Infrastructure financier IDFC, which reported 37 per cent hike in its net profit at Rs 423 crore for the March quarter, said veteran banker Deepak Parekh has stepped down as its Chairman and will be replaced by the current Managing Director and Chief Executive Rajiv Lall.
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, it said.

Meanwhile, the company said its March quarter earnings saw 37 per cent surge in net profit at Rs 423 crore as against Rs 308 crore in the corresponding period last year.

Source: The Economic Times