IDFC Ltd logs net loss of Rs 1,469 crore in July-September

New Delhi: IDFC Ltd on Saturday said the company registered a net loss of Rs 1,468.83 crore on a consolidated basis for the September quarter.

The company had posted a net profit of Rs 421.4 crore in the same quarter last fiscal.

But total income of IDFC increased to Rs 2,512.90 crore in the quarter under review, from Rs 2,487.46 crore in the same period a year ago, the bank said in a regulatory filing on Saturday.

On a stand-alone basis too, the company posted a net loss of Rs 1,411.38 crore in July-September of this fiscal as against a net profit Rs 470.15 crore a year ago.

Total income (stand-alone) rose to Rs 2,458.10 crore during the September quarter as against Rs 2,427.27 crore a year earlier.

IDFC said that pursuant to the application from the company, RBI has granted its approval to utilise the balance in statutory reserves to create specific provisions against identified stressed assets.

"Accordingly, the company has created specific provisions of Rs 2,500 crore on such assets," it said.

The capital adequacy ratio as on September 30, 2015 came down on account of an investment of Rs 8,785 crore in shares of its wholly-owned subsidiary, IDFC FHCL, the company said, adding that post demerger, the company's main business will involve investment activities.

The IDFC stock closed at Rs 58.80 on BSE yesterday, up 0.51 percent.