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IDFC Q1 results: Reports net loss of Rs 26.5 cr

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NEW DELHI: IDFC Ltd upon Thursday reported a pick a net loss of Rs 26.46 crore to the quarter ended June 2020.

The company had published a net profit of Rs 5.18 crore during the corresponding period of the previous fiscal.

However sequentially, the loss narrowed in comparison to Rs 242.92 crore net loss reported from the preceding quarter ended 03 2020.

Total income (consolidated) fell to Rs 103.99 crore during April-June period, as against Rs 133.04 crore from the same quarter of 2019-20, it said in a company filing.

IDFC First Traditional bank Limited in June 2020 raised equity capital simply by way of issue of shares on preferential base amounting to Rs a couple of,000 crore to augment their capital base.

IDFC, being a promoter of the bank, put in a sum of Rs 800 crore (to sustain 40 per cent stake because required under RBI suggestions of February 2013) by its wholly-owned subsidiary IDFC Financial Holding Company Minimal, it said.

On this coronavirus impact, IDFC explained it has made an evaluation of its liquidity situation by applying stress scenarios.

“The group believes that it has had into account all the possible effect of known events as a result of COVID-19 pandemic in the planning of the financial outcomes,” it added.

Stock of IDFC closed on Rs 28.65 each on BSE, down 2.39 per cent.

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