Wednesday, February 10, 2010

Stock Idea: IDFC

QoQ, the financial performance of IDFC seems to show some pressure but a look at the 9MFY10 performance shows that the company is well on the road to success.
For 9MFY10, Operating income increased by 32% to Rs. 1,508 crore compared to 9MFY09. NII rose 20% at Rs.801 crore. There was growth in non-interest income, which during the 9M of the current fiscal showed a growth of 50%. IDFC expects this non-interest income to remain robust in Q4 also. Fees from IDFC’s asset management business increased 1.67 times, that from investment banking and broking activity increased by 55% and from principal investments increased by 52%.
PBT increased by 30% from Rs. 869 crore to Rs. 1,128 crore. PAT increased by 32% from Rs. 634 crore to Rs. 834 crore. On an equity of Rs.1296.58 crore, it posted an EPS of Rs.6.38 on Rs.10 face value. Foreign holding (FII + FDI) as on as on December 31, 2009 was at 44.9% v/s 39.5% as at 31st March 2009. GoI holds 20.2%, Corporate Bodies hold 3.3%, Mutual Funds hold 5.8%, FIs/Insurance Cos/Banks hold 16.3% and retail investors have just 9.5%.
Its balance sheet size at the end of Q3 stood at Rs. 31,207 crore, an increase of 4%. Total assets under management was US$7.5 billion.
The company had ended FY09, with a total revenue of Rs.3313.25 crore and net profit of Rs.735.92 crore. Based on its 9M performance, IDFC could end FY10 with a total revenue of around Rs.3400 crore and net profit is estimated at Rs.950 crore.
Source: Internet ( by S P Tulsian)

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