The Hindu Business Line : IDFC Q4 net down

The Infrastructure Development Finance Corporation has reported a 25-per cent drop in net profit for the fourth quarter ended March 31, 2006 occasioned by an almost flat income growth and higher interest charges. Net profit dropped to Rs 73.55 crore, down from Rs 98 crore for the corresponding year ago quarter.Total income amounted to Rs 256.74 crore (Rs 250.96 crore) while total expenditure stood at Rs 170.80 crore (Rs 156.54 crore). Of this, interest expenses rose by around 50 per cent, to Rs 141.52 crore (Rs 94 crore).For the year as a whole, net profit rose by 23.5 per cent to Rs 375.64 crore (Rs 304.01 crore).On a consolidated basis net profit for the fourth quarter dropped to Rs 82.38 crore, down from Rs 100.15 crore while total income was at Rs 273.92 crore (Rs 255.64 crore). The consolidated annual profits were 26 per cent higher, at Rs 391 crore. Net interest income was 18 per cent higher, at Rs 303 crore and non-interest income, at Rs 230 crore, 32 per cent higher. Gross approvals at Rs 10.631 crore for 88 projects were 66 per cent higher. Gross disbursements, at Rs 6,045 crore for 85 projects, 62 per cent higher.

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