IFCI · Financial Services
IFCI Ltd. reported total income of ₹617 cr for July to September 2024, +1.6% on the year and +59.0% on the quarter. It is the highest quarterly income in the last 6 quarters on record.
Net interest income, interest earned less interest paid, was ₹482 cr, +4.3% on the year and +90.5% on the quarter. For a lender this is the core earnings line: it shows whether the loan book and its pricing are growing faster than the cost of funds.
Net profit was ₹185 cr, +6.3% on the year and — on the quarter, with earnings per share of ₹0.32.
An NBFC's quarter turns on loan growth, its cost of borrowing and credit costs; profit can rise for a while simply because provisions fall. The quarterly statements do not carry AUM growth, stage 2 and 3 assets, credit cost and the cost of funds; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed, Asset quality (lenders), Net interest margin (lenders). Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
Lenders are read on NIM, asset quality, provision cover and credit cost. Those come from the filing read, which is not in yet for this quarter, so margin, other-income and cash checks are withheld rather than shown on a template built for manufacturers.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹607 cr | ₹454 cr | ₹605 cr | ₹388 cr | ₹617 cr | ₹459 cr | ₹414 cr | ₹407 cr | ₹735 cr | ₹456 cr | ₹470 cr | ₹327 cr |
| YoY | — | — | — | +21% | +2% | +1% | −32% | +5% | +19% | −1% | +14% | −20% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 66% | 45% | 45% | — | 33% | — | 23% | 39% | 17% | — | −24% | 37% |
| Net profit | ₹174 cr | ₹39.0 cr | ₹157 cr | −₹88.0 cr | ₹185 cr | −₹9.0 cr | ₹260 cr | ₹62.0 cr | ₹317 cr | ₹21.0 cr | ₹34.0 cr | ₹60.0 cr |
| YoY | — | — | — | — | +6% | −123% | +66% | — | +71% | — | −87% | −3% |
| EPS | ₹0.44 | ₹0.08 | ₹0.61 | −₹0.41 | ₹0.32 | −₹0.12 | ₹0.84 | ₹0.15 | ₹0.53 | −₹0.06 | ₹0.05 | ₹0.12 |
| Flags | · | · | 2 | 1 | 4 | 1 | 1 | ✓ | 1 | 3 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
IFCI Ltd. reported total income of ₹617 cr (+1.6% on the year) and net profit of ₹185 cr (+6.3% on the year) for July to September 2024.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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