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IL&FS PE steps up exits in Q1

22 July, 2013

IL&FS Investment Managers Ltd (IIML), the country’s largest private equity firm in terms of assets under management, struck exits worth Rs 431.5 crore across growth equity, infrastructure and real estate assets in the first quarter ended June 30, 2013. The PE fund manager also made fresh investments of Rs 24.7 crore in the real estate space during the quarter, as per a company statement issued along with its quarterly financial numbers.

However, it did not disclose the investee firms or the firms from where it part-exited in the last quarter.

This means it has stepped up its liquidity from existing portfolio as the firm clocked exits worth Rs 538 crore for the 12-month period ended March 31, 2013.

Its consolidated revenues were down 7 per cent to Rs 54.8 crore, compared to Rs 59.2 crore in Q1 FY13. Consolidated net profit was up 1.1 per cent to Rs 18.3 crore in the same period.

IIML scrip last traded at Rs 19.05 a share, down 0.52 per cent on the BSE in a flat Mumbai market on Monday.

“The operating environment has become extremely challenging with multiple headwinds facing the economy and the latest bout of 12 per cent rupee depreciation has added to the challenges. These negative news flows have impacted fundraising significantly. While continuing to raise money for the Indian markets, the company is parallelly focusing on fundraising for investments in the Asian and the Middle East regions to diversify its income profile,” said Archana Hingorani, CEO of IIML.

IIML, which manages assets of around $3.2 billion, has made more than 160 investments and managed over 78 exits since the time of its inception with gross IRR of over 24 per cent in dollar terms.

Some of the representative transactions of IIML include Shoppers Stop, Gujarat Pipavav Port, IBN18 Broadcast, Godrej Beverage & Foods, SpiceJet, ABG Shipyard, Tejas Networks, Bharat Serums & Vaccines, Indiagames, DQ Entertainment, Ramky Infrastructure, Den Networks, DB Realty, ElectroSteel Integrated, Orbit Highcity and QVC Realty.

(Edited by Sanghamitra Mandal)


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IL&FS PE steps up exits in Q1

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