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IDFC Ltd reported a turnaround performance, posting ₹262.55 crore consolidated net profit in the second quarter against a loss of ₹146.68 crore in the year-ago period.
The profitability was buoyed as the company received ₹200 crore as its share of profit from its associates and joint ventures. The company had incurred a loss of ₹169 crore under this head in the year-ago period. The consolidated profit before tax was higher at ₹84.57 crore (₹35.84 crore in the year-ago period).
IDFC Ltd is an investing company of the IDFC group. The company has its investments in subsidiaries and associates of the group.
Merger scheme approval
The Board of Directors of IDFC Ltd, as part of the simplification of the corporate structure, approved the merger scheme of IDFC Alternatives Ltd, IDFC Trustee Company Ltd and IDFC Projects Ltd (wholly-owned subsidiary companies) into IDFC Ltd – subject to regulatory approvals from various authorities as applicable.
RBI has, vide its letter dated July 20, 2021, clarified that after the expiry of the lock-in period of five years, IDFC Ltd can exit as the promoter of IDFC FIRST Bank, as per the notes to accounts.
The Board of Directors of IDFC and IDFC Financial Holding Company, at their respective meetings held on October 21, 2021, had appointed Citigroup Global Markets India Pvt Ltd as an investment banker for the disinvestment of IDFC Asset Management Company, according to the notes.
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