IDFC March quarter profit up 48% at Rs382 crore
Higher income from operations and drop in expenses helps the profit
Mumbai: Infrastructure financier IDFC Ltd, which is soon to launch a new bank, on Thursday reported a 48% rise in consolidated net profit in the quarter ended March helped by higher income from operations and drop in expenses.
The net profit was ₹ 382 crore, up from ₹ 258 crore in January-March 2014.
The figures however, did not match the median estimate of ₹ 420 crore in a Bloomberg poll of 10 brokers.
Income from operations increased 17% to ₹ 2,569 crore from ₹ 2,202 crore and expenses like provisions and contingencies fell to ₹ 375 crore from ₹ 483 crore.
Net non-performing assets (NPAs) constituted 0.22% of IDFC’s net advances, lower than last year’s 0.37%.
IDFC shares ended at ₹ 167.85 on the BSE, up 1.21%, even as the 30-share benchmark Sensex fell 0.79% to close at 27,011.31 points.
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