IDFC slips after weak Q4 performance

IDFC fell 2.71% to Rs 19.39 after the company reported a consolidated net loss of Rs 240.48 crore in Q4 FY20 as against net loss of Rs 312.28 crore in Q4 FY19.

Total income during the quarter declined 59.7% year-on-year (YoY) to Rs 53.54 crore.

The company has incurred a loss of Rs 189.37 crore from its joint ventures and associates in Q4 FY20. It had earned a profit of Rs 59.37 crore from the same in Q4 FY19.

Accordingly, pre-tax loss stood at Rs 227.45 crore in Q4 March 2020 as against pre-tax loss of Rs 297.23 crore in Q4 March 2019. Current tax expenses jumped 84.8% to Rs 21.83 crore in Q4 FY20 over Q4 FY19.

 

"The impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The Group will continue to monitor any material changes to future economic conditions, the company said.

IDFC is a finance company providing finance and advisory services for infrastructure projects as well as asset management and investment banking services.

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