entity’, issued by the ICAI. A review of interim financial information consists
of making inquiries, primarily of the Company’s personnel responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with SA
specified under section 143(10) of the Act and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit opinion.
The Statement includes the results of the entities as listed under paragraph (a)(i) of
Opinion and Conclusion section above.
As part of our annual audit we also performed procedures in accordance with the
circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended, to the extent
applicable.
Deloitte Haskins & Sells LLP
Other Matters
As stated in Note 15 of the Statement, the figures for the corresponding quarter ended
March 31, 2019 are the balancing figures between the annual audited figures for the
year then ended and the year to date figures for the 9 months period ended December
31, 2018. We have not issued a separate limited review report on the results and
figures for the quarter ended March 31, 2019. Our report on the Statement is not
modified in respect of this matter
The Statement includes the results for the Quarter ended March 31, 2020 being the
balancing figure between audited figures in respect of the full financial year and the
year to date figures up to the third quarter of the current financial year which were
subject to limited review by us. Our report is not modified in respect of this matter.
We did not audit the financial statements / financial information of eight subsidiaries
included in the consolidated financial results, whose financial statements / financial
information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total
revenues of Rs. 8,733.99 lakhs for the year ended March 31, 2020, total net (loss) after
tax of Rs. 3,669.01 lakhs for the year ended March 31, 2020 and total comprehensive
loss of Rs. 3,003.70 lakhs for the year ended March 31, 2020 and net cash outflows of
Rs. (283.34) lakhs for the year ended March 31, 2020 , as considered in the Statement.
These financial statements / financial information have been audited, by other auditors
whose reports have been furnished to us by the Management and our opinion and
conclusion on the Statement, in so far as it relates to the amounts and disclosures
included in respect of these subsidiaries, is based solely on the reports of the other
auditors and the procedures performed by us as stated under Auditor’s Responsibilities
section above.
Eight subsidiaries are located outside India whose financial statements/financial
information have been prepared in accordance with accounting principles generally
accepted in their respective countries and which have been audited by other auditors
under generally accepted auditing standards applicable in their respective countries.
The Parent’s management has converted the financial statements of these subsidiaries
located outside India from the accounting principles generally accepted in their
respective countries to the accounting principles generally accepted in India. We have
audited these conversion adjustments made by the Parent’s Management. Our opinion
in so far as it relates to the balances and affairs of such subsidiaries located outside
India is based on the report of other auditors and the conversion adjustments prepared
by the Management of the Parent and audited by us.
Our report on the Statement is not modified in respect of the above matters with respect
to our reliance on the work done and the reports of the other auditors.
Deloitte Haskins & Sells LLP
The consolidated financial results include the financial information of erstwhile
subsidiary IIFL Wealth Advisors (India) Limited consequent to its amalgamation into
the Parent. The NCLT order for the same was filed with the Registrar of Companies on
December 27, 2019 with appointed date of November 22, 2018 (Refer Note 10 to the
consolidated financial results). We did not audit the financial information of erstwhile
subsidiary IIFL Wealth Advisors (India) Limited, included in the consolidated financial
results of the Parent, whose financial information, total revenues of Rs. 1,767.88 lakhs
for the period from April 1, 2019 to December 27, 2019, total net profit before tax of
Rs. 691.39 lakhs for the period from April 1, 2019 to December 27, 2019, and total
