IDFC net loss narrows to Rs 147 crore in September quarter

Expenses during the second quarter of 2020-21 stood at Rs 55.70 crore, against Rs 65.95 crore a year ago.

IDFC Ltd on November 10 reported narrowing of its consolidated net loss to Rs 146.68 crore in the second quarter ended September 30. It had posted a net loss of Rs 407 crore in the corresponding quarter of the previous financial year. Sequentially, the losses widened against Rs 26.46 crore in the first quarter ended June 30.

However, Its total income during July-September 2020 grew 41.39 percent to Rs 91.54 crore as compared with Rs 64.74 crore in the year-ago period, IDFC Ltd said in a regulatory filing. Expenses during the second quarter of 2020-21 stood at Rs 55.70 crore, against Rs 65.95 crore a year ago.

On November 7, 2019, the group executed definitive agreements with Dharmesh Mehta and other investors for the sale of its entire investment in IDFC Securities Ltd. The sale was concluded in June 2020 after receiving all regulatory approvals. With the sale IDFC Securities Ltd, IDFC Securities (Singapore) Pte Ltd and IDFC Capital (USA) Inc have ceased to be subsidiaries of the group, it said in the filing.

Also, on October 31, 2019, the Monetary Authority of Singapore cancelled the capital market services licence issued to IDFC Capital (Singapore) Pte Ltd, wholly-owned subsidiary of IDFC Alternatives Ltd. The wholly-owned subsidiary is in the process of liquidation, it added.

Shares of IDFC Ltd on Tuesday rose 2.32 percent to Rs 30.90 apiece on the BSE.

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