IDFC Ltd announces ₹1 per share as interim dividend, record date fixed; check details

Shares of IDFC Ltd opened Thursday's trade at ₹120.80, flat at their previous close level. The stock gained nearly 2% to record an intraday high of ₹122.60 before settling at ₹121.29 by the end of trading hours.

IDFC Ltd has consistently paid a dividend for the past two years. In 2023, the stock traded ex-dividend on February 13 for a special dividend payment of ₹11 per share.

In 2022, the company’s stock traded ex-dividend on April 19 for the payment of an interim dividend of ₹1 per share.

The holding company of IDFC Bank Ltd paid an interim dividend on two occasions in 2019. The stock traded ex-dividend on November 21 and September 27, for a dividend of ₹0.65 per share and ₹2.5 per share, respectively.

IDFC Ltd posted a substantial drop in its financial performance for the last quarter of FY24. IDFC’s total revenue from operations for the quarter ended March 31, 2024, fell over 81% to ₹9.7 crore compared to ₹52.6 crore in the year-ago period. IDFC’s total revenue for FY24 declined over 57% to ₹65.54 crore compared to ₹154.24 crore in FY23.

IDFC’s net profit for the fourth quarter of FY24 fell nearly 90% to ₹347.85 crore compared to ₹3,387.41 crore in the corresponding quarter of the preceding fiscal. The net profit for FY24 declined more than 75% to ₹1,045.58 crore compared to ₹4,243.93 crore in the year-ago period.

IDFC was founded in 1997 and caters to the financial needs of the infrastructure development industry. Its services include financial intermediation for infrastructure projects and services, adding value through innovative products to the infrastructure value chain, and asset maintenance of existing infrastructure projects.