comprehensive income of Rs. 431.10 lakhs for the for the period from April 1, 2019
to December 27, 2019 as considered in the consolidated financial results. This financial
information of erstwhile subsidiary IIFL Wealth Advisors (India) Limited has been
audited by other auditors whose report has been furnished to us by the Management
and our opinion and conclusion on the Statement, in so far as it relates to the amounts
and disclosures included in respect of this erstwhile subsidiary IIFL Wealth Advisors
(India) Limited, is based solely on the report of such other auditors.
Our report on the Statement is not modified in respect of this matter.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Pallavi A. Gorakshakar
Partner
(Membership No.105035)
(UDIN: 20105035AAAADE5247)
Place: Mumbai
Date: 11 June 2020
( R s . I n L a k h s )M a r c h 3 1 , 2 0 2 0 D e c e m b e r 3 1 , 2 0 1 9 M a r c h 3 1 , 2 0 1 9 M a r c h 3 1 , 2 0 2 0 M a r c h 3 1 , 2 0 1 9( R e f e r N o t e 1 5 ) ( R e f e r N o t e 1 5 ) ( R e f e r N o t e 1 5 ) A u d i t e d A u d i t e d1 . 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F o r a n d o n b e h a lf o f t h e B o a r d o f D i r e c t o r sD a t e : J u n e 1 1 , 2 0 2 0P l a c e : M u m b a i K a r a n B h a g a tM a n a g i n g D i r e c t o r( D I N : 0 3 2 4 7 7 5 3 )
I I F L W e a lt h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e :c I I F L C e n t r e , K a m a la C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l, M u m b a i c 4 0 0 0 1 3 , M a h a r a s h t r a , I n d i aS t a t e m e n t o f C o n s o li d a t e d F i n a n c i a l R e s u lt s f o r t h e Q u a r t e r a n d Y e a r e n d e d M a r c h 3 1 , 2 0 2 0P a r t i c u la r s Y e a r e n d e dQ u a r t e r e n d e d
1 . S t a t e m e n t o f C o n s o l i d a t e d A s s e t s a n d L i a b i l i t i e s a s a t M a r c h 3 1 , 2 0 2 0 ( R s . I n L a k h s )A s a tM a r c h 3 1 , 2 0 2 0 A s a tM a r c h 3 1 , 2 0 1 9A S S E T S( 1 ) F i n a n c i a l A s s e t s( a ) C a s h a n d c a s h e q u i v a l e n t s 9 3 , 6 3 1 . 2 8 1 6 , 4 6 2 . 2 9( b ) B a n k B a l a n c e o t h e r t h a n ( a ) a b o v e 2 4 , 2 3 9 . 1 9 1 1 , 2 7 9 . 5 4( c ) D e r i v a t i v e f i n a n c i a l i n s t r u m e n t s 1 3 , 1 5 8 . 6 1 9 , 6 0 9 . 4 6( d ) R e c e i v a b l e s( I ) T r a d e R e c e i v a b l e s 2 4 , 2 0 4 . 8 9 2 9 , 6 0 7 . 4 5( I I ) O t h e r R e c e i v a b l e s 1 1 , 8 0 0 . 0 2 4 2 , 4 4 5 . 6 1( e ) L o a n s 3 6 3 , 1 8 9 . 2 5 4 9 6 , 6 4 6 . 0 1( f ) I n v e s t m e n t s 6 5 1 , 2 4 3 . 8 7 3 0 5 , 2 5 6 . 5 5( g ) O t h e r F i n a n c i a l a s s e t s 4 3 , 8 4 0 . 2 7 5 , 2 4 0 . 6 41 , 2 2 5 , 3 0 7 . 3 8 9 1 6 , 5 4 7 . 5 5( 2 ) N o n ý f i n a n c i a l A s s e t s( a ) I n v e n t o r i e s þ 1 , 9 7 5 . 0 6( b ) C u r r e n t t a x a s s e t s 7 , 3 0 4 . 4 3 2 , 6 7 4 . 2 2( c ) D e f e r r e d t a x A s s e t s 5 2 9 . 1 8 1 , 7 4 3 . 3 5( c ) I n v e s t m e n t P r o p e r t y þ þ( e ) B i o l o g i c a l a s s e t s o t h e r t h a n b e a r e r p l a n t s þ þ( d ) P r o p e r t y , P l a n t a n d E q u i p m e n t 2 9 , 8 8 0 . 2 8 6 , 1 6 3 . 0 2( e ) C a p i t a l w o r k þ i n þ p r o g r e s s 1 1 0 . 0 7 1 7 , 3 4 3 . 3 5( f ) I n t a n g i b l e a s s e t s u n d e r d e v e l o p m e n t þ þ( f ) G o o d w i l l o n a c q u i s i t i o n 1 8 , 7 8 5 . 1 0 1 8 , 7 8 5 . 1 0( g ) O t h e r I n t a n g i b l e a s s e t s 8 , 7 6 8 . 8 7 8 , 7 1 2 . 3 7( h ) R i g h t t o U s e a s s e t s 3 , 3 8 1 . 9 2 þ( i ) O t h e r n o n þ f i n a n c i a l a s s e t s 8 , 0 1 0 . 9 3 4 , 0 9 0 . 6 77 6 , 7 7 0 . 7 8 6 1 , 4 8 7 . 1 4T o t a l A s s e t s 1 , 3 0 2 , 0 7 8 . 1 6 9 7 8 , 0 3 4 . 6 9L I A B I L I T I E S A N D E Q U I T YL I A B I L I T I E S( 1 ) F i n a n c i a l L i a b i l i t i e s( a ) D e r i v a t i v e f i n a n c i a l i n s t r u m e n t s 2 4 , 8 8 3 . 7 1 2 5 , 1 6 0 . 9 3( b ) P a y a b l e s( I ) T r a d e P a y a b l e s( i ) t o t a l o u t s t a n d i n g d u e s o f m i c r o e n t e r p r i s e s a n d s m a l l e n t e r p r i s e s þ þ( i i ) t o t a l o u t s t a n d i n g d u e s o f c r e d i t o r s o t h e r t h a n m i c r o e n t e r p r i s e s a n ds m a l l e n t e r p r i s e s 6 , 9 4 4 . 5 4 5 , 1 4 7 . 