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DeloitteHaskins &SellsLLP
INDEPENDENT AUDIToR,S REVIEW REPoRT oN REvIEw oF INTERIM
FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF
IDFC LIMITED
1. We have reviewed the accompanying statement of Unaudited standalone
Financial Resutts of IDFC LfMffeD lithe CornpulY") for the Quarter ended
June 30, ZOf O ilth" *atement"), being submitted by the Company pursuant
to the requirement or Regulation Es or the sEBI (Listing obligations and
Disclosure nequiiements) -Regulations, 2015' This Statement which is the
responsibility oi the company-,s Management and approved by the Board of
Directors, nar Oeen prepaied in a-ccordance with the recognition and
measurement piiniipr"t iaid down in Accounting Standard fol Interim
Financial Reporiing (AS 25), prescribed under Section 133 of the Companies
Act, 2013 reaA- wittr retevant rules issued thereunder and other accounting
principles generally accepted in India' our responsibility is to issue a report on
the Statement based on our review'
2. We conducted our review of the Statement in accordance with the standard
onReviewengagements(SRE)2410.ReviewoflnterimFinanciallnformationperformed by th6 Independenl Auditor of the Entity', issued by the Institute of
chartered Accountants of India. This standard requires that we plan and
perform the review to obtain moderate assurance as to whether the
Statement is free of material misstatement' A review is limited primarily to
inquiries of Company personnel and analytical procedures applied to financial
data and thus piovides less assurance than an audit' We have not performed
an audit and, accordingly, we do not express an audit opinion.
3. Based on our review conducted as stated above, nothing has come to our
attention that iauses us to believe that the accompanying Statement,
prepared in accordance with the aforesaid Accounting Standards and other
accounting prin.ipt"t generally accepted in India, has not disclosed the
information ."qrii"O to- Oe disilosed in terms of Regulation 33 of the SEBI
(Listing outig;iions and Disclosure Requirements) Regulations, 20L5,
including the hanner in which it is to be disclosed, or that it contains any
material misstatement'
Chartered Accountantslndiabulls Finance CentreTower 3, 27th - 32nd Floor
Senapati BaPat MargElphinstone Road (west)
Mumbai - 400 01 3
Maharashtra, lndia
Tel:+91 (022)61854000Fax: +91(022) 6185 4501/4601
,=lnccoyrnrur)6wRegd. office: 12, Dr. Annie Besant Road, opp. shiv Sagar Estate, Worli, Mumbai '400 0'18, lndia (LLP ldentification No MB-8737)
Deloitte-xiskins & SellsLLP
4.WedrawattentiontoNote2totheStatementwhichdescribesthedemergerof the financiat undertaking of the company-'into ir't" I?lc,T"k Limited with
effect from October r, ZOIE.il';"*iJt oi tf'" ,ndertaking to the IDFC Bank
Limited,theCompany,i,*uinrvan.investmentCompany,withminimaloperations. Accordingly, tie ,"irrt, for the quutt"t ended June 30' 2016 is not
comparable with ttre resuiti for the quarter ended June 30, 2015.
ourConclusionisnotmodifiedinrespectofthismatter.
FOT DELOITTE HASKINS & SELLS LLPChartered Accountants
(Firm's Registration No' 117366W/W-100018)
t -x.lar",t*<P.R.Ramesh
Partner(MembershiP No. 7O92e)
CHENNAI , 26 JulY, 2Ot6PRR/PG/PPA .
