Infrastructure Development Finance Company Ltd. Consolidated PAT up 21% for FY’11

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IDFC Results for FY 11
Infrastructure Development Finance Company Ltd. is India's leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services. It came out with the Standalone and Consolidated Audited Financial results for the Year ended March 31, 2011 on April 29, 2011.

Standalone Fourth Quarter Review- For the quarter ended Mar'11, the Income from Operations of the company increased by 39.43% to Rs. 1298.29 crore from Rs. 931.11 crore in the corresponding period last year.

Operating Expenses dipped by 6.82% to Rs. 141.41 crore (Rs. 151.77 crore) on the back of significant decline in Employee expenses which stood at Rs 30.19 crore (down 45.66%). Operating Profit for Q4 FY"11 stood at Rs. 1156.88 crore as against Rs. 779.35 crore in Q4 FY"10 registering an impressive YoY growth of 48.44%.

Other Financial charges such as Interest cost and Tax levied went up substantially by 57.6% and 79.51% to Rs. 683.55 crore and 123.5 crore respectively. Thus, the Standalone Net Profit of the firm recorded a YoY growth of 24.44% to reach Rs. 346.56 crore for Q4FY"11 as compared to a profit of Rs. 278.5 crore in Q4 FY"10. EPS (diluted) increased by 6.5% from Rs. 2.13 per share to Rs. 2.27 per share.

Standalone Fiscal Review- For the fiscal ended Mar'11, the Income from Operations of the company increased by 27.34% to Rs. 4545.96 crore from Rs. 3569.98 crore in the corresponding period last year. Provisions and Contingencies made for FY"11 rose sharply by 80.2% to Rs. 234.93 crore (Rs. 130.36 crore).

Profit before Interest, thus, crept up 26% to Rs. 4116.96 crore (Rs. 3267.36 crore). Interest cost went up moderately by 22.37% to Rs. 2386.52 crore pumping up PBT by 31.3% to Rs. 1730.44 crore (Rs. 1317.13 crore). After adjusting for the tax expenses which escalated by 48.96% to Rs. 453.3 crore, the Standalone Net Profit of the firm recorded a YoY growth of 26.1% to reach Rs. 1277.15 crore for FY"11 as compared to a profit of Rs. 1012.84 crore in FY"10. EPS (diluted) increased by 12.14% from Rs.7 .74 per share to Rs. 8.68 per share.

Consolidated Fourth Quarter Review- For the quarter ended Mar'11, the Income from Operations of the company increased by 27.24% to Rs. 1302.33 crore from Rs. 1023.46 crore in the corresponding period last year.

Notably, the Employee expenses declined 41.9% to Rs.84.17 crore (Rs. 145.07 crore). With Other Expenditure plummeting by 68.85% to Rs. 22.98 crore, the Profit from Operations before other income and interest surged by 50.6% to Rs. 1090.8 crore (Rs. 723.86 crore).

Financial expenses continued their uptrend with 'Interest and other charges" appreciating 56.7% to Rs. 683.5 crore and Tax levied escalating by 69.7% to Rs. 125.23 crore. After adjusting for all the financial the Consolidated Net Profit of the firm recorded a YoY growth of 25.7% to reach Rs. 286.67 crore for Q4FY"11 as compared to a profit of Rs. 228.11 crore in Q4FY"10. EPS (diluted) increased by 5.7% from Rs. 1.74 per share to Rs. 1.84 per share.

Consolidated Fiscal Review- For the fiscal ended Mar'11, the Income from Operations of the company increased by 21.9% to Rs. 4916.16 crore from Rs. 4033.03 crore in the corresponding period last year.

While Net interest income increased by 47% from Rs. 1117 crore to Rs. 1645 crore, the Non interest income decreased by 8% from Rs. 950 crore to Rs. 875 crore.

Operating income climbed 21% from Rs. 2107 crore to Rs. 2547 crore. Operating expenses slid by 3% from Rs. 549 crore to Rs. 533 crore. Provisions increased by 81% from Rs. 130 crore to Rs. 235 crore. Thus, PBT shot up by 25% from Rs. 1429 crore to Rs. 1779 crore.

Even though Tax levied rose by 36.3% to Rs. 499.75 crore, the Consolidated PAT recorded a YoY growth of 21% to reach Rs. 1282 crore for FY"11 as compared to a profit of Rs. 1062 crore in FY"10. Further, PAT from the core business (excluding income from principal investments) increased by over 40%. EPS (diluted) increased by 7% from Rs.8.12 per share to Rs. 8.71 per share.

Other Key Highlights- •Dividend increased from Rs. 1.50 per share to Rs. 2.00 per share : an increase of 33% •IDFC raised Rs. 2,654 crore through the QIP route by allotment of equity shares to QIBs and Rs. 840 crore of Capital through a preferential issue of CCCPS. •Balance sheet size as on March 31, 2011 - 47,554 crore: an increase of 42% •Net NPAs at 0.10% of outstanding loans; No new NPA in FY 2011 •Assets under management - USD 7.5 billion

Read more about: idfc, infrastructure, bank, inr, interest, result
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