IDFC receives refund of ₹202 crore from Income Tax Department; stock rise over 1%

IDFC informed the exchanges in a filing that it has received an income tax refund of ₹202.55 crore for Assessment Year 2023-24. The company said that the refund consisted of a tax component of ₹189.25 crore along with an interest amount of ₹13.3 crore.

Earlier on August 2, the company informed the stock exchanges about its financial results for the quarter ended June 30, 2024. IDFC’s consolidated total revenue from operations for the June quarter of FY25 decreased more than 60% to ₹11.89 crore against ₹29.91 crore in the corresponding quarter of the preceding fiscal. Sequentially, the company’s total revenue from operations grew over 21% from ₹9.77 crore in the March quarter of FY24.

IDFC's consolidated net profit for Q1FY25 fell more than 67% to ₹85.82 crore compared to ₹264.15 crore in Q1FY24. The company’s net profit for Q1FY25 declined over 75% from ₹347.85 crore in Q4FY24.

Earlier in July, IDFC also announced an interim dividend of 10%, or ₹1 per equity share, with July 16 as the record date. The company 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 and in 2022, the company’s stock traded ex-dividend on April 19 for the payment of an interim dividend of ₹1 per share.

IDFC (Infrastructure Development Finance Company) is a non-banking financial institution (NBFC) that provides financial and advisory services to businesses in sectors such as investment banking, infrastructure, and wealth management.

IDFC shares have declined 8.4% in the past one year and more than 11% Year-To-Date (YTD). In the last six months, the stock has declined over 5%. The stock has gained more than 1% in the past one month.

Shares of IDFC Ltd were trading marginally lower at ₹112.07 apiece, down 0.03%, on the NSE at 1:20 pm.