IDFC gains post Q1 earnings

Q1 net profit up 21% at Rs 380 crore on year on year basis, on higher interest and fee-based income.

IDFC is trading higher by 4% at Rs 141 on reporting a 21% year-on-year (yoy) growth in consolidated net profit at Rs 380 crore for the quarter ended June 30, on higher interest and fee-based income.

“IDFC's core net interest income grew 30% to Rs 629 crore during the quarter and non-interest income was up 24% to Rs 137 crore. The company's loan book grew 34% at Rs 50,892 crore over the previous year,” it said.

The stock opened at Rs 138 and hit a high of Rs 142 on the NSE. A combined 5.19 million shares have changed hands on the counter so far on both the exchanges.