New Delhi: Indian infrastructure finance player Infrastructure Development Finance Co Ltd's (IDFC) fiscal fourth quarter (Jan-Mar) consolidated net profit rose 16.79% to Rs 3.34 billion from Rs 2.86 billion in the same period a year ago due to rise in income from operations and fall in provisions.
Total income from operations of the company in the three months to March 31, 2012 registered a 31.74% growth to Rs 17.14 billion against Rs 13.06 billion in the corresponding quarter previous year, the company said in a statement filed with the stock exchanges.
The non-banking finance company's provisions for bad loans and contingencies declined by 9.39% to Rs 837.5 million during the quarter from Rs 924.3 million in the year-ago period.
The company's total expenditure during the quarter was Rs 2.34 billion, up 10.74%, from Rs 2.11 billion in the same period a year ago.
IDFC's gross non-performing assets (NPAs), or bad loans on a standalone basis rose to 0.30% of advances as on March 31, 2012 from 0.21% in the previous year, while its net NPAs increased to 0.15% from 0.10%.
Capital adequacy ratio of the company as a standalone entity was at 20.79% at the end of the quarter lower than 24.48% in the same period last year.
The board of directors of IDFC recommended 23% dividend to its shareholders for fiscal 2011-12, subject to shareholders' approval. The dividend, if approved, will be paid by end of July 2012.
IDFC's shares Wednesday were trading at Rs 113 on the Bombay Stock Exchange (BSE) at 10:35 am, down 0.4% from the previous close.