3 5( I I ) O t h e r P a y a b l e s( i ) t o t a l o u t s t a n d i n g d u e s o f m i c r o e n t e r p r i s e s a n d s m a l l e n t e r p r i s e s þ þ( i i ) t o t a l o u t s t a n d i n g d u e s o f c r e d i t o r s o t h e r t h a n m i c r o e n t e r p r i s e s a n ds m a l l e n t e r p r i s e s 2 3 , 4 7 5 . 8 7 8 , 4 6 4 . 1 6( c ) F i n a n c e L e a s e O b l i g a t i o n 3 , 5 4 3 . 8 7 þ( d ) D e b t S e c u r i t i e s 5 4 2 , 6 1 4 . 8 0 4 3 4 , 9 5 4 . 6 1( e ) B o r r o w i n g s ( O t h e r t h a n D e b t S e c u r i t i e s ) 2 8 4 , 9 9 1 . 9 3 1 1 8 , 3 4 0 . 3 5( f ) S u b o r d i n a t e d L i a b i l i t i e s 5 6 , 2 0 3 . 4 1 5 7 , 0 1 3 . 4 1( g ) O t h e r f i n a n c i a l l i a b i l i t i e s 5 1 , 1 5 9 . 5 4 2 8 , 7 3 9 . 7 39 9 3 , 8 1 7 . 6 7 6 7 7 , 8 2 0 . 5 4( 2 ) N o n ý F i n a n c i a l L i a b i l i t i e s( a ) C u r r e n t t a x l i a b i l i t i e s 1 , 7 0 3 . 5 4 2 , 9 4 2 . 0 8( b ) P r o v i s i o n s 9 2 7 . 7 3 8 5 6 . 3 9( c ) D e f e r r e d t a x l i a b i l i t i e s 3 , 2 2 9 . 7 0 2 , 7 8 0 . 9 4( d ) O t h e r n o n þ f i n a n c i a l l i a b i l i t i e s 3 , 2 4 9 . 1 8 2 , 5 9 3 . 1 89 , 1 1 0 . 1 5 9 , 1 7 2 . 5 9( 3 ) E Q U I T Y( a ) E q u i t y S h a r e c a p i t a l 1 , 7 4 2 . 9 0 1 , 6 8 9 . 7 1( b ) I n c r e m e n t a l s h a r e s p e n d i n g i s s u a n c e þ 1 2 . 0 1( c ) O t h e r E q u i t y 2 9 7 , 4 0 7 . 4 4 2 8 9 , 3 3 9 . 8 42 9 9 , 1 5 0 . 3 4 2 9 1 , 0 4 1 . 5 6T o t a l L i a b i l i t i e s a n d E q u i t y 1 , 3 0 2 , 0 7 8 . 1 6 9 7 8 , 0 3 4 . 6 9þ þ
P a r t i c u l a r s I I F L W e a l t h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : ý I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i ý 4 0 0 0 1 3 , M a h a r a s h t r a , I n d i a
2 . C o n s o l i d a t e d C a s h F l o w S t a t e m e n t f o r t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 ( R s . I n L a k h s )P a r t i c u l a r s Y e a r e n d e d M a r c h 3 1 ,2 0 2 0 Y e a r e n d e d M a r c h 3 1 ,2 0 1 9A . C a s h f l o w s f r o m o p e r a t i n g a c t i v i t i e sN e t p r o f i t b e f o r e t a x a t i o n 2 8 , 6 4 2 . 1 1 5 3 , 7 9 2 . 9 2O p e r a t i n g p r o f i t b e f o r e w o r k i n g c a p i t a l c h a n g e s 4 9 , 5 8 6 . 3 8 4 9 , 4 9 1 . 9 5N e t c a s h g e n e r a t e d f r o m o p e r a t i n g a c t i v i t i e s ( A ) 1 8 4 , 1 7 7 . 9 7 1 8 5 , 2 2 6 . 4 4N e t c a s h u s e d i n i n v e s t i n g a c t i v i t i e s ( B ) ( 3 3 5 , 9 7 5 . 7 4 ) ( 2 1 3 , 3 4 6 . 7 1 )N e t c a s h g e n e r a t e d f r o m / ( u s e d i n ) f i n a n c i n g a c t i v i t i e s ( C ) 2 2 8 , 9 6 6 . 7 6 ( 8 , 0 4 3 . 0 3 )N e t i n c r e a s e / ( d e c r e a s e ) i n c a s h a n d c a s h e q u i v a l e n t s ( A + B + C ) 7 7 , 1 6 8 . 9 9 ( 3 6 , 1 6 3 . 3 0 )O p e n i n g C a s h a n d C a s h E q u i v a l e n t s 1 6 , 4 6 2 . 2 9 5 2 , 6 2 5 . 5 9C l o s i n g C a s h a n d C a s h E q u i v a l e n t s 9 3 , 6 3 1 . 2 8 1 6 , 4 6 2 . 2 9£ £I I F L W E A L T H M A N A G E M E N T L I M I T E DC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : ² I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i ² 4 0 0 0 1 3 , M a h a r a s h t r a , I n d i a
( R s . I n L a k h s )M a r c h 3 1 , 2 0 2 0 D e c e m b e r 3 1 , 2 0 1 9 M a r c h 3 1 , 2 0 1 9 M a r c h 3 1 , 2 0 2 0 M a r c h 3 1 , 2 0 1 9S e g m e n t R e v e n u e1 . W e a l t h M a n a g e m e n t 3 7 , 5 3 6 . 9 1 3 5 , 3 0 2 . 2 0 3 3 , 2 1 0 . 3 1 1 3 2 , 5 6 9 . 8 8 1 4 0 , 1 0 8 . 8 92 . A s s e t M a n a g e m e n t 5 , 7 6 8 . 9 7 6 , 2 2 1 . 1 5 3 , 5 6 4 . 7 4 2 0 , 1 7 7 . 6 9 1 7 , 8 3 1 . 9 9T o t a l 4 3 , 3 0 5 .8 8 4 1 , 5 2 3 .3 5 3 6 , 7 7 5 .0 5 1 5 2 , 7 4 7 .5 7 1 5 7 , 9 4 0 .8 8S e g m e n t R e s u lt s ( P r o f i t b e f o r e t a x )1 . W e a l t h M a n a g e m e n t 8 5 0 . 5 9 8 , 5 9 1 . 8 9 1 1 , 8 3 0 . 4 8 2 5 , 8 6 7 . 5 3 4 9 , 7 0 8 . 3 22 . A s s e t M a n a g e m e n t 5 6 6 . 3 2 1 , 4 0 7 . 0 0 9 3 5 . 3 8 2 , 7 7 4 . 5 8 4 , 0 8 4 . 6 0T o t a l 1 , 4 1 6 .9 1 9 , 9 9 8 .8 9 1 2 , 7 6 5 .8 6 2 8 , 6 4 2 . 1 1 5 3 , 7 9 2 .9 2U n a l l o c a t e d � � � � �T o t a l S e g m e n t R e s u lt s 1 , 4 1 6 .9 1 9 , 9 9 8 .8 9 1 2 , 7 6 5 .8 6 2 8 , 6 4 2 . 1 1 5 3 , 7 9 2 .9 2S e g m e n t A s s e t s1 . W e a l t h M a n a g e m e n t 1 , 2 7 5 , 1 4 6 . 