IDFC Posts Profit Of Rs 181 Crore In June Quarter

IDFC Posts Profit Of Rs 181 Crore In June Quarter
New Delhi: IDFC Ltd on Tuesday logged a consolidated net profit of Rs 181.21 crore for fiscal first quarter.

The company had reported a net profit of Rs 254.21 crore for the corresponding period a year ago.

However, the results cannot be compared as the company had demerged its financial undertaking into a wholly own step-down subsidiary, IDFC Bank, in October last year, it said.

"...the demerger has been recorded with effect from October 1, 2015. Post transfer of the financing undertaking to IDFC Bank Ltd, IDFC Ltd is mainly an investment company, with minimal operations."

"Accordingly, the results for the quarter ended June 30, 2016 are not comparable with the results for the quarter ended June 2015," it said in a regulatory filing.

Total income (consolidated) increased to Rs 2,360.58 crore for the quarter ended June 2016 as against Rs 2,194.31 crore in the year-ago period.

On a standalone basis, IDFC reported a net profit of Rs 5.25 crore for the June quarter as against Rs 240.88 crore registered for the quarter ended June 30, 2015, it said.

Total income of the company also came down to Rs 16.68 crore for June quarter, as against Rs 2,087.08 crore a year ago.

Shares in IDFC, on Tuesday, ended 0.65 per cent higher at Rs 54.20 apiece on the BSE, whose benchmark Sensex index finished down 0.42 per cent.