Infrastructure Development Finance Company (IDFC) net profit rises 23% Rs 335.1 crore for Q1-10-11, Latest Stock/Share Price & Tips by experts
Infrastructure Development Finance Company (IDFC) on Wednesday reported a 23% rise in its consolidated net profit at Rs 335.1 crore for the first quarter ended June, compared with Rs 272.4 crore in the corresponding quarter of the previous year.
Total income rose 10% year on year to Rs 1,091.3 crore, for the quarter, as against Rs 992.2 crore in the same period of the previous fiscal.
The company witnessed a surge in approvals and disbursements for the quarter under review.
Gross approvals trebled to Rs 13,046 crore in April-June, compared with Rs 4,361 crore in 2009-10.
Gross disbursements increased four times to Rs 6,204 crore in the quarter, versus Rs 1,542 crore in the last fiscal.
The company’s loan book witnessed a growth of 39% to Rs 28,901 crore in the quarter under review.
On a standalone basis, the company posted a 31% rise in net profit to Rs 319.7 crore for April-June.
Net interest income grew 38% on year during the quarter under review to Rs 337 crore.
Of this, income from infrastructure loans increased 39% to Rs 304 crore in April-June, from Rs 219 crore a year ago.
Income from treasury operations rose 34% year on year to Rs 33 crore in the quarter, from Rs 219 crore in the last fiscal.
IDFC’s non-interest income increased 22% year on year to Rs 266 crore, of which gains from principal investments increased the most by 77% to Rs 168 crore, as against Rs 68 crore a year ago.
However, fees from the asset management business decreased 10% on year to Rs 65 crore in April-June, while income from investment banking and broking activity fell 9% to Rs 36 crore in the quarter, from Rs 40 crore in Q1FY10.
Loan related and other fees increased 18% to Rs 44 crore from Rs 37 crore a year ago.
The company’s asset quality improved as net non-performing assets (NPA) declined to 0.15% in April-June as against 0.21% in the same quarter a year ago, and 0.17% for 2009-10