IDFC slips on weak Q4 earnings

Consolidated net profit for March 2016 quarter decreased 32% to Rs 270.6 crore y-o-y

Shares of IDFC were down over 2% at Rs 43.70 on the Bombay Stock Exchange after the company reported nearly 32% drop in consolidated profit for the quarter ended March 2016 on the back of lower income from operations.

Consolidated net profit for the quarter ended March 2016 declined to Rs 270.6 crore compared with Rs 395.4 crore in the same quarter last fiscal.

Income from operations for the quarter under review decreased 88% to Rs 2141 crore compared with Rs 2160 crore in the same quarter ended March 2015.

The stock opened at Rs 43.80 and touched a low of Rs 42.80. At 11am,over 2.1 million shares were traded on both the stock exchanges.