IDFC Q2 Results: Net profit falls 51% to ₹21.6 crore, revenue down 43% to ₹33 crore | Mint
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Business News/ Companies / Company Results/  IDFC Q2 Results: Net profit falls 51% to 21.6 crore, revenue down 43% to 33 crore
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IDFC Q2 Results: Net profit falls 51% to ₹21.6 crore, revenue down 43% to ₹33 crore

IDFC Q2 Results: The company's revenue from operations in the second quarter of current fiscal came in at ₹33.17 crore, registering a drop of 43 per cent, compared to ₹57.94 crore in the year-ago period.

IDFC reported a net profit of ₹21 crore in the September quarter (Pixabay)Premium
IDFC reported a net profit of 21 crore in the September quarter (Pixabay)

IDFC Q2 Results: IDFC announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 3, reporting a decline of 51 per cent in net profit at 21.65 crore, compared to 44.56 crore in the corresponding period last year. 

The company's revenue from operations in the second quarter of current fiscal came in at 33.17 crore, registering a drop of 43 per cent, compared to 57.94 crore in the year-ago period. The finance agency offers financial and advisory services for organisations in investment banking, infrastructure and asset management. 

Additionally, IDFC First Bank recorded a net profit of 751.3 crore in the second quarter of fiscal year 2023-24 (Q2FY24), which is up by 35 percent from 556 crore in the year-ago period, as per the standalone results declared by the lender on October 28.

Also Read: IDFC First Bank Q2 results: Net profit up 35% at 751 crore, NII jumps 32%

The private sector bank's net interest income (NII) during the quarter under review came in at 3,950.2 crore, rising by 31.6 per cent from 3,002.2 crore reported in the corresponding period of the previous fiscal.

IDFC First Bank (formerly IDFC Bank) was formed by the merger of the banking arm of Infrastructure Development Finance Company (IDFC) and Capital First, a non-bank financial institution.

The gross non-performing assets (NPA) at the end of September 2023 quarter stood at 3,747.8 crore, compared to 3,603.4 crore at the end of the preceding quarter. The gross GNP ratio improved to 2.11 per cent from 2.17 percent in the April-June period.

The net NPA at the end of Q2FY24 stood at 1,192.5 crore, as against 1,140 crore in the previous quarter. The ratio improved marginally to 0.68 percent during the second quarter from 0.70 per cent in the first quarter of this fiscal.

On Friday, shares of IDFC Ltd settled 0.66 per cent higher at 114 apiece on the BSE.

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Published: 03 Nov 2023, 03:37 PM IST
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