Iifl Finance Limited · NSE:IIFL
Iifl Finance — Q4 FY21 Earnings Presentation
70 slides from Iifl Finance's earnings presentation, May 6, 2021
Slide 1: Cover letter to stock exchanges
IIFL FINANCE May 06, 2021 The Manager, The Manager, Listing Department, Listing Department, BSE Limited, The National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Tower, Exchange Plaza, 5 Floor, Plot C/1, G Block, Dalal Street, Bandra - Kurla Complex, Bandra (E), Mumbai 400 001. Mumbai 400 051.
Slide 2: IIFL Finance Results update (press release)
IIFL FINANCE IIFL Finance Limited Press Release For immediate publication Mumbai, India May 06, 2021 IIFL Finance1 Results update IIFL Finance reports 51% growth in full year profit on the back of 18% growth in loan assets. Quarter profit registers 321% y-o-y growth IIFL Finance Limited Consolidated
Slide 3: Financial performance review; Business segment review
IIFL FINANCE Financial performance review IIFL Finance had loan assets under management of Rs 44,688 Cr as at March 31, 2021, with the home loans segment constituting 32%, gold loans 29%, business loans 17% and microfinance loans 11% of the total AUM. The company’s annualized ROE and ROA for Q4FY21
Slide 4: Transfer of real estate credit assets to an AIF; Liquidity position
IIFL FINANCE Transfer of real estate credit assets to an Alternate Investment Fund (AIF) IIFL Finance is in the process of transferring substantial part of its Construction & Real Estate (CRE) loan assets that are in the form of non-convertible debentures to an Alternative Investment Fund. IIFL Fina
Slide 5: About IIFL
011FL FINANCE About IIFL IIFL Group is one of the leading players in the Indian financial services space. Prior to the Composite Scheme of Arrangement (effective May 2019), IIFL Finance Limited (Erstwhile “IIFL Holdings Limited”) (Bloomberg Code: IIFL IN, NSE: IIFL, BSE: IIFL) was engaged in the bus
Slide 6: Performance review Q4FY21
IIFL FINANCE Performance review Quarter ended March 31, 2021 (Q4FY21) Bloomberg: IIFL IN IIFL Finance Limited May 06, 2021
Slide 7: Agenda
IIFL FINANCE I. Q4FY21 Financial performance i. Key highlights ii. Financial performance and growth iii. Asset quality iv. Liquidity position II. Business segments review III. Corporate and others
Slide 8: Key highlights for the quarter ended March 2021
Key highlights for the quarter ended March 2021.. IIFL FINANCE Loan AUM Total Comprehensive RoE / RoA* Income ₹ 44,688 Cr 20.7% / 2.8% Up 6% q-o-q ₹ 270 Cr Previous quarter 18.4% / 2.6% Up 17% q-o-q Pre Provision Operating Cost of Funds Gross / Net NPAs Profit 8.8% 2.1% / 1.0% Z 650 Cr down 13 bps q
Slide 9: Agenda
IIFL FINANCE I. Q4FY21 Financial performance i. Key highlights ii. Financial performance and growth iii. Asset quality iv. Liquidity position II. Business segments review III. Corporate and others
Slide 10: Consolidated results (as per IND AS)
IIFL Finance – Consolidated results (as per IND AS) IIFL FINANCE Quarter and year ended March 31, 2021 (NBFC, HFC and MFI) Cr Q4FY21 Q4FY20 Y-o-Y Q3FY21 Q-o-Q FY21 FY20 Y-o-Y Interest income 1,254.9 1,103.3 14% 1,184.5 6% 4,709.7 4,043.1 16% Interest expense (680.6) (603.2) 13% (611.3) 11% (2,608.3)
Slide 11: Income analysis (Consolidated as per IND AS)
Income analysis (Consolidated as per IND AS) IIFL FINANCE Quarter and year ended March 31, 2021 (NBFC, HFC and MFI) Cr Q4FY21 Q4FY20 Y-o-Y Q3FY21 Q-o-Q FY21 FY20 Y-o-Y Loan book using Risk Capital 29,784 26,274 13% 27,692 8% 29,784 26,274 13% Securitized book# 3,828 1,960 95% 3,201 20% 3,828 1,960 9
Slide 12: Consolidated Balance sheet
IIFL Finance – Consolidated Balance sheet IIFL FINANCE Audited as at March 31, 2021 (NBFC, HFC and MFI) ASSETS ₹ Cr LIABILITIES AND EQUITY ₹ Cr 1 Financial Assets 1 Financial Liabilities (a) Cash and Bank Balances 4,784 (a) Payables 110 (b) Receivables 193 (b) Borrowings^ (c) Loan Assets 33,533 - NC
Slide 13: Consistent financial performance and growth over years
Consistent financial performance and growth over years IIFL FINANCE Loan AUM (₹ Cr) Total comprehensive income (₹ Cr) AN— ...... ,-- .. ..... ● Loan AUM has shown cp.GP-16°A........-..---- 37,951 44,688 ....- 34,904 736 strong growth of 18% .0. .11. 701 .11. .11. •• 31,228 y-o-y and 6% q-o-q, .0.o..