4 3 1 , 1 3 4 , 2 5 5 . 2 6 9 5 5 , 7 4 1 . 6 9 1 , 2 7 5 , 1 4 6 . 4 3 9 5 5 , 7 4 1 . 6 92 . A s s e t M a n a g e m e n t 1 9 , 0 9 8 . 1 2 1 5 , 5 8 3 . 0 2 1 7 , 8 7 5 . 4 3 1 9 , 0 9 8 . 1 2 1 7 , 8 7 5 . 4 3T o t a l 1 , 2 9 4 , 2 4 4 .5 5 1 , 1 4 9 , 8 3 8 .2 8 9 7 3 , 6 1 7 . 1 2 1 , 2 9 4 , 2 4 4 .5 5 9 7 3 , 6 1 7 . 1 2U n a l l o c a t e d 7 , 8 3 3 . 6 1 6 , 9 8 9 . 2 0 4 , 4 1 7 . 5 7 7 , 8 3 3 . 6 1 4 , 4 1 7 . 5 7T o t a l S e g m e n t A s s e t s 1 , 3 0 2 , 0 7 8 . 1 6 1 , 1 5 6 , 8 2 7 .4 8 9 7 8 , 0 3 4 .6 9 1 , 3 0 2 , 0 7 8 . 1 6 9 7 8 , 0 3 4 .6 9S e g m e n t L i a b i li t i e s1 . W e a l t h M a n a g e m e n t 9 9 3 , 3 1 7 . 9 4 8 3 8 , 5 6 1 . 2 2 6 7 8 , 5 0 0 . 2 4 9 9 3 , 3 1 7 . 9 4 6 7 8 , 5 0 0 . 2 42 . A s s e t M a n a g e m e n t 4 , 6 7 6 . 6 4 5 , 9 4 6 . 1 9 2 , 7 6 9 . 8 7 4 , 6 7 6 . 6 4 2 , 7 6 9 . 8 7T o t a l 9 9 7 , 9 9 4 .5 8 8 4 4 , 5 0 7 .4 1 6 8 1 , 2 7 0 . 1 1 9 9 7 , 9 9 4 .5 8 6 8 1 , 2 7 0 . 1 1U n a l l o c a t e d 4 , 9 3 3 . 2 4 6 , 0 6 0 . 2 2 5 , 7 2 3 . 0 2 4 , 9 3 3 . 2 4 5 , 7 2 3 . 0 2T o t a l S e g m e n t L i a b i li t i e s 1 , 0 0 2 , 9 2 7 .8 2 8 5 0 , 5 6 7 .6 3 6 8 6 , 9 9 3 . 1 3 1 , 0 0 2 , 9 2 7 .8 2 6 8 6 , 9 9 3 . 1 3C a p i t a l E m p lo y e d( S e g m e n t A s s e t s l e s s S e g m e n t l i a b i l i t i e s )1 . W e a l t h M a n a g e m e n t 2 8 1 , 8 2 8 . 4 9 2 9 5 , 6 9 4 . 0 4 2 7 7 , 2 4 1 . 4 5 2 8 1 , 8 2 8 . 4 9 2 7 7 , 2 4 1 . 4 52 . A s s e t M a n a g e m e n t 1 4 , 4 2 1 . 4 8 9 , 6 3 6 . 8 3 1 5 , 1 0 5 . 5 6 1 4 , 4 2 1 . 4 8 1 5 , 1 0 5 . 5 6T o t a l c a p i t a l e m p lo y e d i n S e g m e n t s 2 9 6 , 2 4 9 .9 7 3 0 5 , 3 3 0 .8 7 2 9 2 , 3 4 7 .0 1 2 9 6 , 2 4 9 .9 7 2 9 2 , 3 4 7 .0 1U n a l l o c a t e d 2 , 9 0 0 . 3 7 9 2 8 . 9 8 ( 1 , 3 0 5 . 4 5 ) 2 , 9 0 0 . 3 7 ( 1 , 3 0 5 . 4 5 )T o t a l C a p i t a l E m p lo y e d 2 9 9 , 1 5 0 .3 4 3 0 6 , 2 5 9 .8 5 2 9 1 , 0 4 1 .5 6 2 9 9 , 1 5 0 .3 4 2 9 1 , 0 4 1 .5 6( R s . I n L a k h s )G e o g r a p h i c a l I n f o r m a t i o n M a r 3 1 , 2 0 2 0 D e c 3 1 , 2 0 1 9 M a r 3 1 , 2 0 1 9 M a r 3 1 , 2 0 2 0 M a r 3 1 , 2 0 1 9I n d ia 4 2 , 8 7 8 .8 4 4 0 , 9 4 0 .6 6 3 5 , 6 4 8 . 2 4 1 5 0 , 3 1 9 .6 1 1 4 7 , 4 8 6 .3 4M a u r it i u s 9 0 . 2 6 2 7 3 .4 1 9 1 7 .0 2 1 , 2 5 8 .7 7 9 , 1 6 3 .9 3S i n g a p o r e 3 3 6 .7 2 3 0 8 . 1 0 2 0 6 .9 4 1 , 1 6 6 .3 2 1 , 1 5 6 .9 3O t h e r s 0 .0 6 1 . 1 8 2 .8 5 2 .8 7 1 3 3 .6 8T o t a l : 4 3 , 3 0 5 . 8 8 4 1 , 5 2 3 . 3 5 3 6 , 7 7 5 . 0 5 1 5 2 , 7 4 7 . 5 7 1 5 7 , 9 4 0 . 8 8Q u a r t e r e n d e d Y e a r e n d e d
I I F L W e a lt h M a n a g e m e n t L i m it e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : T I I F L C e n t r e , K a m a l a C it y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l, M u m b a i T 4 0 0 0 1 3 , M a h a r a s h t r a , I n d i aP a r t i c u l a r s R s i n L a c s Q u a r t e r e n d e d Y e a r e n d e d3 . T h e C o m p a n y a n d it s s u b s id ia r ie s a r e e n g a g e d i n f i n a n c e a n d f i n a n c ia l s e r v ic e s a c t iv it ie s . O n a c o n s o l id a t e d b a s is , t h e C o m p a n y h a s id e n t if ie d t w o r e p o r t a b le s e g m e n t s n a m e ly ( i ) W e a lt h M a n a g e m e n ta n d ( i i ) A s s e t M a n a g e m e n t . T h e d is c lo s u r e s i n t e r m s o f I n d ia n A c c o u n t i n g S t a n d a r d 1 0 8 ( I n d A S ) o n “ O p e r a t i n g S e g m e n t ” a s s p e c if ie d u n d e r s e c t io n 1 3 3 o f C o m p a n ie s A c t , 2 0 1 3 f o r t h e G r o u p is a s u n d e r :
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I I F L W e a l t h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : ¬ I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i ¬ 4 0 0 0 1 3 ,M a h a r a s h t r a , I n d i a4 . T h e a b o v e c o n s o l i d a t e d f i n a n c i a l r e s u l t s f o r t h e q u a r t e r a n d y e a r e n d e d M a r c h 3 1 , 2 0 2 0 , h a v e b e e n r e v i e w e da n d a u d i t e d r e s p e c t i v e l y a n d r e c o m m e n d e d b y t h e A u d i t C o m m i t t e e a n d a p p r o v e d b y t h e B o a r d o f D i r e c t o r s o ft h e C o m p a n y a t t h e i r m e e t i n g h e l d o n J u n e 1 1 , 2 0 2 0 . T h e S t a t u t o r y A u d i t o r s h a v e i s s u e d a u d i t