homeearnings NewsIDFC reports net loss of Rs 26.5 crore in Q1

IDFC reports net loss of Rs 26.5 crore in Q1

IDFC reports net loss of Rs 26.5 crore in Q1
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By PTI Aug 27, 2020 11:02:36 PM IST (Published)

IDFC Ltd on Thursday reported a consolidated net loss of Rs 26.46 crore for the quarter ended June 2020. The company had posted a net profit of Rs 5.18 crore during the corresponding period of the previous fiscal.

IDFC Ltd on Thursday reported a consolidated net loss of Rs 26.46 crore for the quarter ended June 2020. The company had posted a net profit of Rs 5.18 crore during the corresponding period of the previous fiscal.

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However sequentially, the loss narrowed compared to Rs 242.92 crore net loss reported in the preceding quarter ended March 2020.
Total income (consolidated) fell to Rs 103.99 crore during April-June period, as against Rs 133.04 crore in the same quarter of 2019-20, it said in a regulatory filing.
IDFC First Bank Limited in June 2020 raised equity capital by way of issue of shares on preferential basis amounting to Rs 2,000 crore to augment its capital base.
IDFC, as a promoter of the bank, invested a sum of Rs 800 crore (to maintain 40 per cent stake as required under RBI guidelines of February 2013) through its wholly-owned subsidiary IDFC Financial Holding Company Limited, it said.
On the coronavirus impact, IDFC said it has made an assessment of its liquidity position by applying stress scenarios.
"The group believes that it has taken into account all the possible impact of known events arising from COVID-19 pandemic in the preparation of the financial results," it added.
Stock of IDFC closed at Rs 28.65 apiece on BSE, down 2.39 per cent.
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