IDFC posts 11-fold rise in Q3 net profit at Rs 26 cr due to tax adjustment

IDFC on Saturday reported an 11-fold jump in net profit for the December quarter at Rs 26.28 crore, mainly due to a tax adjustment. The company's standalone net profit stood at Rs 2.40 crore in the quarter ended December 31, 2017, it said in a statement.

The company's total income was down at Rs 7.87 crore in the period under review from Rs 13.26 crore a year ago. However, there was a tax adjustment of Rs 31.41 crore in favour of the company in the third quarter of the fiscal.

For April-December 2018, the net profit of the company was Rs 153.78 crore as compared to Rs 152.65 crore for the corresponding period of the last fiscal.

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The company is engaged in only one segment -- investment business -- and as such there is no separate reportable segment as per lnd AS-106 'Operating Segments', it added.