Demerger dents IDFC earnings, Q3 net slides 58% to Rs 176 cr

IDFC Ltd today registered a fall of 58.2 per cent in its consolidated net profit at Rs 176 crore for the third quarter to December because of the demerger of its financial undertaking into IDFC Bank.
Net profit stood at Rs 421.6 crore in the same quarter of the previous fiscal.
"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 BSE filing.
IDFC said pursuant to the demerger, the result of the December quarter of the current fiscal is 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 stand-alone 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.

The stock of IDFC Ltd closed 0.61 per cent lower at Rs 40.50 on BSE on Friday.