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Growth of new business took a hit for IDFC in the first quarter of the current year following delays in infrastructure project approvals, according to Mr Deepak Parekh, Chairman.
The delay was due to tighter environmental clearance procedures.
For quarter ended June 30, gross approvals for infrastructure financing were down more than 50 per cent to Rs 5,799 crore against Rs 13,000 crore in the first quarter of last year. Gross approvals were down to Rs 3,000 crore (Rs 6,000 crore). Profit after tax was Rs 313 crore (Rs 335 crore). Balance-sheet grew to Rs 38,000 crore (Rs 50,000 crore).
Mr Parekh was addressing shareholders at the company’s annual general meeting today.
"IDFC will have to hike lending rates by 50 bps. We cannot absorb the latest hike in rates. Rate hikes by the RBI affects IDFC also," said Mr Parekh.
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