Infrastructure Development Finance Company Limited
NSE Symbol FY10 VS FY09
About the company
IDFC was formed in the recommendations of an Expert group headed by Dr. Rakesh Mohan. Its focus is on Roads, Power, Ports, telecom, IT, integrated transportation, urban infrastructure and so on. Currently the Boarded is headed by Chairman Deepak Parekh and MD& CEO Dr.Rajiv Lall. Other directors are nominees of Govt of India and of domestic and foreign Institutions.
Current Focus areas are stated to be electricity generation, transmission and distribution, oil and gas industry etc.
As per latest news, RBI has agreed for classifying the IDFC as a INFRASTRUCTURE FINANCE COMPANY – and this classification is understood to enable IDFC to access cheaper funds – not subject to borrower limits, and also allow to tap oversees market through automatic route.
Another news of May,18th, 2010 says that = IDFC has taken equity stake in Orbis Capital Ltd, which shall increase to 26% through conversions over the next two years. Orbis Capital’s subsidiary Orbis Financial Corporation Limited (OFCL), India
Dr Vijay Kelkar has accepted his appointment as Chairman of the Company. Mr. Vikram Limaye, the Executive Director of IDFC will join the Board of Orbis. On this occasion, Mr. Limaye said, “Orbis is a young and promising company with specialised expertise in custodial services. We are hopeful that IDFC’s investment in Orbis will help establish an association that sets new standards in the custody market.”
News dated on April 27, 2010: IDFC Board has approved, in principle, a plan to raise Tier 1 and / or Tier 2 capital up to Rs. 3500 crore for meeting future growth needs. This is expected to be raised through issue of appropriate equity or quasi-equity instruments in one or more tranches over the next 12 months.
STAND ALONE
RESULTS REVIEW
IDFC has performed much better in FY 10 compared to FY09 as can be seen from the stand alone results below.
Net Sales has increased to Rs.3569.97 crores from Rs.3313.25 Cr, an improvement of 7.75% YOY. Total Expenditure has increased by 18.51% to Rs.329.74 Cr from Rs.278.24 Cr.
Profit from Operations has increased by 6.76% to Rs.3240.24 Cr from Rs.3035.01 Cr YOY.
Interest has registered a fall of 6.22% to Rs.1950.23 Cr from Rs.2079.54 Cr.
Consequently, Net Profit has increased by 37.63% to Rs.1012.84 Cr from Rs.735.92 Cr YOY.
Dividend has been increased to 15% in FY10 from 12% last year.
Basic EPS has increased in FY10 to Rs7.82 from last year’s Rs.5.68 on a face value of Rs.10.
The results and the shareholding pattern says that – there is no promoter or promoter group for the company.
Government holds 20.1% of equity. Insurance companies :11.51%; Mutual funds : 5.54%;FIIs :44.4%;FIs/Banks :4.92% ; 12.53% by Individuals, corporate etc.
While the Chairman etc on the Board of Directors raises great hopes in investors – yet, it would appear to us that there is more need for more professionals on the board.
The paid up equity is high at Rs.1301 Cr. While operational profit is quite good at Rs.3240 Cr on sales of Rs.3570 Cr, the employee cost being minimal, Interest cost is high at Rs.1950 Cr. The recent classification of IDFC as Infra finance company may help it to reduce this interest cost significantly in future.
At the current price of Rs.169, the PE ratio works out to 21.61 – which can be justified if IDFC grows at fast rate. As can be seen from the results , Net profit has grown by 38% YOY and if IDFC continues to grow at this rate, the current PE ratio can be justified.
FY10(lakhs) | Dif%age | ||
Net Sales | 356997.48 | 331325.17 | 7.75 |
Employees Cost | 10387.01 | 6521.56 | 59.27 |
Depreciation | 3283.91 | 2019.5 | 62.61 |
Other Expenditure | 19302.89 | 19283 | 0.1 |
Total Expenditure | 32973.81 | 27824.06 | 18.51 |
Profit-Operations | 324023.67 | 303501.11 | 6.76 |
Other Income | 2713.15 | 945.15 | 187.06 |
P B I E | 326736.82 | 304446.26 | 7.32 |
Interest | 195023.08 | 207954.4 | -6.22 |
Profit before tax | 131713.74 | 96491.86 | 36.5 |
Tax Expense | 30430 | 22900 | 32.88 |
Net Profit after tax | 101283.74 | 73591.86 | 37.63 |
Net Profit | 101283.74 | 73591.86 | 37.63 |
Dividend (%) | 15 | 12 | 25 |
Face Value | 10 | 10 | 0 |
Paid-up Equity | 130061.24 | 129527.61 | 0.41 |
Reserves | 552224.46 | 473386.61 | 16.65 |
Basic EPS( Rs.) | 7.82 | 5.68 | 37.68 |
Diluted EPS(Rs.) | 7.74 | 5.67 | 36.51 |
Public Shareholding (%) | 100 | 100 | 0 |
Promoter Shares% | - | - |
CONSOLIDATED
RESULTS
The consolidated results are also on the same pattern as the stand alone results.Net sales have grown by 11.22 % while total expenditure has grown by 30.45%. Operational profit has grown by 8%. Consolidated net profit has grown by 42% - which is quite healthy. Consolidated Basic EPS has grown by 41.62% to 8.2 from last year’s 5.79.
