IDFC Q3 Net Slides 58%, Dented by Demerger

New Delhi: IDFC Ltd on Saturday registered a 58.2 per cent fall in consolidated net profit at Rs 176 crore for the fiscal third quarter that ended in December,on the back of the demerger of its financial undertaking into IDFC Bank.

The company had posted a net profit stood of Rs 421.6 crore for the corresponding quarter a year ago.

"Total income is Rs 2,172.4 crore for the quarter ended December 2015 whereas the same was Rs 2,462.1 crore for the quarter ended December 2014," it said in a filing to the BSE.

IDFC said that pursuant to the demerger, the result of the December quarter of the current fiscal year was not comparable with previous ones.

"In view of increased minority interest in IDFC Bank Limited and pursuant to the demerger of financial undertaking into IDFC Bank limited, the result of the quarter ended December 31, 2015 is not comparable with the previous quarters," it said.

On a standalone basis, IDFC Ltd posted a net profit of Rs 3.56 crore for October-December, as against Rs 400.8 crore in the year-ago period.

Total income on a stand-alone basis came in at Rs 11.6 crore for the quarter under review as against Rs 2,318.7 crore a year earlier.

"... equity shares of IDFC Bank Limited in the ratio of 1:1 have been issued to the shareholders of IDFC Limited, post transfer of the financial undertaking to IDFC Bank," it added.

On Friday, IDFC Ltd shares ended 0.61 per cent lower at Rs 40.50 apiece on the BSE, whose benchmark Sensex index finished up 1.64 per cent.