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Deloitte Haskins & Sells LLP Chartered Accountants Indiabulls Finance Centre Tower 3, 27 th -32 nd 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, 27 th -32 nd 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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Page 1: Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total revenues of Rs. 8,733.99 lakhs

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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Deloitte

Haskins & Sells LLP

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.

Page 3: Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total revenues of Rs. 8,733.99 lakhs

Deloitte

Haskins & Sells LLP

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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Deloitte

Haskins & Sells LLP

• 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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Deloitte

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

Page 6: Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total revenues of Rs. 8,733.99 lakhs

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Page 10: Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total revenues of Rs. 8,733.99 lakhs

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Page 11: Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total revenues of Rs. 8,733.99 lakhs

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Page 12: Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total revenues of Rs. 8,733.99 lakhs

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Page 13: Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total revenues of Rs. 8,733.99 lakhs

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 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

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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

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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.

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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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Deloitte Haskins & Sells LLP

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.

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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.

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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

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( 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 . I n c o m eR e v e n u e f r o m o p e r a t i o n s( i ) I n t e r e s t I n c o m e3 L o a n s 1 1 , 2 3 7 . 7 9 1 1 , 3 7 6 . 9 0 1 2 , 7 6 1 . 4 5 4 6 , 5 1 9 . 7 3 5 9 , 0 9 3 . 7 73 O t h e r s 9 , 3 3 9 . 6 6 8 , 3 9 2 . 0 9 2 , 1 1 6 . 9 7 3 1 , 4 7 2 . 7 8 6 , 2 8 5 . 1 3( i i ) D i v i d e n d & D i s t r i b u t i o n i n c o m e o n i n v e s t m e n t s 9 6 . 1 8 2 2 4 . 3 7 2 0 8 . 9 0 4 5 4 . 9 8 2 , 9 3 8 . 3 7( i i i ) F e e s a n d c o m m i s s i o n I n c o m e 2 1 , 8 3 7 . 2 7 1 5 , 8 0 2 . 5 2 1 7 , 2 5 1 . 1 0 6 7 , 7 5 6 . 3 0 8 0 , 6 2 5 . 0 7( i v ) N e t g a i n o n f a i r v a l u e c h a n g e s 3 3 , 3 8 8 . 9 4 4 , 0 4 5 . 3 9 3 6 , 1 3 1 . 1 2( v ) S a l e o f p r o d u c t s 6 5 1 . 0 2 1 , 4 6 3 . 7 1 4 0 . 9 6 4 , 1 0 4 . 0 9 4 0 . 9 6( I ) T o t a l R e v e n u e f r o m o p e r a t i o n s 4 3 , 1 6 1 . 9 2 4 0 , 6 4 8 . 5 3 3 6 , 4 2 4 . 7 7 1 5 0 , 3 0 7 . 8 8 1 5 5 , 1 1 4 . 4 2( I I ) O t h e r I n c o m e 1 4 3 . 9 6 8 7 4 . 8 2 3 5 0 . 2 8 2 , 4 3 9 . 6 9 2 , 8 2 6 . 4 6( I I I) T o t a l I n c o m e ( I+ I I) 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 82 . E x p e n s e s( i ) F i n a n c e C o s t s 1 4 , 4 3 1 . 4 7 1 2 , 3 1 2 . 9 7 9 , 1 9 2 . 6 4 5 0 , 1 5 8 . 4 3 4 3 , 1 0 8 . 2 0( i i ) F e e s a n d c o m m i s s i o n e x p e n s e 2 , 4 5 8 . 8 1 2 , 5 7 7 . 4 6 2 , 3 0 3 . 5 0 9 , 0 0 7 . 4 1 6 , 6 2 5 . 9 1( i i i ) N e t l o s s o n f a i r v a l u e c h a n g e s 7 , 5 8 9 . 1 6 3 3 3 , 3 0 9 . 2 9 3( i v ) I m p a i r m e n t o n f i n a n c i a l i n s t r u m e n t s ( 1 4 5 . 4 4 ) 1 0 3 . 4 7 ( 1 0 . 7 1 ) ( 5 3 0 . 0 9 ) ( 7 6 6 . 5 8 )( v ) P u r c h a s e s o f S t o c k 3 i n 3 t r a d e 7 3 5 . 9 5 1 , 4 8 6 . 5 0 2 , 0 5 6 . 1 6 2 , 2 2 2 . 4 5 2 , 0 5 6 . 