Total income during the quarter declined 59.7% year-on-year (YoY) to Rs 53.54 crore.

The company has incurred a loss of Rs 189.37 crore from its joint ventures and associates in Q4 FY20. It had earned a profit of Rs 59.37 crore from the same in Q4 FY19.

Accordingly, pre-tax loss stood at Rs 227.45 crore in Q4 March 2020 as against pre-tax loss of Rs 297.23 crore in Q4 March 2019. Current tax expenses jumped 84.8% to Rs 21.83 crore in Q4 FY20 over Q4 FY19.

The impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The Group will continue to monitor any material changes to future economic conditions”, the company said.

IDFC is a finance company providing finance and advisory services for infrastructure projects as well as asset management and investment banking services.

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Net Loss of IDFC reported to Rs 240.48 crore in the quarter ended March 2020 as against net loss of Rs 312.28 crore during the previous quarter ended March 2019. Sales declined 18.09% to Rs 47.05 crore in the quarter ended March 2020 as against Rs 57.44 crore during the previous quarter ended March 2019.

For the full year,net loss reported to Rs 994.90 crore in the year ended March 2020 as against net loss of Rs 839.18 crore during the previous year ended March 2019. Sales declined 4.15% to Rs 340.72 crore in the year ended March 2020 as against Rs 355.47 crore during the previous year ended March 2019.

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The Board of IDFC will meet on 25 June 2020 to consider raising of funds through issue of non]convertible debt securities on private placementbasis, if required, during financial year 2020]21, as a part of its normal borrowing programme.

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IDFC will hold a meeting of the Board of Directors of the Company on 25 June 2020.

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