IndusInd Bank Q4 profit plunges 62 pc; IL&FS exposure takes toll
IndusInd Bank Wednesday reported 62 per cent fall in net profit at Rs 360 crore for the March quarter 2018-19 due to higher provisioning for loans extended to IL&FS. Its profit in the year-ago period stood at Rs 953 crore.
The private sector lender has a total exposure of Rs 3,004 crore to IL&FS Group, of which Rs 2,000 crore is to the holding company and Rs 1,004 crore to operating companies/ special purpose vehicles.
The entire exposure to IL&FS was classified as non performing asset (NPA) in the fourth quarter.
