IDFC Q3 net declines 15.7% to Rs 400.8 cr

Infrastructure lending firm IDFC Ltd has registered 15.7 percent drop in standalone net profit at Rs 400.80 crore for third quarter ended December, 2014-15, on account of higher provisioning for bad loans.

New Delhi: Infrastructure lending firm IDFC Ltd has registered 15.7 percent drop in standalone net profit at Rs 400.80 crore for third quarter ended December, 2014-15, on account of higher provisioning for bad loans.

The company had registered net profit of Rs 475.44 crore in the October-December quarter of 2013-14.

"Total income has increased from Rs 1,995.01 crore for the quarter ended December 31, 2013 to Rs 2,318.65 crore for the quarter ended December 31, 2014," IDFC said in a filing to the BSE.

On consolidated basis, group's net profit declined by 15.8 percent to Rs 421.60 crore as against Rs 500.68 crore in the same quarter of the previous fiscal.

Total income increased to Rs 2,462.08 crore in Q3 FY'15 from Rs 2,122.84 crore in the same period year ago.

Company's provisioning for bad loans was raised to Rs 153.13 crore in the third quarter of current fiscal, from Rs 37.82 crore a year ago.

On asset quality, gross non-performing assets (NPAs) were marginally up at 0.68 percent of gross advances, from 0.62 percent a year earlier.

Net NPAs, however, were trimmed to 0.47 percent of net advances from 0.5 percent in year ago period.

IDFC scrip closed 1.27 percent down at Rs 170.65 on the BSE.

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