IDFC Ltd has announced the following results for the quarter ended December 31, 2015:
The Unaudited Standalone results for the Quarter ended December 31, 2015
The Company has posted a net profit of Rs. 35.60 million for the quarter ended December 31, 2015 where as the same was at Rs. 4008.00 million for the quarter ended December 31, 2014. Total Income is Rs. 115.70 million for the quarter ended December 31, 2015 where as the same was at Rs. 23186.50 million for the quarter ended December 31, 2014.
- Pursuant to order of the Hon'ble Madras High Court dated June 25, 2015 approving the Scheme of Arrangement under Section 391-394 of the Companies Act, 1956, between the Company and IDFC Bank Limited and their respective shareholders and creditors and on receipt of final Banking Licence for IDFC Bank Limited for commencement of banking operations, the demerger has been recorded with effective date of October 01, 2015 Accordingly, assets amounting to Rs. 6623746 lakhs and liabilities amounting to Rs. 6000290 lakhs, resulting net assets amounting to Rs. 623456 lakhs, alongwith contingent liabilities of Rs. 28563 lakhs, capital commitment of Rs. 84005 lakhs and notional principal of derivative contract of Rs. 1390357 lakhs pertaining to the financial undertaking are transferred from the Company to IDFC Bank Limited and in consideration, equity shares of IDFC Bank Limited in the ratio of 1:1 have been issued to the shareholders of IDFC Limited. Post transfer of the Financing undertaking to IDFC Bank Limited, IDFC Limited is mainly an investment company, with minimal operations Accordingly, the results for the quarter and nine months ended December 31, 2015 is not comparable with corresponding quarter / periods Please refer note 8 below on discontinuing operations.
The Consolidated Results are as follows:
The Unaudited Consolidated results for the Quarter ended December 31, 2015
The Group has posted a net profit / (loss) after taxes, share of minority interest and share of loss from associates of Rs. 1761.80 million for the quarter ended December 31, 2015 where as the same was at Rs. 4216.00 million for the quarter ended December 31, 2014. Total Income is Rs. 21723.50 million for the quarter ended December 31, 2015 where as the same was at Rs. 24620.80 million for the quarter ended December 31, 2014.
- Pursuant to order of the Hon'ble Madras High Court dated June 25, 2015 approving the Scheme of Arrangement under Section 391-394 of the Companies Act, 1956, between the Company and IDFC Bank Limited and their respective shareholders and creditors and on receipt of final Banking Licence for IDFC Bank Limited for commencement of banking operations, the demerger has been recorded with effective date of October 01, 2015. Accordingly, assets amounting to Rs. 6623746 lakhs and liabilities amounting to Rs. 6000290 lakhs, resulting net assets amounting to Rs. 623456 lakhs, alongwith contingent liabilities of Rs. 28563 lakhs, capital commitment of Rs. 84005 lakhs and notional principal of derivative contract of Rs. 1390357 lakhs pertaining to the financial undertaking are transferred from the Company to IDFC Bank Limited and in consideration, equity shares of IDFC Bank Limited in the ratio of 1:1 have been issued to the shareholders of IDFC Limited Post transfer of the Financing undertaking to IDFC Bank Limited, IDFC Limited is mainly an Investment company, with minimal operations In view of increased Minority interest in IDFC Bank Limited and pursuant to the demerger of financing undertaking in IDFC Bank limited, the result of the quarter ended December 31, 2015 is not comparable with the previous quarters. Minority interest for the period ended December 31, 2015 includes Rs. 2681 lakhs being share of profit for the period from April 01, 2015 to September 30, 2015 on account of change in shareholding in IDFC Bank Limited with effect from October 01, 2015.
-- The Unaudited Standalone results for the Quarter ended December 31, 2015
The Company has posted a net profit of Rs. 35.60 million for the quarter ended December 31, 2015 where as the same was at Rs. 4008.00 million for the quarter ended December 31, 2014. Total Income is Rs. 115.70 million for the quarter ended December 31, 2015 where as the same was at Rs. 23186.50 million for the quarter ended December 31, 2014.
- Pursuant to order of the Hon'ble Madras High Court dated June 25, 2015 approving the Scheme of Arrangement under Section 391-394 of the Companies Act, 1956, between the Company and IDFC Bank Limited and their respective shareholders and creditors and on receipt of final Banking Licence for IDFC Bank Limited for commencement of banking operations, the demerger has been recorded with effective date of October 01, 2015 Accordingly, assets amounting to Rs. 6623746 lakhs and liabilities amounting to Rs. 6000290 lakhs, resulting net assets amounting to Rs. 623456 lakhs, alongwith contingent liabilities of Rs. 28563 lakhs, capital commitment of Rs. 84005 lakhs and notional principal of derivative contract of Rs. 1390357 lakhs pertaining to the financial undertaking are transferred from the Company to IDFC Bank Limited and in consideration, equity shares of IDFC Bank Limited in the ratio of 1:1 have been issued to the shareholders of IDFC Limited. Post transfer of the Financing undertaking to IDFC Bank Limited, IDFC Limited is mainly an investment company, with minimal operations Accordingly, the results for the quarter and nine months ended December 31, 2015 is not comparable with corresponding quarter / periods Please refer note 8 below on discontinuing operations.
The Consolidated Results are as follows:
The Unaudited Consolidated results for the Quarter ended December 31, 2015
The Group has posted a net profit / (loss) after taxes, share of minority interest and share of loss from associates of Rs. 1761.80 million for the quarter ended December 31, 2015 where as the same was at Rs. 4216.00 million for the quarter ended December 31, 2014. Total Income is Rs. 21723.50 million for the quarter ended December 31, 2015 where as the same was at Rs. 24620.80 million for the quarter ended December 31, 2014.
- Pursuant to order of the Hon'ble Madras High Court dated June 25, 2015 approving the Scheme of Arrangement under Section 391-394 of the Companies Act, 1956, between the Company and IDFC Bank Limited and their respective shareholders and creditors and on receipt of final Banking Licence for IDFC Bank Limited for commencement of banking operations, the demerger has been recorded with effective date of October 01, 2015. Accordingly, assets amounting to Rs. 6623746 lakhs and liabilities amounting to Rs. 6000290 lakhs, resulting net assets amounting to Rs. 623456 lakhs, alongwith contingent liabilities of Rs. 28563 lakhs, capital commitment of Rs. 84005 lakhs and notional principal of derivative contract of Rs. 1390357 lakhs pertaining to the financial undertaking are transferred from the Company to IDFC Bank Limited and in consideration, equity shares of IDFC Bank Limited in the ratio of 1:1 have been issued to the shareholders of IDFC Limited Post transfer of the Financing undertaking to IDFC Bank Limited, IDFC Limited is mainly an Investment company, with minimal operations In view of increased Minority interest in IDFC Bank Limited and pursuant to the demerger of financing undertaking in IDFC Bank limited, the result of the quarter ended December 31, 2015 is not comparable with the previous quarters. Minority interest for the period ended December 31, 2015 includes Rs. 2681 lakhs being share of profit for the period from April 01, 2015 to September 30, 2015 on account of change in shareholding in IDFC Bank Limited with effect from October 01, 2015.
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