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IDFC has recorded 7% increase in the net profit to Rs 107.89 crore for the quarter ended December 2017. Total income declined 1% to Rs 2789.58 crore in the quarter ended December 2017. Interest expense increased 5% to Rs 1851.71 crore, while other expenses (including staff cost, provisions and other expenses) moved up 13% to Rs 516.72 crore. Ensuing Gross Profit declined 29% to Rs 426.24 crore in Q3FY2018.
Depreciation increased 10% to Rs 45.67 crore, while provisions dipped 65% to Rs 89.99 crore. PBT declined 2% to Rs 290.58 crore. Effective tax rate was higher at 30.0% in Q3FY2018 from 27.5% in Q3FY2017. PAT declined 5% to Rs 203.27 crore. The minority interest dipped 31% to Rs 66.16 crore, while the losses in the associate companies increased 65% to Rs 29.22 crore. The final bottomline of the company moved up 7% to Rs 107.89 crore in the quarter ended December 2017.
- The balance Sheet size has grown by 10% to Rs 126720 crore end September 2017. The net worth increased to Rs 11217 crore end September 2017 from Rs 10573 crore end September 2016.
- Book value of the company stood at Rs 70.95 per share at end December 2017.
Subsidiary Performance
IDFC Bank: The customer base of the bank grew to 2.4 million end December 2017 from 1.2 million end December 2016. Number of branches grew to 127 from 74, BC branches grew to 356 from 335 and micro ATMs to 13070 as against 4232 in the previous year. Gross retail and corporate assets were up 9% to Rs 67488 crore. Corporate banking (ex-infrastructure) assets jumped 22% to Rs 21376 crore, while direct retail assets rose 249% to Rs 5991 crore, in the reporting quarter. CASA increased by 373% to Rs 4254 crore from Rs 900 crore, a year ago. Fees and commissions increased by 27% to Rs 138 crore from Rs 108.5 crore.
IDFC AMC: Quarterly Average AUM stood at Rs 71288 crore in Q3FY2018. Equity AUM comprises 26% (including arbitrage) of total AUM of December 2017. In Q3 FY18 IDFC AMC was the 7th fastest growing AMC among the Top 15 AMCs (vs Q2 FY18). Record equity gross sales with a 3X jump over Q3FY17. Rapid growth in investor folios with a 7X jump over Q3FY17. Steady expansion in distribution with 4X jump vs Q3FY17. AUM of Classic and Sterling Equity funds crossed Rs 2000 crore, while now have 10 funds with AUM> Rs 2000 crore. PAT for 9MFY18 stood at Rs 58 crore.
IDFC Infrastructure Finance Limited (Formerly known as IDFC IDF): Outstanding portfolio stood at Rs 3969 crore and borrowings at Rs 3351 crore end December 2017. Capital Adequacy ratio at 21.07%. It's AAA rated entity by CARE & ICRA. PAT for 9MFY18 stood at Rs 64 crore.
IDFC Alternatives: Total AUM stood at Rs 17716 crore across 9 funds in 3 asset classes. Total of 89 investments across funds with 56 exits (including partial). PAT for 9MFY18 is Rs 6 crore.
IDFC Securities: Increase in market share in MF segment. Healthy deal pipeline in investment banking. PAT for 9MFY18 is Rs 29 crore.
YTD Financial Performance
For the nine months ended December 2017 (9MFY2018), the company has reported 7% rise in total income at Rs 8454.49 crore. Interest expense moved up 7% to Rs 8469.81 crore, while other expenses galloped 23% to Rs 1415.54 crore. Ensuing Gross profit declined 14% to Rs 1586.63 crore. Depreciation rose 24% to Rs 134.03 crore and provision worth Rs 31.92 crore were written back. PBT rose 2% to Rs 1484.52 crore. Effective tax rate stood at 30% in compared to 27%. The final bottomline of the company improved 4% to Rs 588.09 crore in 9MFY2018.
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