r e p o r t w i t hu n m o d i f i e d c o n c l u s i o n a n d o p i n i o n o n t h e c o n s o l i d a t e d f i n a n c i a l r e s u l t s f o r t h e q u a r t e r a n d y e a r e n d e d M a r c h3 1 , 2 0 2 0 .5 . T h e s e c o n s o l i d a t e d f i n a n c i a l r e s u l t s h a v e b e e n p r e p a r e d i n a c c o r d a n c e w i t h t h e r e c o g n i t i o n a n d m e a s u r e m e n tp r i n c i p l e s l a i d d o w n i n I n d i a n A c c o u n t i n g S t a n d a r d s p r e s c r i b e d u n d e r S e c t i o n 1 3 3 o f t h e C o m p a n i e s A c t , 2 0 1 3r e a d w i t h r e l e v a n t R u l e s i s s u e d t h e r e u n d e r a n d o t h e r a c c o u n t i n g p r i n c i p l e s g e n e r a l l y a c c e p t e d i n I n d i a a n d i na c c o r d a n c e w i t h t h e r e q u i r e m e n t o f R e g u l a t i o n 3 3 o f t h e S E B I ( L i s t i n g O b l i g a t i o n s a n d D i s c l o s u r e R e q u i r e m e n t s )R e g u l a t i o n s 2 0 1 5 a s a m e n d e d .6 . T h e G r o u p h a s a d o p t e d I n d A S 1 1 6 — " L e a s e s " w i t h e f f e c t f r o m A p r i l 0 1 , 2 0 1 9 a n d a p p l i e d t h e s t a n d a r d t o i t sl e a s e s r e t r o s p e c t i v e l y . I n a c c o r d a n c e w i t h t h e r e q u i r e m e n t s o f t h e s t a n d a r d , t h e l e a s e l i a b i l i t y a t t h e p r e s e n tv a l u e o f r e m a i n i n g l e a s e p a y m e n t s a t t h e d a t e o f i n i t i a l a p p l i c a t i o n i . e . A p r i l 0 1 , 2 0 1 9 a m o u n t i n g t o`
4 , 3 5 7 . 0 1l a k h s h a s b e e n r e c o g n i z e d a n d " R i g h t t o u s e a s s e t s " h a s b e e n r e c o g n i z e d a t a n a m o u n t e q u a l t o t h e " L e a s el i a b i l i t y " a s a t t h a t d a t e . I n t h e S t a t e m e n t o f P r o f i t a n d L o s s f o r t h e c u r r e n t p e r i o d , t h e n a t u r e o f e x p e n s e s i nr e s p e c t o f l e a s e s h a s c h a n g e d f r o m l e a s e r e n t i n p r e v i o u s p e r i o d s t o d e p r e c i a t i o n c o s t f o r " R i g h t t o u s e l e a s ea s s e t s " a n d i n t e r e s t a c c r u e d o n " L e a s e l i a b i l i t y ” .7 . T h e C o m p a n y h a s r e v i s e d i t s e s t i m a t e o f u s e f u l l i f e o f F u r n i t u r e a n d F i x t u r e s a n d E l e c t r i c a l E q u i p m e n t u s e d i n t h eo f f i c e p r e m i s e a c q u i r e d d u r i n g t h e p e r i o d , w h i c h w a s e a r l i e r o n l e a s e , a n d h a s r e c o m p u t e d t h e d e p r e c i a t i o n o nt h e s a m e o n p r o s p e c t i v e b a s i s . A s a r e s u l t , d e p r e c i a t i o n f o r t h e q u a r t e r a n d y e a r e n d e d M a r c h 3 1 , 2 0 2 0 i s l o w e rb y`
1 4 2 . 6 8 l a k h s a n d`
5 6 0 . 5 9 l a k h s r e s p e c t i v e l y a n d t h e p r o f i t b e f o r e t a x f o r t h e q u a r t e r a n d y e a r e n d e d M a r c h3 1 , 2 0 2 0 i s h i g h e r b y`
1 4 2 . 6 8 l a k h s a n d`
5 6 0 . 5 9 l a k h s r e s p e c t i v e l y .8 . I n t e r m s o f t h e C o m p o s i t e S c h e m e o f A r r a n g e m e n t ( S c h e m e ) a m o n g s t I I F L F i n a n c e L i m i t e d ( f o r m e r l y k n o w n a sI I F L H o l d i n g s L i m i t e d ) , I n d i a I n f o l i n e F i n a n c e L i m i t e d , I n d i a I n f o l i n e M e d i a a n d R e s e a r c h S e r v i c e s L i m i t e d ( " I I F LM & R " ) , I I F L S e c u r i t i e s L i m i t e d ( " I I F L S e c u r i t i e s " ) , I I F L W e a l t h M a n a g e m e n t L i m i t e d ( " I I F L W e a l t h " ) a n d I I F LD i s t r i b u t i o n S e r v i c e s L i m i t e d ( " I I F L D i s t r i b u t i o n " ) , a n d t h e i r r e s p e c t i v e s h a r e h o l d e r s , u n d e r S e c t i o n s 2 3 0 ø 2 3 2a n d o t h e r a p p l i c a b l e p r o v i s i o n s o f t h e C o m p a n i e s A c t , 2 0 1 3 ( " S c h e m e " ) w h i c h w a s a p p r o v e d b y t h e N a t i o n a lC o m p a n y L a w T r i b u n a l B e n c h a t M u m b a i ( T r i b u n a l ) o n M a r c h 0 7 , 2 0 1 9 u n d e r t h e a p p l i c a b l e p r o v i s i o n s o f t h eC o m p a n i e s A c t , 2 0 1 3 , t h e e q u i t y o p t i o n s h o l d e r s o f I I F L F i n a n c e L i m i t e d ( f o r m e r l y k n o w n a s I I