FY10(lakhs) | Dif%age | ||
Net Sales | 403340 | 362638.36 | 11.22 |
Employees Cost | 30723.94 | 17726.96 | 73.32 |
Depreciation | 4057.42 | 2380.53 | 70.44 |
Other Expenditure | 33015.62 | 31863.1 | 3.62 |
Total Expenditure | 67796.98 | 51970.59 | 30.45 |
Profit_Operations | 335543.02 | 310667.77 | 8.01 |
Other Income | 2675.77 | 1042.68 | 156.62 |
P B I E | 338218.79 | 311710.45 | 8.5 |
Interest | 195346.6 | 208121.32 | -6.14 |
Profit before tax | 142872.19 | 103589.13 | 37.92 |
Tax Expense | 36657.59 | 27816.53 | 31.78 |
Net Profit after tax | 106214.6 | 75772.6 | 40.18 |
Net Profit | 106214.6 | 75772.6 | 40.18 |
Minority Interest | 10.05 | 422.62 | -97.62 |
Shares of Associates | -70.55 | -133.62 | -47.2 |
Other Related Items | 45.94 | 501.03 | -90.83 |
Consolidated NPT | 106229.16 | 74982.57 | 41.67 |
Dividend (%) | - | - | |
Face Value (in Rs.) | 10 | 10 | 0 |
Paid-up Equity | 130061.24 | 129527.61 | 0.41 |
Reserves | 570945.67 | 488055.57 | 16.98 |
Basic EPS(in Rs.) | 8.2 | 5.79 | 41.62 |
Diluted EPS (in Rs.) | 8.12 | 5.78 | 40.48 |
Publicholding (NO.) | 1300612393 | 1295276061 | 0.41 |
Public holding (%) | 100 | 100 | 0 |
Promoter group % | - | - |
QUARTERLY RESULTS
The Q4 FY10 shows that net sales has grown quite well in Q4 to Rs.931 cr from 881 Cr of previous Qtr.Net profit has grown to Rs.278 cr from Q3 profit of Rs.240 cr. Q4 EPS is 2.15 against 1.83 for Q3.
If this improvement pattern is maintained in future, IDFC could clock much better EPS in FY11.
Mar-10 | Dec-09 | Sep-09 | Jun-09 | Mar-09 | |
Net Sales | 93111.3 | 88076.1 | 88251.79 | 87558.29 | 87023.55 |
Total Expenditure | 16026.53 | 8328.53 | 5830.04 | 2788.71 | 14762.61 |
Interest6 | 43372.01 | 47827.35 | 51173.6 | 52650.12 | 54200.29 |
PBT | 34729.9 | 31960.96 | 32672.98 | 32349.9 | 17832.46 |
Tax expense | 6880 | 7950 | 7600 | 8000 | 3025 |
PAT | 27849.9 | 24010.96 | 25072.98 | 24349.9 | 14807.46 |
Net Profit | 27849.9 | 24010.96 | 25072.98 | 24349.9 | 14807.46 |
Dividend (%) | 15 | - | - | - | 12 |
Face Value (In Rs | 10 | 10 | 10 | 10 | 10 |
Paid Up Equity | 130061.2 | 129657.7 | 129549.9 | 129549.9 | 129527.6 |
Basic EPS | 2.15 | 1.85 | 1.94 | 1.88 | 1.14 |
Diluted EPS | 2.13 | 1.83 | 1.91 | 1.87 | 1.14 |
SHAREHOLDING PATTERN
Category of shareholder | ||
% of shares (A+B+C) | ||
(A) | ||
Promoter Group (A) | 0 | |
(B) | ||
-1 | ||
(a) | Mutual Funds/ UTI | 5.54 |
(b) | Financial Institutions/ Banks | 4.92 |
(c) | Central/ State Govt(s) | 20.1 |
(d) | Venture Capital Funds | 0 |
(e) | Insurance Companies | 11.51 |
(f) | Foreign Institutional Investors | 44.4 |
(g) | Foreign Venture Capital Investors | 0 |
(h) | ||
Fdi | 1 | |
Sub-Total (B)(1) | 87.47 | |
-2 | ||
(a) | Bodies Corporate | 2.94 |
(b) | ||
(i) | Individuals holding <= Rs. 1 lakh | 6.72 |
(ii) | Individuals holding > Rs. 1 lakh | 2.42 |
(c) | ||
Ocbs | 0 | |
Huf | 0.35 | |
Trusts | 0.03 | |
Clearing Member | 0.07 | |
Sub-Total(B)(2) | 12.53 | |
Total Public Shareholding (B) | 100 | |
TOTAL(A)+(B) | 100 | |
(C) | Shares held by Custodians etc | 0 |
GRAND TOTAL (A)+(B)+(C) | 100 | |
ANNOUNCEMENTS
TO THE EXCHANGE
24-06-2010 Infrastructure Development Finance Company Limited has informed the Exchange that Infrastructure Development Finance Company Limited (IDFC) has been classified by the Reserve Bank of India as "Infrastructure Finance Company" within the overall classification of "Non Banking Finance Company." -
08-06-2010 Infrastructure Development Finance Company Limited has submitted to the Exchange a copy of the Notice of the Annual General Meeting of the company to be held on June 28, 2010.
