Infrastructure Development Finance Company Limited
NSE Symbol IDFC
IDFC has performed reasonably well in FY 2011.
Net Sales in FY 2011 on CONSOLIDATED BASIS - has increased to Rs.4916.74 Cr – up by 21.90% from FY 10; and Up by 35.58% from FY 09.
Profit from Operations for FY 11 is Rs.4150.08 Cr – up by 23.68% from FY 10; and up by 33.59% from FY 09.
Profit before tax is Rs.1778.84 Cr – up by 24.51% from FY 10; and up by 71.72% from FY 09.
Net Profit has increased in FY 11 to Rs.1279.08 Cr – up by 20.42% from FY 10; and up by 68.81% from FY 09.
Consolidated NPT for FY 11 is Rs.1281,65 Cr – up by 20.65% from FY 10; and also up by 70.93% from FY 09.
Paid-up Equity in FY 11 is higher at Rs.2300.95 Cr – while it was Rs.1300.61 Cr in FY 10.
Basic EPS in FY 11 is Rs.8.77 – compared to Rs.8.2 in FY 10 and Rs.5.79 in FY 09.
The Rs.10 share is quoting at Rs.135 Market price. The PE Ratio works out to Rs,15.39
CONSOLIDATED RESULTS TABLE :
| FY11CS | |||
| Net Sales | 491,673.94 | 403,340.00 | 362,638.36 |
| Employees Cost | 29,559.22 | 30,723.94 | 17,726.96 |
| Depreciation | 4,017.26 | 4,057.42 | 2,380.53 |
| Other Expenditure | 43,089.91 | 33,015.62 | 31,863.10 |
| Total Expenditure | 76,666.39 | 67,796.98 | 51,970.59 |
| Profit from Operations | 415,007.55 | 335,543.02 | 310,667.77 |
| Other Income | 1,628.93 | 2,675.77 | 1,042.68 |
| Profit before Int & Ei | 416,636.48 | 338,218.79 | 311,710.45 |
| Interest | 238,752.66 | 195,346.60 | 208,121.32 |
| Interest | 238,752.66 | 22.22 | 14.72 |
| Profit after Int bb ei | 177,883.82 | 142,872.19 | 103,589.13 |
| Profit before tax | 177,883.82 | 142,872.19 | 103,589.13 |
| Tax Expense | 49,975.42 | 36,657.59 | 27,816.53 |
| Net Profit | 127,908.40 | 106,214.60 | 75,772.60 |
| Minority Interest | -34.18 | 10.05 | 422.62 |
| Shares of Associates | -222.74 | -70.55 | -133.62 |
| Other Related Items | - | 45.94 | 501.03 |
| Consolidated NPT | 128,165.32 | 106,229.16 | 74,982.57 |
| Face Value (in Rs.) | 10 | 10 | 10 |
| Paid-up Equity | 230,094.75 | 130,061.24 | 129,527.61 |
| Reserves | 894,335.28 | 570,945.67 | 488,055.57 |
| Basic EPS | 8.77 | 8.2 | 5.79 |
| Diluted EPS | 8.71 | 8.12 | 5.78 |
| Public holding (%) | 100 | 100 | 100 |
The Non-consolidated Results are also tabulated Below :
| FY11NC | |||
| Net Sales | 454,595.53 | 356,997.48 | 331,325.17 |
| Employees Cost | 10,652.07 | 10,387.01 | 6,521.56 |
| Depreciation | 3,269.77 | 3,283.91 | 2,019.50 |
| Other Expenditure | 30,416.56 | 19,302.89 | 19,283.00 |
| Total Expenditure | 44,338.40 | 32,973.81 | 27,824.06 |
| Profit from Operations | 410,257.13 | 324,023.67 | 303,501.11 |
| Other Income | 1,439.81 | 2,713.15 | 945.15 |
| Interest | 238,652.09 | 195,023.08 | 207,954.40 |
| Profit before tax | 173,044.85 | 131,713.74 | 96,491.86 |
| Tax Expense | 45,330.00 | 30,430.00 | 22,900.00 |
| Net Profit after tax | 127,714.85 | 101,283.74 | 73,591.86 |
| Net Profit | 127,714.85 | 101,283.74 | 73,591.86 |
| Dividend (%) | 20 | 15 | 12 |
| Face Value (in Rs.) | 10 | 10 | 10 |
| Paid-up Equity | 230,094.75 | 130,061.24 | 129,527.61 |
| Reserves | 876,506.07 | 552,224.46 | 473,386.61 |
| Basic EPS | 8.74 | 7.82 | 5.68 |
| Diluted EPS | 8.68 | 7.74 | 5.67 |
| Public holding (%) | 100 | 100 | 100 |
ANNOUNCEMENTS TO NSE
03-06-2011 press release dated June 03, 2011, titled "IDFC and Khazanah to set up a dedicated infra development company".