Slide 14: Robust and improving financial position
Robust and improving financial position IIFL FINANCE Return on assets (%) Return on equity (%) ● ROA & ROE have risen to 2% and 15% in FY21, the same for 17.5% 16.9% Q4FY21 stood at 2.8% 15.2% 14.8% 13.3% & 20.7% annualized. 11.1% 2.2% 1.9% 2.0% 2.0% 1.6% 'M ● Cost to income saw a 1.5% steep fall wi
Slide 15: Loan disbursements have picked up to pre Covid levels
Loan disbursements have picked up to pre Covid levels.. IIFL FINANCE Disbursement trends ( In Crs) Gold Loan Home Loan 5,024 5,682 5,025 1,780 4,909 1,318 3,312 3,603 3,924 2,107 693 750 863 607 350 267 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21
Slide 16: Agenda
IIFL FINANCE I. Q4FY21 Financial performance i. Key highlights ii. Financial performance and growth iii. Asset quality iv. Liquidity position II. Business segments review III. Corporate and others
Slide 17: Superior asset quality maintained through cycles
Superior asset quality maintained through cycles… IIFL FINANCE Gross NPA (%) Net NPA (%) mi ● Excluding discontinued business of Healthcare 150 DPD 120 DPD 90 DPD 150 120 90 DPD DPD DPD Equipment Finance (HCF), the GNPA stands at 1.98% and NNPA at 0.89% 2.31% 1.96% 2.14% 1.82% 1.71% 0.97% 0.97% ● Du
Slide 18: Superior asset quality in all business segments
Superior asset quality in all business segments IIFL FINANCE Credit quality has been steady across key product segments Core growth segments Synergistic segments Home loans Business loans Construction & Real Estate finance Gross NPAs (%) Gross NPAs (%) Gross NPAs (%) 5.7% 4.4% 3.8% 1.4% 1.5% 3.7% 2.
Slide 19: Conservative provisioning across all segments
Conservative provisioning across all segments IIFL FINANCE As at March 31, 2021 (NBFC, HFC and MFI) z in Crores Loan Book Provision % Provision Business Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 As per As per ECL RBI Home Loans 9,318.4 321.5 147.2 9,787.1 1.3% 5.9% 30.4% 186.1 73.2 Busin
Slide 20: Collection efficiency in Q4 was significantly better
Collection efficiency in Q4 was significantly better IIFL FINANCE Collection Efficiency trends* (%) – moratorium period from Mar-Aug 2020 Gold Loan Home Loan 96% 97% 101% 100% 98% 99% 66% 74% 81% 36% Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Business Loans Microfinance 89
Slide 21: Agenda
IIFL FINANCE I. Q4FY21 Financial performance i. Key highlights ii. Financial performance and growth iii. Asset quality iv. Liquidity position II. Business segments review III. Corporate and others
Slide 22: Well diversified sources of funding
Well diversified sources of funding.. IIFL FINANCE Resource profile is well diversified, with increasing share of bank loans Outstanding borrowing (z Crs) Bonds/ NCDs investors split (%) 15,395 17,982 24,539 26,141 25,734 28,426 Public, 22.0% Others, 15.0% CBLO Foreign Mutual Funds, 0.5% 5% / 2% Inv
Slide 23: Structural Liquidity - Surplus across all buckets
Structural Liquidity- Surplus across all buckets in Crores Surplus/ (Deficit) as a % of outflow (cumulative) 411. OP 41. 41. 41. 550% 98% 106% 101% 81% 44% 20% 19% 0% 42,512 39,001 42,512 35,626 32,910 23,368 29,790 17,371 16,341 11,864 9,643 6,389 9,593 4,392 4,688 5,889 3,224 676 0 0 0 0 0 0 0 0 -
Slide 24: Debt repayment obligation schedule, well covered
IIFL FINANCE Debt repayment obligation schedule, well covered in Crores Cash & cash equivalents as on March 31, 2021 4,784 Earmarked cash & cash equivalents ,483) Free cash & cash equivalents 3,301 9,933 Liquid investments/unutilised CC (+) 655 Undrawn credit lines (+) 1319 8,702 Aggregate liquidity
Slide 25: Debt resource raising trend