F L H o l d i n g s L i m i t e d )( O p t i o n s h o l d e r s ) s h a l l b e g r a n t e d 1 s t o c k o p t i o n b y t h e C o m p a n y f o r e v e r y 7 s t o c k o p t i o n s h e l d i n I I F L F i n a n c eL i m i t e d , o n t e r m s a n d c o n d i t i o n s s i m i l a r t o t h e E S O P S c h e m e o f I I F L F i n a n c e L i m i t e d . A c c o r d i n g l y , 1 , 2 7 , 9 1 3o p t i o n s o f I I F L W e a l t h M a n a g e m e n t L i m i t e d w e r e g r a n t e d o n A u g u s t 2 1 , 2 0 1 9 .9 . D u r i n g t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 t h e C o m p a n y g r a n t e d 2 , 3 3 8 , 9 0 9 s t o c k o p t i o n s r e p r e s e n t i n g e q u a l n u m b e ro f e q u i t y s h a r e s o f f a c e v a l u e o f`
2 / ø e a c h i n t h e C o m p a n y t o t h e e l i g i b l e e m p l o y e e s u n d e r t h e I I F L W e a l t hE m p l o y e e S t o c k O p t i o n S c h e m e ø 2 0 1 9 . N o n e o f t h e s t o c k o p t i o n s w e r e v e s t e d o r e x e r c i s e d d u r i n g t h e s a i d p e r i o d .1 0 . O n N o v e m b e r 2 2 , 2 0 1 8 , I I F L W e a l t h M a n a g e m e n t L i m i t e d a c q u i r e d 1 0 0 % s t a k e i n I I F L W e a l t h A d v i s o r s ( I n d i a )L i m i t e d ( F o r m e r l y k n o w n a s W e a l t h A d v i s o r s ( I n d i a ) P r i v a t e L i m i t e d ) . T h e r e a f t e r , o n 2 9 J a n u a r y 2 0 1 9 , t h e B o a r do f D i r e c t o r s o f I I F L W e a l t h M a n a g e m e n t L i m i t e d ( t h e “ T r a n s f e r e e C o m p a n y ” ) a p p r o v e d a d r a f t s c h e m e o fa m a l g a m a t i o n o f I I F L W e a l t h A d v i s o r s ( I n d i a ) L i m i t e d ( t h e “ T r a n s f e r o r C o m p a n y ” ) w i t h t h e T r a n s f e r e e C o m p a n y
I I F L W e a l t h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : 4 I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i 4 4 0 0 0 1 3 ,M a h a r a s h t r a , I n d i aa n d t h e i r r e s p e c t i v e s h a r e h o l d e r s i n t e r m s o f t h e p r o v i s i o n s o f S e c t i o n s 2 3 0 t o 2 3 2 r e a d w i t h o t h e r a p p l i c a b l ep r o v i s i o n s o f t h e C o m p a n i e s A c t , 2 0 1 3 ( t h e “ S c h e m e ” ) .T h e N a t i o n a l C o m p a n y L a w T r i b u n a l ( T r i b u n a l ) B e n c h a t M u m b a i h a s a p p r o v e d t h e a f o r e m e n t i o n e d S c h e m e o nO c t o b e r 2 4 , 2 0 1 9 a n d t h e N a t i o n a l C o m p a n y L a w T r i b u n a l B e n c h a t C h e n n a i a p p r o v e d t h e S c h e m e o nD e c e m b e r 2 0 , 2 0 1 9 u n d e r t h e a p p l i c a b l e p r o v i s i o n s o f t h e C o m p a n i e s A c t , 2 0 1 3 a n d t h e a p p o i n t e d d a t e o f t h eS c h e m e i s f i x e d a s N o v e m b e r 2 2 , 2 0 1 8 .C e r t i f i e d c o p y o f t h e s a i d o r d e r o f t h e M u m b a i B e n c h a n d C h e n n a i B e n c h o f t h e T r i b u n a l w a s r e c e i v e d b y t h eC o m p a n y o n D e c e m b e r 2 , 2 0 1 9 a n d D e c e m b e r 2 7 , 2 0 1 9 r e s p e c t i v e l y a n d f i l e d w i t h t h e R e g i s t r a r o f C o m p a n i e so n D e c e m b e r 2 7 , 2 0 1 9 .1 1 . A n i n t e r i m d i v i d e n d o f`
8 , 7 1 2 . 3 0 l a k h s (`
1 0 / � p e r s h a r e ) w a s a p p r o v e d i n t h e B o a r d M e e t i n g h e l d o n J a n u a r y2 2 , 2 0 2 0 a n d h a s b e e n a p p r o p r i a t e d a n d p a i d d u r i n g t h e q u a r t e r e n d e d M a r c h 3 1 , 2 0 2 0 . A g g r e g a t e I n t e r i md i v i d e n d a p p r o p r i a t e d a n d p a i d d u r i n g t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 a m o u n t e d t o`
