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IDFC Report Good Set of Numbers – PAT Up 21%

August 16, 2012

Infrastructure Financier, IDFC reported profits of Rs3.8bn (+21% YoY, 13% QoQ). Loan book grew by 4% QoQ and 34% YoY
(vs. 10% QoQ, 28% YoY in QE Mar-2012). IDFC disbursed Rs45bn of new loans this quarter – vs. Rs60bn in QE Mar-12.

Incremental disbursements this quarter were driven mainly by the energy and transportation segment. IDFC made new loan approvals of Rs117bn this quarter driven by both corporate and project loans mainly in the energy and telecom segments.

NII was up 7% QoQ, 30% YoY mainly driven by volume growth. IDFC’s GNPLs [NPA] were up 1% QoQ. Total provisions made during the quarter (including provisions on standard assets + GNPLs + investment book) moved higher to Rs1,030mn (68 bps of assets, annualized) from Rs840mn (58 bps of assets) in the previous quarter.

What is the Fees based Income of IDFC ?
Loan & advisory related fee income was up 77% YoY, 100% QoQ to Rs0.6bn. Other fee segments – mutual funds, alternative asset management and investment banking continued to be weak.

IDFC is expected to report an EPS of Rs 11 for FY 2013 and Rs 13.2 for FY 2014. Reminds me of the modest growth which HDFC would show YoY in the last 15 years. Let us study IDFC in detail and see if Deepak Parekh can replicate the story of housing finance[HDFC] in infrastructure via IDFC.

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