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Infrastructure finance company IDFC posted a 46.4-per cent drop in its standalone net profit for the quarter ended June 30, 2015, due to an increase in total expenses and a lower other income. It posted a net profit of Rs 240.88 crore in the April-June quarter, compared with Rs 449.07 crore in the same quarter in the previous financial year. Its consolidated net profit was down 47.2 per cent to Rs 254.21 crore in the reporting quarter, Q1 of FY16.
Other income decreased to Rs 0.26 crore (Rs 260 lakh) in the quarter ended June compared with Rs 65.75 crore in the corresponding quarter a year ago. On the other hand in the corresponding period, expenses increased 17 per cent to Rs 218.73 crore from Rs 187.16 crore.
However, total income increased from Rs 2,039.17 crore for the quarter ended June 30, 2014, to Rs 2,087.08 crore for the quarter ended June 30, 2015. There was some pressure on asset quality with the percentage of gross non-performing assets (NPAs) to gross advances increasing to 1.52 per cent in Q1 from 0.64 per cent in the June quarter a year ago. In the same period, the percentage of NPAs to net advances also increased to 0.99 per cent from 0.43 per cent. However, provisions and contingencies declined to Rs 61.68 crore at the end of the quarter ended June, compared with Rs 201.78 crore a year ago.