1 7 , 3 9 6 . 0 6 l a k h s .1 2 . T h e G o v e r n m e n t o f I n d i a v i d e O r d i n a n c e N o . 1 5 o f 2 0 1 9 d a t e d S e p t e m b e r 2 0 , 2 0 1 9 a m e n d e d t h e i n c o m e t a xp r o v i s i o n s b y i n s e r t i n g s e c t i o n 1 1 5 B A A . A s p e r t h e a m e n d e d p r o v i s i o n s , t h e C o m p a n y a n d s o m e o f i t ’ ss u b s i d i a r i e s h a v e o p t e d t o p a y t a x a t r a t e o f 2 2 % p l u s a p p l i c a b l e s u r c h a r g e a n d c e s s s u b j e c t t o t h e c o n d i t i o n sm e n t i o n e d u n d e r t h e a m e n d e d p r o v i s i o n s a n d r e c o g n i s e d t h e e f f e c t o f c h a n g e b y r e v i s i n g t h e a n n u a l e f f e c t i v ei n c o m e t a x r a t e . D u e t o r e d u c e d t a x r a t e , t h e G r o u p h a s , d u r i n g t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 , r e � m e a s u r e d i t sD e f e r r e d T a x A s s e t s a n d L i a b i l i t i e s a s a t A p r i l 1 , 2 0 1 9 a n d t h e i m p a c t o f t h i s c h a n g e h a s b e e n f u l l y r e c o g n i s e d i nt h e S t a t e m e n t o f P r o f i t a n d L o s s A c c o u n t u n d e r " T a x e x p e n s e " f o r t h e F i n a n c i a l R e s u l t s o f t h e Y e a r e n d e d M a r c h3 1 , 2 0 2 0 .1 3 . T h e s p r e a d o f t h e C O V I D � 1 9 p a n d e m i c a c r o s s t h e g l o b e a n d I n d i a c o n t r i b u t e d t o s i g n i f i c a n t v o l a t i l i t y i n g l o b a l a n dI n d i a n f i n a n c i a l m a r k e t s a n d a s i g n i f i c a n t d e c r e a s e i n g l o b a l a n d l o c a l e c o n o m i c a c t i v i t i e s . T h e u l t i m a t e d u r a t i o na n d e x t e n t o f t h e p a n d e m i c c a n n o t r e a s o n a b l y b e a s s e s s e d a n d c o n s e q u e n t l y t h e f u l l i m p a c t o n t h e b u s i n e s s d u et o a C O V I D � 1 9 r e l a t e d e c o n o m i c s l o w d o w n , c h a n g e s i n c l i e n t s e n t i m e n t a n d i n v e s t m e n t b e h a v i o u r a r e c u r r e n t l yu n k n o w n . T h e G r o u p s o f a r h a s c o n t i n u e d t o e n g a g e w i t h c l i e n t s a n d e m p l o y e e s t h r o u g h t h e b u s i n e s s c o n t i n u i t ym e a s u r e s p u t i n p l a c e a n d i t s t e c h n o l o g y p l a t f o r m w i t h l i m i t e d d i s r u p t i o n . F u r t h e r , t h e G r o u p h a s a s s e s s e d t h a ti t e x p e c t s t o n a v i g a t e c u r r e n t l y p r e v a i l i n g u n c e r t a i n e c o n o m i c c o n d i t i o n s b a s e d o n i t s b u s i n e s s m o d e l , p r o f i l e o fa s s e t s a n d l i a b i l i t i e s a n d a v a i l a b i l i t y o f l i q u i d i t y a n d c a p i t a l a t i t s d i s p o s a l . H o w e v e r , t h e e x t e n t t o w h i c h t h eC O V I D � 1 9 p a n d e m i c w i l l u l t i m a t e l y i m p a c t t h e G r o u p ’ s o p e r a t i o n s w i l l d e p e n d o n c u r r e n t l y u n c e r t a i n f u t u r ed e v e l o p m e n t s .I n t e r m s o f t h e p o l i c y a p p r o v e d b y t h e B o a r d o f D i r e c t o r s o f I I F L W e a l t h F i n a n c e L i m i t e d ( t h e S u b s i d i a r y ) p u r s u a n tt o R e s e r v e B a n k o f I n d i a ( R B I ) C i r c u l a r s d a t e d M a r c h 2 7 , 2 0 2 0 , t h e S u b s i d i a r y h a s g r a n t e d m o r a t o r i u m t o a l le l i g i b l e c u s t o m e r s f o r a p e r i o d u p t o 3 m o n t h s w i t h r e g a r d s t o t h e p a y m e n t f a l l i n g d u e b e t w e e n M a r c h 0 1 , 2 0 2 0a n d M a y 3 1 , 2 0 2 0 . T h e S u b s i d i a r y h a s a s s e s s e d , b a s e d o n i t s a c t i o n s t a k e n , t h a t s u c h m o r a t o r i u m h a s n o tt r i g g e r e d a s i g n i f i c a n t i n c r e a s e i n c r e d i t r i s k . F u r t h e r , a s p e r m a n a g e m e n t a s s e s s m e n t t h e r e i s n o s i g n i f i c a n td e t e r i o r a t i o n i n t h e v a l u e o f t h e c o l l a t e r a l , d e s p i t e t h e s i g n i f i c a n t d o w n t u r n e x p e r i e n c e d i n t h e s t o c k m a r k e tt o w a r d s t h e e n d o f M a r c h 2 0 2 0 . B a s e d o n a n a s s e s s m e n t o f t h e c i r c u m s t a n c e s , u s i n g b o t h i n t e r n a l a n d e x t e r n a li n f o r m a t i o n , t h e s e c u r i t y a v a i l a b l e a n d t h e a b i l i t y t o r e a l i z e s u c h s e c u r i t y , t h e S u b s i d i a r y d o e s n o t e n v i s a g e t h en e e d f o r a n y a d d i t i o n a l E x p e c t e d C r e d i t L o s s ( E C L ) p r o v i s i o n o n t h e l o a n s o n a c c o u n t o f t h e p a n d e m i c . H o w e v e r ,E C L p r o v i s i o n s r e q u i r e d m a y d i f f e r f r o m t h o s e e s t i m a t e d c u r r e n t l y i f s i t u a t i o n w o r s e n s . S u c h f u t u r e i m p a c t w i l lb e r e c o g n i s e d p r o s p e c t i v e l y .
