Consolidated Performance for the quarter ended Dec'13

IDFC has recorded a 4% growth in consolidated income from operation at Rs 2120.64 crore for the quarter ended Dec 2013. Interest expenses increased by 5% to Rs 1268.02 crore, and the other expenses was down by 1% to Rs 123.57 crore, leading the operating profits to increase by only 3% to Rs 731.25 crore. Provisions and contingencies were down by 30% to Rs 36.52 crore. Depreciation was also down by 8% to Rs 7.92 crore in the quarter ended Dec 2013. As a result, the PBT was up 5% to Rs 686.81 crore. Tax provisions were down by 8% to Rs 181.09 crore. The final consolidated PAT after share of profit of associates of Rs 0.71 crore and MI of Rs 5.75 crore, was up by 10% to Rs 500.68 crore for quarter ended Dec 2013.

Consolidated Performance for the nine months ended Dec'13

IDFC has recorded a 11% growth in consolidated income from operation at Rs 6567.10 crore for the nine months ended Dec 2013. Interest expenses increased by 10% to Rs 3805.93 crore, and the other expenses rose by 10% to Rs 384.03 crore, leading the operating profits to increase by 13% to Rs 2380.46 crore. Provisions and contingencies were down by 21% to Rs 145.76 crore. Depreciation however was lower by 9% to Rs 23.37 crore in the nine months ended Dec 2013. As a result, the PBT was up 16% to Rs 2211.33 crore. Tax provisions were up by 11% to Rs 653.71 crore. The final consolidated PAT after share of profit of associates of Rs 1.42 crore and MI of Rs 14.30 crore, was up by 18% to Rs 1544.74 crore for the nine months ended Dec 2013.

Balance Sheet and P&L Snapshot

For nine months ended Dec'13, Net Interest Income (NII) increased 6% YoY to Rs 2036 crore. NII from loans increased 7% to Rs 1883 crore,

NIM for rolling 12 months period ending Dec'13 stood at 4% which was stable.

Non Interest Income increased by 38% YoY to Rs 519 crore in nine months ended Dec'13 period. The income from principal investments witnessed an increase to Rs 235 crore as compared to Rs 58 crore for nine months ended Dec'12 period.

The asset management fees increased 36% to Rs 220crore. Income from Investment banking and institutional broking business, increased by 3% YoY to Rs 40crore. Income from fixed income treasury stood at Rs 91 crore, while loan related and other fee decreased by 62% to Rs 54 crore for the first 9 months ended Dec'13.

As on Dec'13, Gross NPA stood at 0.6% and Net NPA at 0.5% of outstanding loan book.

Capital Adequacy Ratio stood at 24.8% as on Dec'13 of which Tier 1 capital stood at 22.6%.

The balance sheet remained stable at Rs 70073 crore as on Dec'13.

Gross Loan book was up by 1% YoY to Rs 54552 crore as on Dec'13.

Gross Approvals increased by 8% to Rs 20376 crore for the nine months ended Dec'13.

Gross Disbursements declined by 41% from Rs 13070 crore in 9 months ended Dec'12 to Rs 7659 crore in nine months ended Dec'13 period.

Cumulative Outstanding Approvals stood at Rs 81064 crore as on Dec'13

Annual Financial Year Performance

Consolidated total Income grew 28% YoY to Rs 8138.6 crore in the year ended March 2013. Interest expenses increased 35% to Rs 4675.8 crore and the other expenses rose 2% to Rs 495.0 crore as the employee cost declined 4% to Rs 291.64 crore in FY2013. Operating profits increased 19% to Rs 2977.59 crore in FY2013. Provisions and contingencies increased 23% to Rs 349.63 crore. Depreciation fell 11% to Rs 34.4crore. PBT, as a result, increased 19% to Rs 2593.56 crore. Tax Provisions increased 21% YoY to Rs 751.13 crore in FY2013. Finally, the PAT grew by 18% to Rs 1836.20 crore in FY2013 over FY2012.

Net Interest Income (NII) grew 22% to Rs 2564 crore. NII from loans increased 26% to Rs 2365 crore, while NII from treasury operations declined 8% to Rs 199 crore in the year ended March 2013.

Non-Interest Income rose 3% to Rs 883 crore, as the income from principal investments fell 47% to Rs 187 crore. Fees from IDFC's asset management business rose 10% to Rs 309 crore in FY2013. Income from Investment banking and broking increased 44% to Rs 78 crore. Loan related fees and fixed income increased 52% to Rs 189 crore and 129% to Rs 119 crore in FY2013.

Book Value of the company is Rs 98.50.

The stock is trading at Rs 90.