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Fitch affirms India Infoline
Fitch Ratings said it has affirmed India Infoline Ltd.'s national short-term rating at F1(ind) and its short-term debt program rating at F1(ind) for an amount of 1 billion rupee.
The ratings reflect the volatile nature of India Infoline's primary business of equity broking (retail and institutional), which accounts for 55% of its revenue, the agency said.
While a reduction in variable and interest costs and consolidation of branches provides some comfort, prolonged bearish equity market sentiment and increases in NPLs in the largely unseasoned consumer finance portfolio could lead to a deterioration in India Infoline's profitability, Fitch added.
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