I I F L W e a l t h M a n a g e m e n t L i m i t e dC I N : U 7 4 1 4 0 M H 2 0 0 8 P L C 1 7 7 8 8 4R e g d . O f f i c e : Ë I I F L C e n t r e , K a m a l a C i t y , S e n a p a t i B a p a t M a r g , L o w e r P a r e l , M u m b a i Ë 4 0 0 0 1 3 ,M a h a r a s h t r a , I n d i a1 4 . I I F L W e a l t h F i n a n c e L i m i t e d , s u b s i d i a r y o f t h e C o m p a n y , h a d e n t e r e d i n t o S h a r e P u r c h a s e A g r e e m e n t w i t h L & TF i n a n c e H o l d i n g s L i m i t e d . o n A u g u s t 2 8 , 2 0 1 9 t o a c q u i r e 1 0 0 % h o l d i n g i n L & T C a p i t a l M a r k e t s L t d . A s o n M a r c h3 1 , 2 0 2 0 t h e t r a n s a c t i o n w a s y e t t o b e c o n s u m m a t e d p e n d i n g , i n t e r � a l i a , r e g u l a t o r y a p p r o v a l s . H e n c e n o i m p a c th a s b e e n g i v e n f o r s u c h a c q u i s i t i o n a s a t M a r c h 3 1 , 2 0 2 0 . P u r s u a n t t o t h e p r o v i s i o n s o f t h e s a i d A g r e e m e n t , t h eC o m p a n y p l a c e d c e r t a i n i n v e s t m e n t s a m o u n t i n g t o`
4 , 6 0 0 l a k h s ( M a r k e t V a l u e`
4 , 7 3 7 . 8 1 l a k h s a s o n M a r c h 3 1 ,2 0 2 0 ) a n d f u n d s o f`
3 , 0 0 0 l a k h s i n a n e s c r o w a c c o u n t w i t h a B a n k a c t i n g a s a n e s c r o w a g e n t . T h e C o m p a n y h a sc o m p l e t e d t h e a c q u i s i t i o n o f 1 0 0 % e q u i t y s h a r e s o f L & T C a p i t a l M a r k e t s L i m i t e d ( L T C M ) , f o r a t o t a l c o n s i d e r a t i o no f`
2 3 , 0 0 0 l a k h s p l u s a v a i l a b l e c a s h / c a s h e q u i v a l e n t s e t c . T h e t r a n s a c t i o n w a s c o n s u m m a t e d o n A p r i l 2 4 , 2 0 2 0 ,a f t e r r e c e i v i n g r e q u i s i t e r e g u l a t o r y a p p r o v a l s .1 5 . T h e f i g u r e s f o r t h e q u a r t e r e n d e d M a r c h 3 1 , 2 0 2 0 a n d q u a r t e r e n d e d M a r c h 3 1 , 2 0 1 9 a r e t h e b a l a n c i n g f i g u r e sb e t w e e n a u d i t e d f i g u r e s i n r e s p e c t o f t h e y e a r e n d e d M a r c h 3 1 , 2 0 2 0 a n d M a r c h 3 1 , 2 0 1 9 a n d t h e u n a u d i t e df i g u r e s o f n i n e m o n t h s e n d e d D e c e m b e r 3 1 , 2 0 1 9 a n d D e c e m b e r 3 1 , 2 0 1 8 r e s p e c t i v e l y .1 6 . P r e v i o u s p e r i o d / y e a r f i g u r e s h a v e b e e n r e g r o u p e d / r e c l a s s i f i e d t o m a k e t h e m c o m p a r a b l e w i t h t h o s e o f c u r r e n tp e r i o d .I n t e r m s o f o u r r e p o r t a t t a c h e d B y t h e o r d e r o f t h e B o a r dF o r I I F L W e a l t h M a n a g e m e n t L i m i t e dP l a c e : M u m b a i M a n a g i n g D i r e c t o r( D I N : 0 3 2 4 7 7 5 3 )D a t e : J u n e 1 1 , 2 0 2 0 K a r a n B h a g a t