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A sharp jump in expenses, including for provisions and contingencies, proved to be a drag on IDFC’s bottomline, with consolidated net profit in the third quarter declining 43 per cent to ₹101 crore as against ₹176 crore in the year-ago period.
IDFC’s consolidated results, among others, include the numbers of IDFC, IDFC Bank, asset management company, infrastructure debt fund, and securities businesses.
Income from operations rose 30 per cent year-on-year (y-o-y) to ₹2,822 crore (₹2,168 crore in the year-ago quarter). Other income was down 95 per cent at ₹60 lakh from ₹11 crore in the year-ago period.
Total expenses, including provisions and contingencies, employee benefit expenses and other expenses, jumped 148 per cent to ₹758 crore (₹306 crore). Finance cost rose 25 per cent to ₹1,771 crore (₹1,412 crore).
Balance sheet size increased 36 per cent y-o-y to ₹1,21,152 crore as at December-end 2016 (₹89,259 crore as at December-end 2015). As at December-end 2016, net worth stood at ₹10,699 crore (₹9,997 crore as at December-end 2015).
Shares of IDFC closed at ₹55.05 apiece, down 2.74 per cent over the previous close on the BSE.
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