Mumbai: IDFC First Financial institution‘s second quarter web revenue plunged over 73% to Rs 201 crore from over Rs 751 crore within the corresponding quarter of the earlier yr, dragged down by a Rs 253-crore provision arising from Maharashtra govt’s latest choice to waive tolls for some automobiles in Mumbai.
The financial institution had offered finance towards the toll receivables. IDFC First didn’t identify the corporate, although MEP Infrastructure is the concessionaire (gathering company) for tolls at Mumbai’s 5 entry factors. The financial institution mentioned it could recognise this again as income relying on toll collections and govt’s compensation to the consumer.
The financial institution’s web curiosity earnings rose to Rs 4,788 crore within the July-Sept quarter. That was a rise of 21% over Rs 3,950 crore within the corresponding quarter of 2023-24. Deposits have been Rs 2,18,026 crore, a 32.4% enhance over Rs 1,64,726 crore in the identical interval final yr. tnn
