MUMBAI - Indian financial services company IIFL Finance has reported a robust 29% increase in its net profit for the December quarter, reaching Rs 545 crore ($72.6M). This significant rise was supported by growth in loan volumes across various segments, notably in gold and home loans, as well as marked increases in microfinance and digital lending. The company's revenue also saw an impressive 28% rise to Rs 1.7k crores.
In contrast, textile firm Alok Industries experienced a downturn, with net sales falling to Rs 1,253.03 crore ($167M). The company also reported a slight increase in quarterly losses to Rs 229.92 crore ($30.06M). Despite these challenges, Alok Industries' stock ended higher at Rs 33.10 on January 17.
Adding to the mixed financial performances, IT services company Happiest Minds also disclosed its quarterly results, showing financial growth. The company's net sales climbed 11.72% to Rs 409.88 crore ($54.6M), and its quarterly net profit increased by 3.54% to Rs 59.62 crore ($7.9M). However, the market response seemed tepid as Happiest Minds' shares closed at Rs 925.70, indicating a negative return over the past six months.
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