IRFC Net Profit Rises 126% To Rs 1,483 Crore In March Quarter

The wholly-owned subsidiary of Indian Railways reported a net profit of Rs 1,483 crore in the March quarter, compared to Rs 655 crore in the corresponding quarter of the previous fiscal.

IRFC Net Profit Rises 126% To Rs 1,483 Crore In March Quarter

Shares of IRFC settled 1.78 per cent lower at Rs 24.85 apiece on the BSE

Share price of Indian Railway Finance Corporation (IRFC) edged lower by more than one per cent on Wednesday, June 30, after the public-sector enterprise announced its January-March quarter results for the financial year 2020-21. On Wednesday, IRFC opened on the BSE at Rs 25.50, inching to an intra day high of Rs 25.50 and an intra day low of Rs 24.65, in the trading session today. The wholly-owned subsidiary of Indian Railways reported a net profit of Rs 1,483 crore in the March quarter, compared to Rs 655 crore in the corresponding quarter of the previous fiscal.

The company's net profit rose 126 per cent year-on-year in the fourth quarter, while its profit for the entire fiscal 2020-21 grew 38 per cent to Rs 4,416 crore. The profit for the previous fiscal stood at Rs 3,192 crore. IRFC's total revenue from operations increased 17 per cent to Rs 15,770 crore, according to the regulatory filing by the company to the stock exchanges. 

The company's annual disbursements increased 46 per cent to Rs 1.04 lakh crore in fiscal 2021, compared to Rs 71,392 crore in the previous financial year. The assets under management also recorded a growth of 35 per cent to Rs 3.6 lakh crore, compared to Rs 2.6 lakh crore last year.

On the NSE, IRFC opened at Rs 25.40, registering an intra day high of Rs 25.45 and an intra day low of Rs 24.60, in the session today. Its shares settled 1.58 per cent lower at Rs 24.90 apiece on the NSE.

Shares of IRFC settled 1.78 per cent lower at Rs 24.85 apiece on the BSE. IRFC is involved in leasing of railway infrastructure assets, financing the acquisition of rolling stock assets, as well as lending to entities under the Railway Ministry.