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DeloitteHaskins & Sells LLP
INDEPENDENT AUDITORS'REVIEW REPORT ON REVIEW OF INTERIM
FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OFIDFC LIMITED
1. We have reviewed the accompanying Statement of Consolidated Unaudited
Financial Results of IDFC I-ffqiffO ("the Holding Company") and itssubsidiaries (the Holding Company and its subsidiaries together referred to as..the Group"), and its lhare of the (loss) of its associates for the Quarter
ended June 30, 2016 ("the Statement"), being submitted by the Holding
company pursuant to the requirement of Regulation 33 of the sEBI (Listing
obligations and Disclosure Requirements) Regulations, 2015. This statement
which is the responsibility of the noiding Company's Management and
approved by the Board of Directors, has been prepared in accordance with the
recognition and measurement principles laid down in Accounting Standard for
Interim Financial Reporting (AS 25), prescribed under Section 133 of the
Companies Rct, Z01i read with relevant rules issued thereunder and other
accounting principles generally accepted in India. our responsibility is to issue
a report on the Statement based on our review'
2. We conducted our review of the statement in accordance with the standard
on Review Engagements (SRE) 2410 "Review of Interim Financial Information
Performed by-th-e Independent Ruditor of the Entity", issued by the Institute
of Chartered Accountants of India. This Standard requires that we plan and
perform the review to obtain moderate assurance as to whether the
Statement is free of material misstatement. A review is limited primarily to
inquiries of Holding company personnel and analytical procedures applied to
financial data andihrt ptorides less assurance than an audit' We have not
performed an audit and, accordingly, we do not express an audit opinion'
3, The statement includes the results of the following entities
Subsidiaries: IDFC Financial Holding Company Limited, IDFC Bank Limited'
IDFC Alternatives Limited, IDFC Finance Limited, IDFC Projects Limited, IDFC
Securities Limited, IDFC Trustee Company Limited, IDFC Asset Management
company Limited, IDFC AMC Trustee company Limited, IDFC Infra D-ebt Fund
Limited, IDFC Capital (singapore) Pte. Limited - singapore, IDFC Securities
(Singapore) pte, Limited - Singipore, IDFC Capital (USA) Inc. - USA and
IDFC Investment Managers (Mauritius) Limited - Mauritius'
Associates: Feedback Infra Private Limited, Millennium City Expressways
Private Limited and Jetpur somnath Tollways Private Limited.
4. We did not review the interim financial results of two subsidiaries included in
the consolidated financial results, whose interim financial results reflect total
Chartered Accountantslndiabulls Finance CentreTower 3, 27th - 32nd FloorSenapati BaPat MargElphinstone Road West)Mumbai - 400 013Maharashtra, lndia
Tel: +91 (022) 6185 4000Fax: +91(022) 61 85 4501/4501
fsKlAt$.r-z---'\
ul ".- IACsAnnie Besant Road, opp. shiv sagar Estate, Worli, Mumbai - 400 018, lndia. (LLP ldentification No' MB-8737)
DeloitteHaskins & SellsLLP
5.
revenuesofRs.T,035lakhsfortheQuarterendedJune30,20l6andtotalprofit after tax or iit.-z,ioz tut t''t for the Quarter ended June 30' 2016' as
considered in the .onrotiOut"d financial ."t'tit' These interim financial results
have been reviewed by other auditori whose reports have been furnished to
us by the Manag"rlnf and our reporlon the statement, in so far as it relates
to the amounts u,.,J oii.rlsures inctuaea in respect of these subsidiaries is
L;t;J solely on the reports of the other auditors'
The consolidated financial results includes the interim financial results of four
subsidiaries which have not been reviewed by their auditors' whose interim
financial results reflect total revenr" oi ns. S3Z lakhs for the Quarter ended
June 30, 20L6, and total loss after tax of Rs. 88 lakhs for the Quarter ended
June 30, ZAIO as considered in it"'" consolidated financial results' The
consolidated financial results also includes the Group's share of loss after tax
of Rs. L,602lakhs for the Quarter "ni"a June 30, 2016, as considered in the
consolidated financial results, in respect of three associates, based on their
interim financial results which have not been reviewed by their auditors'
BasedonourreviewconductedaSstatedaboveandbasedontheconsideration of t6e ieports of the other auditors referred to in paragraph 4
above and except for the possible effects of the matter described in paragraph
5 above, nothing has come to our attention that causes us to believe that the
accompanying statement, p."pur"J in accordance with the aforesaid
Accounting standards and' other accounting principles generally accepted in
India, has not disclosed the information reiuired to be disclosed in terms of
Regulation ss of the sEBI (Listing obligations and Disclosure Requirements)
Regulations,2015, including'the manneiin which it is to be disclosed' or that
it c-ontains any material misstatement'
7, We draw attention to Note 5 to the statement which describes the demerger
of the financial undertaking of the company, as defined in the scheme of
Arrangement under section-3gL-3g4 of the companies Act, 1956 approved by
the Hon'ble Madras High Court vide its order dated June 25, 2015 into the
IDFC Bank Limited witlreffect from October 1' 2015'
ourconclusionisnotmodifiedinrespectofthismatter.
6.
FOT DELOITTE HASKINS & SELLS LLPChartered Accountants
(Firm's Registration No. 117366W/W-100018)
( -p-.
P.R, RameshPartner
(MembershiP No.70928)
b*"r"t
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