25-05-2010 Infrastructure Development Finance Company Limited has informed the Exchange that the Annual General Meeting of the Members of the Company will be held on June 28, 2010. Further, the Register of Members and the Share Transfer Books of the Company will remain closed from June 21, 2010 to June 28, 2010 (both days inclusive) for the purpose of payment of dividend for the financial year 2009-10. The dividend at the rate of Re. 1.50 per equity share for the financial year ended March 31, 2010 as recommended by the Board, if approved by the Shareholders, will be dispatched/remitted commencing from June 29, 2010. -
19-05-2010 Infrastructure Development Finance Company Limited has informed the Exchange that the Register of Members and the Share Transfer Books of the Company will remain closed from June 21, 2010 to June 28, 2010 (both days inclusive) for the purpose of payment of dividend for the financial year 2009-2010. -
27-04-2010 Infrastructure Development Finance Company Limited has informed the Exchange that "The Board of Directors of Infrastructure Development Finance Company Limited, at its meeting held today i.e. April 27, 2010, approved, in principle, a plan to raise Tier 1 and / or Tier 2 capital up to Rs. 3500 crore for meeting future growth needs. This is expected to be raised through issue of appropriate equity or quasi-equity instruments in one or more tranches over the next 12 months. This is subject to the approval of the shareholders and all Regulatory Authorities, as applicable." -
27-04-2010 Infrastructure Development Finance Company Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on April 27, 2010 recommended payment of dividend for the financial year ended March 31, 2010 at the rate of 15%, i.e. Rs.1.50 per share, subject to the approval of shareholders at the ensuing Annual General Meeting. -
27-04-2010 Infrastructure Development Finance Company Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 403340 lacs for year ending on 31-MAR-2010 against Rs. 362638.36 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 106229.16 lacs for the year ending on 31-MAR-2010 against Rs. 74982.57 lacs for the year ending on 31-MAR-2009. -
27-04-2010 Infrastructure Development Finance Company Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 102383.67 lacs for quarter ending on 31-MAR-2010 against Rs. 95610.51 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 22811.03 lacs for the quarter ending on 31-MAR-2010 against Rs. 11623.34 lacs for the quarter ending on 31-MAR-2009. -
27-04-2010 Infrastructure Development Finance Company Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 356997.48 lacs for year ending on 31-MAR-2010 against Rs. 331325.17 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 101283.74 lacs for the year ending on 31-MAR-2010 against Rs. 73591.86 lacs for the year ending on 31-MAR-2009. -
27-04-2010 Infrastructure Development Finance Company Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 93111.3 lacs for quarter ending on 31-MAR-2010 against Rs. 87023.55 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 27849.9 lacs for the quarter ending on 31-MAR-2010 against Rs. 14807.46 lacs for the quarter ending on 31-MAR-2009. -
06-04-2010 Infrastructure Development Finance Company Limited has informed the Exchange that the Registered Office of the Company has been shifted from ITC Centre, 3rd Floor, 760, Anna Salai, Chennai - 600 002 to KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600 031 effective April 01, 2010.
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