Debt resource raising trend IIFL FINANCE Term Loan Bonds Refinance z in Crores 4,555 3,889 700 3,987 500 908 425 2,721 2,856 975 1,402 1,005 3,062 2,981 152 1,746 825 550 999 275 425 180 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 During the quarter: IIFL’s long term credit rating from CRISIL AA (Ou
Slide 26: Business segments review: overview and mix
I. Q4FY21 Financial performance II. Business segments review i. Overview and mix ii. Home loan iii. Business loan iv. Gold loan v. Microfinance vi. Update on commercial & real estate III. Corporate and others
Slide 27: Our diversified product portfolio
Our diversified product portfolio As on March 31, 2021 Strategic focus on segments that are core strengths and have inter se synergies AUM (₹ Cr) Target customers Unique features Salaried / Self-employed Focused on affordable and non-metro housing segments 14,439 individuals Leverages underwri
Slide 28: The portfolio mix is becoming increasingly retail and granular
The portfolio mix is becoming increasingly retail and granular Diversified AUM portfolio disperses exposure and balances cyclical vagaries (₹ Cr) 16,176 22,281 34,904 37,951 44,688 2% 1% 1% Commercial Vehicle 13% 10% 8% 14% 12% Capital Markets Commercial & Real 7% 9% Microfinance 11% Estate 21% 17%
Slide 29: Loans sourced through own network
Loans sourced through own network .. Over 85% of branches are in Tier 2 and Tier 3 locations Wide spread network across 25 states and over 600 locations, with over 19000 employees 11.1-11,1141 Number of branches 2,563 0 2,377 CHAU, 1,947 a kistan 1,161 • ft c..• • ■ ' "-• : i • • .. Au Al. ANL '•:*(
Slide 30: Business segments review: Home loan
I. Q3FY21 Financial performance II. Business segments review i. Overview and mix ii. Home loan iii. Business loan iv. Gold loan v. Microfinance vi. Update on commercial & real estate III. Corporate and others
Slide 31: Home loans – industry overview
Home loans – industry overview Rising demand for housing in tier-II-III cities is expected to result into surge in construction which will increase the focus of financiers on urban areas. Rise in GDP per capita (‘000), from 72 in FY12 to 152 in FY20, majorly contributed by private final consumpt
Slide 32: Home loans – product overview
Home loans – product overview Affordable home loan Product Non-metro housing loan offering For home purchase, home renovation, home construction and plot purchase ~~ Customer Target segment is salaried and self –employed profile segments Primary focus is on first time home buyers Onboardin
Slide 33: Home loans – financial overview
Home loans – financial overview Assets Under Management (₹ Crore) Portfolio Yield & Cost of Funds (%) Self Employed Salaried Portfolio Yield Cost of Funds 2,700 5,300 8,579 12,197 12,443 14,439 10.1% 9.7% 8.6% 8.5% 8.9% 8.1% 35% 41% 48% 54% 58% 61% 11.6% 10.1% 9.6% 9.8% 10.3% 10.3% 65% 59% 52% 46% 4
Slide 34: Home loans - Digital Ecosystem
Home loans- Digital Ecosystem I Customer On-Boarding Process I I Customer Servicing Process I I Home Loan Application I Customer Applications I I I 1 I • I Sales • Business Rule I Mobile App Engine Accurate I KYC Income Property Data Digital Financial I Eligibility I Fintech Integrations – Real Time
Slide 35: Impact of Technology
Impact of Technology AUM per employee (₹ Crore) Disbursals (units) per sales and credit employee (Monthly productivity during the quarter) Sales Credit 38.9 27.1 16.7 13.2 13.8 12.7 7.8 7.4 7.8 6.4 4.6 2.5 3.7 2.5 2.7 FY19 FY20 FY21 Q3 FY19 Q4 FY19 Q3 FY20 Q4 FY20 Q3 FY21 Q4 FY21 Cost to Income Digi
Slide 36: Home loan: Aiming for inclusive growth
Home loan: Aiming for inclusive growth First time home buyers (Since inception) Gender Equality 118000+ 39% 92000+ 61% 78000+ 48000+ Reach •Q •Only male owner Female owner/co-owner 26000+ Metro FY 17 FY 18 FY 19 FY 20 FY 21 47% 53% Non-Metro Families benefitted under CLSS Subsidy provided (₹ Crore)
