|
VMPL
New Delhi [India], November 23: Fairfax-backed IIFL Finance Limited, which is one of India's largest non-banking financial companies, today said that leading rating agency CRISIL has upward revised its outlook to 'Positive' from 'Stable'. The agency has also reaffirmed the long-term rating at 'CRISIL AA' and short-term rating at 'CRISIL A1+'. In the rating rationale released by CRISIL Ratings said, "The outlook revision reflects the strengthening market position of IIFL Finance group and the expected sustained improvement in its profitability. The ratings continue to be supported by the group's comfortable capitalization with improved gearing, and its diversified portfolio with majority contribution from inherently less risky asset classes." The positive outlook revisions have also been made for IIFL Home Finance Limited and IIFL Samasta Finance Limited, both material subsidiaries of IIFL Finance Limited. Further, they have also reaffirmed the long-term rating at 'CRISIL AA' and short-term rating at 'CRISIL A1+' for IIFL Home Finance Limited and long-term rating at 'CRISIL AA-' and short-term rating at 'CRISIL A1+' for IIFL Samasta Finance Limited. Nirmal Jain, Founder, IIFL Group and Managing Director, IIFL Finance said, "The ratings outlook upgrade vindicates our growth strategy focused on retail loans to relatively under-banked customer segments and strong financial performance." Kapish Jain, President & Group Chief Financial Officer of IIFL Finance, said, "The upward outlook revision is a confirmation to our consistent and robust financial performance and validation of our sound business model." IIFL Finance offers gold loan, affordable home loan, microfinance loans and business loans and has consolidated assets under management of Rs 73,066 crore as on September 30, 2023, making it one of the largest retail-focused non-banking finance companies in India. IIFL Finance is present across India through over 4,400 branches and multiple digital platforms catering primarily to the credit needs of unbanked and underbanked small entrepreneurs. IIFL Finance Group is in the top three entities in the gold finance segment, and is among the top three non-bank players in microfinance. The housing finance business has also scaled up and the group through its subsidiary IIFL Home Finance - has carved out a niche position for itself in this segment by delivering affordable housing finance. IIFL Finance Ltd is one of the leading retail focused diversified NBFC in India, engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance Limited and IIFL Samasta Finance Limited. IIFL Finance, through its subsidiaries, offers a wide spectrum of products such as Home loan, Gold loan, Business loan, Microfinance, Capital Market finance and Developer & Construction finance to a vast customer base of over 8 million+ customers. IIFL Finance has widened its Pan-India reach through extensive network of branches spread across the country and various digital channels. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
|
