IDFC declines after reporting dismal Q4 results

IDFC shed 2.02% to Rs 43.70 at 10:30 IST on BSE after the consolidated net profit dropped 65.86% to Rs 130.45 crore on 16.71% fall in total income to Rs 2151.79 crore in Q4 March 2016 over Q4 March 2015.

The result was announced after market hours on Friday, 29 April 2016.

Meanwhile, the S&P BSE Sensex was down 177.78 points or 0.69% at 25,428.84.

On BSE, so far 2.11 lakh shares were traded in the counter as against average daily volume of 6.31 lakh shares in the past two weeks. The stock hit a high of Rs 43.90 and a low of Rs 42.80 so far during the day. The stock had hit a 52-week low of Rs 34.80 on 12 February 2016. The stock had hit a 52-week high of Rs 83.30 on 4 May 2015. The stock had outperformed the market over the past one month till 29 April 2016, gaining 17.52% compared with Sensex's 2.84% gains. The scrip had also outperformed the market in past one quarter, rising 10.12% as against Sensex's 2.96% gains.

The mid-cap company has equity capital of Rs 1595.94 crore. Face value per share is Rs 10.

IDFC said that pursuant to order of the Madras High Court dated 25 June 2015 approving the scheme of arrangement between the company and IDFC Bank and their respective shareholders and creditors and on receipt of final banking licence by IDFC Bank for commencement of banking operations, the demerger has been recorded with effect from 1 October 2015. Post transfer of the financing undertaking to IDFC Bank, IDFC is mainly an investment company, with minimal operations. Accordingly, the results for Q4 March 2016 are not comparable with results of Q4 March 2015, IDFC said.

IDFC is among the leading integrated infrastructure finance players providing end to end infrastructure financing and project implementation services.

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