Slide 37: IIFL HFL contribution to Environment Sustainability
IIFL HFL contribution to Environment Sustainability- Green affordable housing impact by green value partners • Pioneered Green Building concept in IGBC preliminary certified / certified projects under partnership with housing developers management – 11,602 units through "Kutumb" platform • It provid
Slide 38: Home loans – updates for the quarter
Home loans – updates for the quarter Launch of Green Building Handbook The main objective of launching the green building handbook is to design and built homes that are comfortable and healthy and cause minimum harm to the environment. The Green Building Handbook will be useful for: * The Develope
Slide 39: Agenda
IIFL FINANCE I. Q4FY21 Financial performance II. Business segments review i. Overview and mix ii. Home loan iii. Business loan iv. Gold loan v. Microfinance vi. Commercial & real estate III. Corporate and others
Slide 40: Business loans – industry overview
Business loans – industry overview Micro segment: Biggest beneficiary of fresh disbursals supported by ECLGS Mar-20 Mar-22 27% Non-banks Market Share 20% 18% 23% 21% 15% 10-12% 7% 7-9% 10% 8% 8% 4% 3-5% 3% FY16 FY17 FY18 FY19 FY20 FY21P FY22P (3)-(4)% Non-banks Banks Non-bank MSME credit to pick up
Slide 41: Business loans – product overview
Business loans – product overview IIFL FINANCE Product For business loans backed by cash flows offering Collateral must for loans of more than ₹ 50 Lakh; LTV up to 70% MSME customers having established business performance Customer Lending to manufacturing, trading and service sectors for wo
Slide 42: Business loans – financial overview
Business loans – financial overview IIFL FINANCE Assets Under Management (₹ Crore) Boarding Yield (%) 8,117 7,805 7,361 7,464 19.6% 6,000 16.3% 16.7% IIIIII 5,100 13.4% 13.5% 14.3% FY16 FY17 FY18 Onboarding Average Ticket Size (₹ Lakhs) FY19 FY20 FY21 FY16 FY17 Gross NPAs (%) FY18 II FY19 FY20 FY21
Slide 43: My Money App
My Money App IIFL FINANCE App for paperless instant unsecured business loans – Managing money in a simple and transparent way Key K features Cibil Score Check Ci Money Get your CIBIL score for FREE in just 2 minutes Detailed analysis of your credit profile Experian score CIBIL Score Monitor yo
Slide 44: Secured business loans: Digital up selling for quality customer retention
Secured business loans: Digital up selling for quality IIFL FINANCE customer retention A complete paperless journey with no human touch points • Pool Selection • Digital Interface Identification of Customer details fetched from eligible pool through Parent loan data analytics 61 Cr disbursed till Ma
Slide 45: Partnership with Fintechs
IIFL FINANCE Partnership with Fintech’s Leegality E-signing Enhancing Customer Experience karza 14,-) Using GST data for under-writing TECHNOLOGIES data r sutram 9 Locational Intelligence Platform Improving digital Collections Enhancing Collection Platform Co-branded prepaid card – to be launched ne
Slide 46: Agenda
IIFL FINANCE I. Q4FY21 Financial performance II. Business segments review i. Overview and mix ii. Home loan iii. Business loan iv. Gold loan v. Microfinance vi. Update on commercial & real estate III. Corporate and others
Slide 47: Gold loans – industry overview
Gold loans – industry overview IIFL FINANCE Industry Gold Loans – Organized Market (₹ bn) "ft 25,000 tonnes 2,315 2,508 2,875 3,262 3,601 4,180 of gold is held by Indian Households (65% in Rural India) FY17 FY18 L FY19 FY20E FY21P FY22P Gold loans expected to growth at a higher rate amongst all as
Slide 48: Gold loans – product overview
