IL&FS Investment Managers Ltd (IIML), the country’s largest home-grown private equity firm in terms of assets under management, struck exits worth Rs 306.5 crore ($49.8 million) across growth equity, infrastructure and real estate assets in the first quarter ended June 30, 2014, as per a company spokesperson.
The PE fund manager, which is currently in a fundraising mode and simultaneously liquidating its investments from vintage funds, did not disclose the company names where it exited or part-exited in the last quarter.
The firm had clocked exits worth Rs 431.5 crore ($78 million) in the same quarter last year while it had recorded exits worth Rs 184.1 crore in the quarter ended March 31, 2014.
For FY14 as a whole it had booked exits worth Rs 974.6 crore (around $160 million), an 81 per cent rise in the value of exits compared with FY13 when it recorded exits worth Rs 538 crore. Although the exits value in Q1 FY15 is less than the year-ago period, it seems to be in line with the momentum in the past year.
Its consolidated revenues were down 7.3 per cent to Rs 50.75 crore, compared with Rs 54.8 crore in Q1 FY14 while net profit was down 19 per cent to Rs 15.34 crore in the same period. Sequentially, revenue was down by 9 per cent while profit shrunk by 4 per cent.
IIML scrip last traded at Rs 23.10 a share, down 2.33 per cent on the BSE in a weak Mumbai market on Friday.
"The Indian economy had faced turbulent times in the last five years with key economic indicators taking a turn for worse. With positive election outcome and the government’s impetus on growth, the economy has seen a marginal uptick. The capital market fund flow has improved due to a stable government and its industry friendly measures. It is expected that private equity inflows will follow a similar trend over 18 to 24 months,” said Archana Hingorani, CEO of IIML.
IIML, which manages assets of around $3.2 billion, has made more than 163 investments and managed over 96 exits since the time of its inception with gross IRR of over 22 per cent in dollar terms.