1 6( v i ) C h a n g e s i n I n v e n t o r i e s o f f i n i s h e d g o o d s , s t o c k 3 i n 3t r a d e a n d w o r k 3 i n 3 p r o g r e s s 3 3 ( 1 , 9 7 5 . 0 6 ) 1 , 9 7 5 . 0 6 ( 1 , 9 7 5 . 0 6 )( v i i ) E m p l o y e e B e n e f i t s E x p e n s e s 1 1 , 9 4 8 . 0 8 9 , 5 2 0 . 2 5 5 , 7 8 5 . 1 7 3 7 , 2 9 3 . 2 0 3 3 , 1 1 7 . 0 9( v i i i ) D e p r e c i a t i o n , a m o r t i z a t i o n a n d i m p a i r m e n t 1 , 0 0 6 . 5 7 1 , 0 3 8 . 5 9 7 6 5 . 2 5 4 , 1 0 2 . 2 2 2 , 1 5 0 . 5 9( i x ) O t h e r s e x p e n s e s 3 , 8 6 4 . 3 7 4 , 4 8 5 . 2 2 5 , 8 9 2 . 2 4 1 6 , 5 6 7 . 4 9 1 9 , 8 3 1 . 6 5( I V ) T o t a l E x p e n s e s 4 1 , 8 8 8 .9 7 3 1 , 5 2 4 .4 6 2 4 , 0 0 9 . 1 9 1 2 4 , 1 0 5 .4 6 1 0 4 , 1 4 7 .9 6( V ) P r o f i t b e f o r e t a x ( I I I c IV ) 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 2( V I) T a x E x p e n s e :( 1 ) C u r r e n t T a x 1 2 0 . 0 1 1 , 8 3 8 . 4 2 4 , 3 3 9 . 9 7 6 , 9 3 5 . 6 5 1 6 , 4 3 7 . 1 6( 2 ) D e f e r r e d T a x ( R e f e r N o t e 1 2 ) 1 , 5 9 3 . 0 3 7 4 4 . 9 0 7 2 . 6 4 1 , 5 9 0 . 0 7 ( 9 8 . 7 6 )T o t a l T a x E x p e n s e 1 , 7 1 3 .0 4 2 , 5 8 3 .3 2 4 , 4 1 2 .6 1 8 , 5 2 5 .7 2 1 6 , 3 3 8 .4 0( V I I) P r o f i t / ( L o s s ) f o r t h e p e r i o d / y e a r ( V c V I) ( 2 9 6 . 1 3 ) 7 , 4 1 5 .5 7 8 , 3 5 3 .2 5 2 0 , 1 1 6 .3 9 3 7 , 4 5 4 .5 2( V I I I) O t h e r C o m p r e h e n s i v e I n c o m e( A ) ( i ) I t e m s t h a t w i l l n o t b e r e c l a s s i f i e d t o p r o f i t o r l o s s3 R e m e a s u r e m e n t s o f d e f i n e d b e n e f i t sl i a b i l i t i e s / ( a s s e t s ) ( 8 5 . 0 4 ) ( 4 6 . 3 5 ) 4 8 . 2 6 ( 2 2 4 . 2 5 ) ( 4 6 . 6 2 )( i i ) I n c o m e t a x r e l a t i n g t o i t e m s t h a t w i l l n o t b er e c l a s s i f i e d t o p r o f i t o r l o s s 2 1 . 4 0 8 . 9 5 ( 9 . 9 0 ) 5 6 . 4 4 2 4 . 1 6S u b t o t a l ( A ) ( 6 3 . 6 4 ) ( 3 7 . 4 0 ) 3 8 . 3 6 ( 1 6 7 . 8 1 ) ( 2 2 . 4 6 )( B ) ( i ) I t e m s t h a t w i l l b e r e c l a s s i f i e d t o p r o f i t o r l o s s3 F o r e i g n c u r r e n c y t r a n s l a t i o n r e s e r v e 3 5 6 . 3 5 1 8 8 . 9 4 5 2 . 4 5 6 9 6 . 0 0 1 , 0 0 3 . 4 0( i i ) I n c o m e t a x r e l a t i n g t o i t e m s t h a t w i l l b e r e c l a s s i f i e d t op r o f i t o r l o s s 3 3 3 3 3S u b t o t a l ( B ) 3 5 6 . 3 5 1 8 8 . 9 4 5 2 . 4 5 6 9 6 . 0 0 1 , 0 0 3 . 4 0O t h e r C o m p r e h e n s i v e I n c o m e ( A + B ) 2 9 2 .7 1 1 5 1 .5 4 9 0 .8 1 5 2 8 . 1 9 9 8 0 .9 4( IX ) T o t a l C o m p r e h e n s i v e I n c o m e / ( L o s s ) f o r t h e p e r i o d / y e a r( V I I+ V I I I) ( C o m p r i s i n g P ro f i t / ( L o s s ) a n d o t h e r C o m p r e h e n s i v eI n c o m e / ( L o s s ) f o r t h e p e r i o d / y e a r ) ( 3 .4 2 ) 7 , 5 6 7 . 1 1 8 , 4 4 4 .0 6 2 0 , 6 4 4 .5 8 3 8 , 4 3 5 .4 6( X ) P a i d u p E q u i t y S h a r e C a p i t a l ( F a c e v a l u e o f R s . 2 e a c h ) 1 , 7 4 2 . 9 0 1 , 7 4 1 . 4 0 1 , 6 8 9 . 7 1 1 , 7 4 2 . 9 0 1 , 6 8 9 . 7 1( X I ) 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 3 3 1 2 . 0 1 3 1 2 . 0 1( X I I ) R e s e r v e s ( e x c l u d i n g R e v a l u a t i o n r e s e r v e ) 2 9 7 , 4 0 7 . 4 4 2 8 9 , 3 3 9 . 8 4( X I I I) E a r n i n g s p e r e q u i t y s h a r eB a s i c ( I n R s . ) * ( 0 . 3 4 ) 8 . 5 4 9 . 8 2 2 3 . 3 7 4 4 . 6 3D i l u t e d ( I n R s . ) * ( 0 . 3 4 ) 8 . 4 0 9 . 5 4 2 2 . 8 3 4 3 . 3 7* Q u a r t e r e n d e d n u m b e r s a r e n o t a n n u a l i s e d . 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

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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

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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

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( 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`

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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

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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 : 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 .

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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 : 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

Page 27: Deloitte Chartered Accountants Indiabulls Finance Centre ... · information reflect total assets of Rs. 12,828.14 lakhs as at March 31, 2020 and total revenues of Rs. 8,733.99 lakhs