Gold loans – product overview IIFL FINANCE Product Loan against jewellery provided for personal & business use; offering On-boarding LTV ~ 71% Customer Salaried, self-employed and MSME businesses segments 70% are repeat customers Onboarding 101% Collection AUM Gross/Net NPA Tenor Average Tic
Slide 49: Gold loans – financial overview
Gold loans – financial overview IIFL FINANCE Assets Under Management (₹ Crore) Boarding Yield (%) 13,149 19.2% 18.7% 19.6% 18.6% 9,125 18.1% 18.1% 6,195 4,037 2,914 2,910 FY16 FY17 FY18 FY19 FY20 FY21 FY16 FY17 FY18 FY19 FY20 FY21 Onboarding Average Ticket Size (₹ ‘000s) Gross NPAs (%) 58 56 59 53 4
Slide 50: Gold Loan Home Delivered
IIFL FINANCE Gold Loan Home Delivered.. Product being launched Gold Loan Home Delivered- MOHO Customer applies Executive visits Gold valued and Gold kept in for Gold Loan via customer’s loan disbursed designated Vault app, call or doorstep to directly into bank Website appraise gold account Central
Slide 51: Partnership with web aggregators for Gold loan
Partnership with web aggregators for Gold loan IIFL FINANCE Live Partnerships GOLDUNO *Fino FINO realme too ° Realme Paysa eJOHRI eJOH R I L 00 rnyloanskart.in .401=01°' your loan shop API integration in process for myloanskart.in
Slide 52: Gold loan: Supporting small ticket borrowers
Gold loan: Supporting small ticket borrowers IIFL FINANCE Gold loans are essentially small-ticket business loans 65% of gold loan are of less 83% of the branches are located in tier II, III cities and than ₹ 50,000 value rural areas 69% of loans given to small 8% of loans is for agricultural busines
Slide 53: Agenda
IIFL FINANCE I. Q4FY21 Financial performance II. Business segments review i. Overview and mix ii. Home loan iii. Business loan iv. Gold loan v. Microfinance vi. Update on commercial & real estate III. Corporate and others
Slide 54: Microfinance – industry overview
Microfinance – industry overview IIFL FINANCE Overall MFI to grow by 25-26% in FY22 Al (₹ bn) '(o'( 25-26% s(oNp. 3-4% 978 744 773 136 FY15 198 FY16 231 FY17 355 FY18 567 FY19 FY20 FY21P _MFY22P 1. Growth for the FY22 is projected at 25-26% 2. Microfinance borrowers highly depend on the source of cr
Slide 55: Microfinance – product overview
Microfinance – product overview IIFL FINANCE Product Small-ticket loans for purpose of income generation activities offering 1 Customer Target segment is rural and semi-urban self-employed women formed into joint liability groups segments AUM Gross/Net NPAs States Total Customers Tenor 94% Colle
Slide 56: Microfinance – financial overview
Microfinance – financial overview IIFL FINANCE Assets Under Management (₹ Crore) Boarding Yield (%) 4,738 2,286 3,400 25.9% 24.4% 840 22.6% 22.5% 110 FY16 238 FY17 FY18 FY19 FY20 FY21 11 FY16 FY17 FY18 22.0% FY19 22.1% FY20 FY21 Onboarding Average Ticket Size (₹ ‘000s) Gross NPAs (%) Mr 27 1.8% 21 2
Slide 57: Microfinance & Retail business loans
Microfinance & Retail business loans IIFL FINANCE Microfinance & Retail business loans are for income generating activities 88% of these 8 benefited 16.2 lakhs+ families customers stay in the rural area benefited in 17 states with of the country financial intervention Supports self-employed 10,000+
Slide 58: Agenda
IIFL FINANCE I. Q4FY21 Financial performance II. Business segments review i. Overview and mix ii. Home loan iii. Business loan iv. Gold loan v. Microfinance vi. Update on commercial & real estate III. Corporate and others
Slide 59: Construction & real estate financing
Construction & real estate financing IIFL FINANCE Transfer of real estate credit assets to an Alternate Investment Fund (AIF) IIFL Finance is in the process of transferring substantial part of its Construction & Real Estate (CRE) loan assets that are in the form of non-convertible debentures to an A