29-04-2011 Board of Directors of the Company at its meeting held on April 29, 2011, recommended payment of dividend for the financial year ended March 31, 2011 at the rate of 20%, i.e. Rs.2.00 per share, subject to the approval of shareholders at the ensuing Annual General Meeting.
29-04-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 454595.53 lacs for year ending on 31-MAR-2011 against Rs. 356997.48 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 127714.85 lacs for the year ending on 31-MAR-2011 against Rs. 101283.74 lacs for the year ending on 31-MAR-2010.
29-04-2011 consolidated Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 491673.94 lacs for year ending on 31-MAR-2011 against Rs. 403340 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 128165.32 lacs for the year ending on 31-MAR-2011 against Rs. 106229.16 lacs for the year ending on 31-MAR-2010.
25-03-2011 Public Issue of Long Term Infrastructure Bonds (Tranche 3 by IDFC) closed for subscription on March 21, 2011 and the total sum of Rs. 2280.55 Million was collected as application money.
15-03-2011 Infrastructure Development Finance Company Limited has submitted to the Exchange a copy of the corrigendum to the Prospectus - Tranche 3 dated February 21, 2011 (the "Corrigendum") for the extension of the Issue Closing Date with reference to the proposed Public Issue by Infrastructure Development Finance Company Ltd (the "Company" / "IDFC") of long term infrastructure bonds of face value of Rs 5,000 each, in the nature of secured, redeemable, non-convertible debentures, having benefits under Section 80 CCF of The Income Tax Act, 1961 (the "Bonds"), not exceeding Rs. 34,000 million (the "Issue").
05-01-2011 Infrastructure Development Finance Company Limited has informed the Exchange with reference to the proposed public issue by infrastructure Development Finance Company Ltd (the "Company") of long term infrastructure bonds of face value of Rs 5,000 each, in the nature of secured, redeemable, non-convertible debentures, having benefits under Section 80 CCF of the income Tax Act, 1961 (the "Bonds") for an aggregate amount not exceeding Rs 29289.64 million (the "issue") - Tranche 2. The Company has now informed that the Committee of Directors, at its meeting held on January 04, 2011, had approved the following:- (1) Prospectus- Tranche 2 which includes terms and conditions for Tranche- 2; and (2) Issue to Open for Subscription from January 17, 2011 - February 04, 2010.
11-08-2010 Infrastructure Development Finance Company Limited has informed the Exchange that the shareholders, vide special resolution passed through postal ballot on August 06, 2010, had approved issue of Compulsorily Convertible Cumulative Preference Shares (CCCPS) having face value of Rs.100 each of the Company. Pursuant to the aforesaid, the Committee, duly authorized by the Board of Directors of the Company, has decided to issue and allot on August 11, 2010 8,40,00,000 Compulsorily Convertible Cumulative Preferences Shares of face value Rs.100 each at a price of Rs.100/- per CCCPS, aggregating Rs.840 crore.
ADDITIONAL INFO FROM ANNUAL REPORT-2011
In July 2010, IDFC got the Infrastructure Finance Company (IFC) status within the NBFC category from the Reserve Bank of India (RBI). We leveraged this status to raise debt capital through the issue of infrastructure bonds. As a measure of our efforts to widen our reach among ordinary households, we raised ` 1,451 crore from over 7.3 lakh retail investors. In addition, the IFC status, by allowing us to raise capital through External Commercial Borrowing (ECB), has also opened access to a new class of International debt finance agencies. Going forward, we would use our new relationship with these foreign financial institutions to leverage capital in forms other than ECBs, including rupee bonds.
IDFC has been nominated on several committees set up by the Union Government including in the transport sector, on electricity distribution, urban water and sanitation, and several financial sector reform committees.
Going forward, the pace of infrastructure credit may be constrained since banks, the largest providers of debt finance, are facing asset-liability maturity mismatch (ALM) problems due to the longer duration of infrastructure loans they extend as against their shorter duration borrowings.
Stand Alone Financial Results :
Income from operations increased by 27.34% from ` 3,569.98 crore in FY 10 to ` 4,545.96 crore in FY 11. Other income reduced by 46.92% from ` 27.13 crore in FY 10 to ` 14.40 crore in FY 11. IDFC’s total income, increased by 26.78% from ` 3,597.11 crore in FY 10 to ` 4,560.36 crore in FY 11.
Profit Before Tax (PBT) increased by 31.38% from ` 1,317.14 crore in FY 10 to ` 1,730.45 crore in FY 11. Profit After Tax (PAT) increased by 26.10% from ` 1,012.84 crore in FY 10 to ` 1,277.15 crore in FY 11.
IDFC’s quality of assets continued to be good with Net NPAs at ` 38.91crore as on March 31, 2011.
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