IL&FS Investment Managers Ltd (IIML), the country’s largest private equity firm in terms of assets under management, struck exits worth Rs 150 crore (around $25 million) across growth equity, infrastructure and real estate assets in the second quarter ended September 30, 2013.
While this represents a 47 per cent increase in exit compared with the same period last year, the value of exits went down 65 per cent compared with Q1 FY14 when it saw liquidity worth Rs 431.5 crore from its portfolio. This is against investment of Rs 214 crore and exits worth Rs 102 crore during Q2 FY13.
IIML scrip, the only public listed PE firm in the country, shot up 3.89 per cent to Rs 18.7 a share in a weak Mumbai market on Friday, giving the firm a market capitalisation of Rs 391.02 crore.
IIML reported a 6 per cent increase in consolidated revenue to Rs 58.2 crore while earnings before interest, tax, depreciation and amortisation (EBITDA) was up 7 per cent to Rs 31.8 crore during Q2 FY14 compared with the same period in the previous fiscal. Net profit went up 6 per cent to Rs 19.4 crore during the period.
"While, the world at large watches hawkishly, the economic performance and the expected outcome of impending elections, some positive changes in the business environment are visible. This is helping create exit alternatives for underlying investee companies, which should lead to greater ability to tap new funds," said Dr Archana Hingorani, CEO of IIML.
The PE firm is currently raising new infrastructure and growth capital fund.
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.
The representative transactions of IIML include Shoppers Stop, Gujarat Pipavav Port, IBN18 Broadcast, Godrej Beverage & Foods, SpiceJet, ABG Shipyard, Tejas Networks, Bharat Serums and Vaccines, Indiagames, DQ Entertainment, Ramky Infrastructure, Den Networks, DB Realty and QVC Realty.
(Edited by Joby Puthuparampil Johnson)