Slide 60: 93% of finance is for residential projects
93% of finance is for residential projects, and 76% of IIFL FINANCE projects are in advanced stages of completion No. of POS as at Stages of construction Stage projects 31 Mar % to total Residential 45 3,369 93% • 76% of funded projects are in advanced stages of completion or Land stage 1 76 2% are
Slide 61: Affordable residential projects contribute 75%
Affordable residential projects contribute 75% IIFL FINANCE What is the definition of Affordable Residential? No. of POS as at Figs in Cr projects 31 Mar % to total •Projects where unit sales realisation is less than 2 Residential 45 3,369 93% Cr in Mumbai, less than 1 Cr in Delhi, Bengaluru, Afford
Slide 62: High velocity suburbs of Mumbai and Gurgaon have 58% of funded projects
High velocity suburbs of Mumbai and Gurgaon have IIFL FINANCE 58% of funded projects -.ChanclEgarl; • No. of POS as at Figs in Cr projects 31 Mar % to total N[t. 117i Mumbai 15 1,778 49% Fl 1E11 AL Noida 2 400 11% arigl • Gurgaon 9 330 9% r.know •••._ RAJASTHAN' Agra • Delhi 2 313 9% Kanpur Pune 4 2
Slide 63: 93% of funded developers have more than 10 years track record
93% of funded developers have more than 10 years of IIFL FINANCE successful track record RE Experience of Developers Relationship with IIFL No. of POS as at No. of No. of POS as at No. of No. of years projects 31 Mar Developers No. of years projects 31 Mar Developers 5-9 yrs 5 244 5 1-3 yrs 7 207 6
Slide 64: Corporate and others
IIFL FINANCE I. Q3FY21 Financial performance II. Business segments review III. Corporate and others
Slide 65: Our continued support to employees and customers during Covid
Our continued support to employees and customers IIFL FINANCE during Covid Compassion for customers: Showing empathy with customers genuine problems, helping with reduction, waiver and flexible terms % Free Vaccination announced for all employees on workplace in the event they choose to get vaccinat
Slide 66: Distinguished Board of Directors
Distinguished Board of Directors IIFL FINANCE IIFL Finance – Board of Directors Nirmal Jain, Chairman & Whole-time Director R Venkataraman, Managing Director MBA from IIM Ahmedabad, rank-holder CA MBA from IIM Bangalore, B-Tech from IIT and ICWA. Kharagpur Worked with HUL for 5 years Worked
Slide 67: Management team with rich domain experience; Marquee investors
Management team with rich domain IIFL FINANCE Marquee investors experience IIFL Finance Chief Financial Officer Rajesh Rajak Chief Risk Officer Sanjeev Srivastava Compliance Officer Sneha Patwardhan IIFL Finance Limited IIFL Home Finance Public & Others Chief Executive Officer Monu Ratra 15.7% Promo
Slide 68: Environment, Social and Governance (ESG) Initiatives
Environment, Social and Governance (ESG) Initiatives IIFL FINANCE • As a responsible corporate, IIFL Finance aims to deliver sustainable growth through financial products and services that help satisfy unmet societal needs, enable a thriving society, conserve environment and create long-term value f
Slide 69: CSR projects continue amid covid with creative use of technology
IIFL FINANCE CSR projects continue amid covid with creative use of technology Sakhiyon ki Badi (Rajasthan) IIFL Foundation’s Sakhiyon Ki Badi initiated community based learning centers that work towards 1HE eradication of female illiteracy from districts dominated by Scheduled Tribe population opera
Slide 70: Thank you
IIFL FINANCE Thank you Published in May 2021 IIFL Finance Ltd. All rights reserved. Regd. Off: IIFL House, Sun Infotech Park, Road No. 16V, Plot No.B-23, Thane Industrial Area, Wagle Estate, Thane – 400604. This report is for information purposes only and does not construe to be any investment, lega