IIFL securities AGM highlights
Article published as on Tuesday, 6th July, 2021 at 4:00 p.m.
Here are the highlights:
The meeting was started by CS Meghal
Shah and then the chairman Speech by R. Venkatraman
Here are the highlights
The Chairman highlighted the
financials and the business performance of the broking and investment banking
business.
The main developments were the
acquisition of 1.1 million Demat accounts from Karvy stockbroking.
And the company completed the
buyback of 17 million shares at the cost of about a billion rupees (1.7 crore
shares for 100 crores meaning an average price of around 55 to 60 rupees)
After the speech, the resolutions
were read out and now the Q&A session began
Questions by speaker shareholders:
Tushar Sodha: thanked and
appreciated the investor service, presentation of financial statements, etc
Lekha Shah:
How are we engaging with our
employees?
Anil Parekh:
How much will the acquisition of 11
lac Demat accounts from Karvy add to the revenue?
We are present in 500 cities, how
much is Tier 2 and 3 cities.
Only 2 call centres any plans to
increase the number
Elizabeth Mascarenhas: advised more
dividends should have been paid.
Equity research reports should be
shared with shareholders, also does the management have any plans for
acquisition for the expansion.
Do we have a Digi gold platform for
investing? So do have a platform for foreign investment?
Smita Shah:
Bharat shah spoke and requested to
delay the turn to last.
(Smita Shah was attending another
meeting… J you can make out from background voice)
Smita Shah: also appreciated and
admired the work of the management and secretarial department.
Dinesh Bhatia: queries were already
asked, so thanked the team for the opportunity to speak.
Chairman’s reply
Thanked for the blessing and kind
words spoken by the shareholders.
To Mr. Sodha: explained about the
Open API platform and the Chatbot
How are we engaging with employees?
Chairman answered in how many ways they ensure that they are engaged with their
employees.
The number of branches? 500 branches
– most of them through sub-brokers
As of now, 2 call centres no plans
to expand the call centres
Justified the dividend pay-out
stating that if we add the buyback amount then the pay-out ratio goes up.
Whether our research can be
disseminated to all our shareholders?
Chairman humbly requested to open an
account with IIFL securities, so that they can provide it easily.
Currently, cryptocurrency is illegal
as per their knowledge hence not allowing crypto trading.
Tied up with Stock-al to all allow
investors to invest in US stocks.
No plans to acquire right now, but
when the opportunity comes they shall consider it.
With this, the meeting ended at
around 12:55 p.m.
My personal views:
The number of questions was short,
also I missed out on the interaction with the management. The main reason I am
positive about this business is its “AAA” product. Nothing much was talked
about it.
Do I still believe in the potential
of this stock as mentioned earlier?
The answer is yes!
Anyone interested to watch the
proceedings can watch it here
Link for the AGM click here
As per end of day data of 6th July
Price =
76.65 Rs market
capitalisation = 2,322.15
Crores
P/E ratio = 13.42 price to Book ratio =
2.90
EPS =
5.71 Rs
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