IDFC makes profit of Rs 282 cr

IDFC Ltd has reported consolidated net profit of Rs 281.79 crore for the second quarter ended September of the current fiscal.
It had reported a net loss of Rs 1,468.83 crore in the July-September quarter of last fiscal 2015-16.
Total income of the group has increased to Rs 2,704.13 crore for the quarter under review, from Rs 2,493.86 crore for the year-ago period, IDFC said in a regulatory filing.
It said that post the transfer of the financing undertaking of the company to IDFC Bank, which started operations in October last year, it is mainly an investment company with minimal operations.

Accordingly, the results for the quarters ended June 30, 2016, September 30, 2016 and half year ended September 30, 2016 are not comparable with the results for corresponding quarter and half year of previous fiscal, it added.
On standalone basis, company's posted a net profit of Rs 91.07 crore in the second quarter of 2016-17 against a net loss of Rs 1,411.38 crore a year earlier.
Total income is Rs 112.88 crore for the September quarter, 2016 whereas the same was at Rs 2,458.10 crore in the corresponding year ago period, it said further.
IDFC stock closed 2.72 per cent higher at Rs 69.95 on BSE.