IDFC posts 11-fold jump in Q3 net profit at Rs 26.28 cr on tax adjustment

There was a tax adjustment of Rs 31.41 crore in the third quarter

IDFC on Saturday reported an 11-fold jump in net profit for the December quarter at Rs 26.28 crore, mainly due to a tax adjustment.

The company's standalone net profit stood at Rs 2.40 crore in the quarter ended December 31, 2017, it said in a statement.

The company's total income was down at Rs 7.87 crore in the period under review from Rs 13.26 crore a year ago.

However, there was a tax adjustment of Rs 31.41 crore in favour of the company in the third quarter of the financial year.

For April-December 2018, the net profit of the company was Rs 153.78 crore as compared to Rs 152.65 crore for the corresponding period of the last financial year.

The company is engaged in only one segment -- investment business -- and as such there is no separate reportable segment as per lnd AS-106 'Operating Segments', it added.