IVC - IL&FS Inv.Manag.

📊 NSE: IVC 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 7:56

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: asset management and related services. Standalone revenue from operations fell 69.4% YoY to INR 9.79 Cr (INR 979.35 lakhs) in FY25 from INR 32.02 Cr (INR 3,202.03 lakhs) in FY24. Consolidated revenue from operations for FY25 was INR 29.08 Cr (INR 2,907.57 lakhs).

Profitability Margins

Standalone Net Profit Margin collapsed from 70.30% in FY24 to -24.00% in FY25, resulting in a net loss of INR 2.35 Cr (INR 235.09 lakhs). This decline was primarily driven by the absence of dividend income from subsidiary companies during the year.

EBITDA Margin

Standalone Operating Profit Margin decreased from 70.43% in FY24 to -15.76% in FY25. Consolidated Profit Before Tax for FY25 was INR 14.52 Cr (INR 1,452.06 lakhs) on a total income of INR 46.64 Cr (INR 4,663.97 lakhs).

Credit Rating & Borrowing

Debt Equity Ratio is listed as N.A., suggesting no significant long-term borrowings. Interest Coverage Ratio is also N.A.

⚙️ Operational Drivers

Raw Materials

Not applicable for asset management services.

Import Sources

Not applicable.

Key Suppliers

Not applicable.

Capacity Expansion

The company currently has 15 employees, down from previous levels due to notable departures of key managerial personnel. It is currently operating in 'maintenance mode' and not undertaking new business activities.

Raw Material Costs

Not applicable.

Manufacturing Efficiency

Not applicable.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

The company is not pursuing growth but is in maintenance mode. The strategy is focused on a resolution plan by the newly constituted IL&FS Board, which includes the sale of IL&FS's stake in the company to preserve value for stakeholders.

Products & Services

Asset management services, private equity fund management, and related financial advisory services.

Brand Portfolio

IL&FS Investment Managers Limited (IIML), IL&FS Private Equity.

New Products/Services

No new product launches; the company is not undertaking new business activities.

Market Expansion

None; operations are restricted to managing existing portfolios and enabling divestments for fund investors.

Strategic Alliances

Joint Venture: IL&FS Milestone Realty Advisors Private Limited (currently not a going concern). Subsidiaries include IL&FS Urban Infrastructure Managers Limited and IL&FS Infra Asset Management Limited.

🌍 External Factors

Industry Trends

The PE industry is seeing significant 'dry powder' for Indian opportunities in sectors like financial services and real estate. However, the company is positioned only to divest existing assets rather than raise new capital.

Competitive Landscape

Key competitors are not named, but the company faces competition from other asset management firms in a market with high deal activity.

Competitive Moat

The company's historical moat in infrastructure and urban asset management has been severely compromised by the adverse developments at the parent IL&FS Group and the resulting loss of key personnel.

Macro Economic Sensitivity

The private equity industry is sensitive to GDP growth, inflation, and interest rate cycles. While the Indian market shows robust deal pipelines, the company's internal issues prevent it from capitalizing on these trends.

Consumer Behavior

Not applicable.

Geopolitical Risks

Mindful of global volatility and trade risks that impact investor sentiment in Indian opportunities.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Indian Accounting Standards (Ind AS) 108 regarding operating segments.

Taxation Policy Impact

The current ratio decreased from 1.41 to 0.98 in FY25 due to a decrease in Deferred Tax Assets.

Legal Contingencies

The Serious Fraud Investigation Office (SFIO) initiated an investigation against the ultimate holding company (IL&FS) and its subsidiaries, including this company, on October 1, 2018, under Section 212(1) of the Companies Act. Summary of charges were received in October 2024.

⚠️ Risk Analysis

Key Uncertainties

There is material uncertainty regarding the company's ability to continue as a going concern due to the significant reduction in fee revenue and lack of new fund raises. Auditors have issued a qualified conclusion based on the ongoing SFIO investigations.