IDFC reports 22% fall in Q3 net profit, stock trading in green

IDFC Ltd reported a 22% fall in net profit for the December 2023 quarter. Net profit fell to Rs 210 crore in Q2 against a net profit of Rs 251.88 crore in the December 2023 quarter. IDFC’s total revenue turned negative to Rs 7.65 crore in Q3 against a revenue of Rs  29.71 crore in the corresponding period of the preceding fiscal. 

IDFC shares rose 2% to Rs 119.60 in the after noon session against the previous close of Rs 117.10 on BSE.

Profit before tax slipped to Rs 204.82 crore in the third quarter of this fiscal against Rs  254.56 crore in the corresponding period of the previous fiscal.  Earnings per share of IDFC fell to Rs 1.31 in Q3 of this fiscal against Rs 1.70 in the December 2023 quarter.

On a standalone basis, total income turned negative to Rs 11.71 crore in the last quarter against Rs 20.13 crore income in the third quarter of the previous fiscal. Profit after tax  was also in negative at Rs 10.72 crore in Q3 of this fiscal against Rs 22.34 crore profit in the December 2022 quarter. 

This is the first set of earnings after IDFC First Bank received the go-ahead from the Reserve Bank of India for its proposed merger of IDFC Ltd. and IDFC Financial Holding Co. with itself in December last year. 

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