IRFC logs 15% rise in net profit for October-December

 

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IRFC logs 15% rise in net profit for October-December

Indian Railway Finance Corporation Ltd (IRFC) has reported a growth of 15.4 per cent at Rs 1,046.74 crore for the quarter ended December. During the same period of the last fiscal, the company had reported a net profit of Rs 907.04 crore. Its total revenue from operations rose 8 per cent to Rs 3,932.38 crore during the quarter under review, showed a regulatory filing.

Its net profit for the April-December period rose by 15.65 per cent to Rs 2,934 crore. The company had reported a net profit of Rs 2,537 crore for the corresponding nine months in the previous fiscal.

The total revenue from operations from the first nine months of the current fiscal grew by 10.76 per cent on a year-on-year (YoY) basis at Rs 11,315.51 crore.

The Board of Directors of IRFC has declared an interim dividend of Rs 1,380 crore translating to Rs 1.05 per share for the financial year 2020-21, on a face value of Rs 10 per equity share.

Amitabh Banerjee, Chairman and Managing Director, IRFC, said: “The massive investment plan that Indian Railways has drawn for the growth, expansion and modernization of Indian Rail System in the current decade and the fact that a significant portion of the funding requirement is to be met through IRFC, there will be a sustained growth in revenue and profitability in future.”

“This can be substantiated by the results which we have witnessed for the 9M FY2021 results,” he said.

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