Infrastructure Development Finance Company (IDFC) has elevated its current managing director and chief executive Rajiv Lall as the chairman in place of Deepak Parekh who has stepped down from the post.
Parekh has relinquished his post as chairman. The board has appointed Rajiv Lall as the executive chairman and Vikram Limaye as the MD and CEO, IDFC said in a statement.
Parekh,who has been the chairman of the government-promoted company for 15 years,has agreed to chair the IDFC advisory council,which is consultative body that will be constituted over the next few months. Limaye is serving as the deputy MD of the city-headquartered infrastructure lender.
IDFC said its March quarter earnings saw 37 per cent year-on-year surge in net profit at Rs 423 crore. Its net interest income was up 10 per cent year-on-year to Rs 643 crore,while non-interest income jumped 171 per cent to Rs 363 crore.