IDFC announces a 27% YoY increase in Q2 PAT of $332 million, with strong revenue growth
- ByStartupStory | November 12, 2022
IDFC Limited, situated in Mumbai, reported double-digit profit growth for the second quarter ending September 30, 2022 (Q2 FY23). In Q2 FY23, the company’s consolidated net profit to owners climbed by 26.70% to 331.83 crore, up from 261.90 crore in the same quarter last year. IDFC shares approached a 52-week high on Friday.
Serially, IDFC increased its net profit by 31.35% compared to a PAT of 252.62 crore in the June 2022 quarter.
The combined revenue from operations, meanwhile, increased by 69.80% to 49.38 crore in the second quarter of the current fiscal year from 29.08 crore. The revenue for the quarter ending in June 2022 was approximately Rs 22.12 crore; by comparison, IDFC reported a triple-digit growth of 123.24% in Q2FY23.
The company’s total revenue in Q2 FY23 was around 58.46 crore, compared to 29.56 crore in Q2 FY22 and 22.12 crore in Q1 FY23.
Ajay Sondhi was reappointed as an independent director of the business with effect from November 8, 2022, until the conclusion of the firm’s 26th annual general meeting (AGM), which will be held for FY23, by the IDFC board of directors in a meeting on November 11.
Ajay Sondhi has years of experience in both India and abroad as a financial services and board professional. Sondhi most recently served as the founder and chief executive officer of Sentinel Advisors, a boutique business and strategy advisory firm in Singapore. He has had a lengthy career in banking and has held several high-level leadership positions in both India and other countries.
At roughly 2.55 p.m. on the BSE, IDFC shares were trading at $79,55 per share, up 0.95%. Early in the day, the stock reached an intraday high of 81.50 per share, which was close to the 52-week high of 82.45 per share. It has a market capitalization of $12,712,40 crore.
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