IDFC Q1 net profit at Rs 181 crore

IDFC Ltd today posted a consolidated net profit of Rs 181.21 crore for first quarter of this fiscal.
The company had reported Rs 254.21 crore net profit during April-June quarter last fiscal.
However, the results cannot be compared as the company had demerged its financial undertaking into a wholly own step-down subsidiary, IDFC Bank, in October last year, it said.
"...The demerger has been recorded with effect from October 1, 2015. Post transfer of the financing undertaking to IDFC Bank Ltd, IDFC Ltd is mainly an investment company, with minimal operations.
"Accordingly, the results for the quarter ended June 30, 2016 is not comparable with the results for the quarter ended June 2015," it said in a regulatory filing.

Total income (consolidated) increased to Rs 2,360.58 crore for the quarter ended June 2016 from Rs 2,194.31 crore in the same period a year ago.

On standalone basis, IDFC reported net profit of Rs 5.25 crore for June quarter as against Rs 240.88 crore for the quarter ended June 30, 2015, it said.
Total income of the company also came down to Rs 16.68 crore for June quarter, as against Rs 2,087.08 crore in the same quarter last fiscal.
IDFC stock closed 0.65 per cent up at Rs 54.20 on BSE today.