IDFC reports 27% YoY rise in Q2 PAT at ₹332 cr, revenue sees robust growth


Mumbai-based IDFC Limited reported double-digit growth in profitability for the second quarter ending September 30, 2022 (Q2FY23). The company’s consolidated net profit to owners increased by 26.70% to 331.83 crore in Q2FY23 compared to 261.90 crore in the same quarter last year. On Friday, IDFC shares neared their 52-week high.

Sequentially, IDFC recorded a whopping growth of 31.35% in net profit compared to a PAT of 252.62 crore in the June 2022 quarter.

Meanwhile, consolidated revenue from operations jumped by 69.80% to 49.38 crore in Q2FY23 versus 29.08 crore in Q2 of the previous fiscal. Compared to June 2022 quarter where revenue was around 22.12 crore, IDFC posted a triple-digit growth of 123.24% in Q2FY23.

In Q2FY23, the company’s total income was around 58.46 crore versus 29.56 crore in Q2FY22 and 22.12 crore in Q1FY23.

In a meeting held on November 11, the IDFC board of directors approved the re-appointment of Ajay Sondhi as an Independent Director of the company with effect from November 8, 2022, till the conclusion of the 26th AGM of the company to be held for FY23.

Ajay Sondhi is a seasoned Financial Services and Board professional with extensive Indian and global experience. Sondhi was most recently the Founder & CEO of Sentinel Advisors, Singapore, a boutique business and strategy advisory firm. He has had a long career in banking and has held several senior leadership roles in the industry in India and overseas.

He was previously MD and Regional Manager for PWM at Goldman Sachs, Singapore. Sondhi started his career with Citibank India where he rose to become a corporate bank and corporate finance head. He subsequently worked with Salomon Brothers Hong Kong and then moved back to India as Group CEO for Barclays Bank and BZW. He was subsequently Country Head and CEO of India for UBS AG, and then went on to become the Vice Chairman and Managing Director for Kotak Mahindra Capital Company.

On BSE, IDFC shares traded at 79.55 apiece higher by 0.95% at around 2.55 pm. The stock touched an intraday high of 81.50 apiece earlier in the day — which was near the 52-week high of 82.45 apiece. Its market cap is around 12,712.40 crore.

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