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Saturday, October 27, 2012

IDFC Q2 net drops 13% on higher finance costs

Infrastructure finance company IDFC has reported a 13 per cent drop in standalone second quarter net profit at Rs 461.38 crore on the back of higher finance costs.

In the corresponding quarter last year, the company had posted a net profit of Rs 529.21 crore.

For the June to September quarter, finance costs (the cost at which the company borrows to lend) increased 44 per cent to Rs 1189.71 crore (Rs 825.66 crore, a year ago).

Total income from operations rose 17 per cent to Rs 1947.94 crore.

The shares of the Mumbai-based company ended at Rs 157.65, up 0.35 per cent on the BSE. The results were declared after close of market hours on Friday.


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