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IIFCL records two-fold jump in profit at Rs152 cr

IIFCL records two-fold jump in profit at Rs152 cr
PTI
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First Published: Mon, Feb 08 2010. 05 56 PM IST
Updated: Mon, Feb 08 2010. 05 56 PM IST
New Delhi: State-owned India Infrastructure Finance Company Ltd (IIFCL) on Monday posted nearly two-fold jump in its net profit at Rs152 crore for the nine-month period ended December 2009.
The company had earned a net profit of Rs82 crore in the same period previous fiscal.
“Total income of the company during the period increased over three-fold to Rs1,187 crore against Rs366 crore in the same period previous fiscal,” IIFCL chairman and managing director S.S. Kohli said.
However, for the third quarter (Q3) ended December 2009, the net profit of infrastructure financing company declined marginally to Rs43 crore against Rs45 crore in the same quarter last year.
“The decline is mainly due to fall in the interest income as rates softened during the quarter,” he said.
Operating profit in Q3 increased to Rs69.94 crore against Rs66.38 crore in the same period last fiscal.
IIFCL since its inception in 2006 has sanctioned Rs21,001 crore to 125 infrastructure projects. Of these, 123 projects have achieved financial closure.
At the end of nine months ended December 2009, the loan disbursement by the company stood at Rs6,996 crore compared to Rs3,572 crore during same period in 2008-09.
IIFCL, which has nil non performing asset, bagged most admired infrastructure fancier awards recently.
Paid-up capital of the company increased to Rs1,800 crore in the quarter ended December 2009. The share capital of the company dedicated to financing and development of infrastructure projects was Rs1,000 crore in December 2008.
As of December, the bond borrowing of the company, which is wholly owned by the government, stood at Rs14,100 crore. Out of this, it has raised Rs10,000 crore through tax-free bonds.
The funds will be utilised for providing refinance to banks up to 60% of their loans to new road and port projects, where bids have been submitted on or after 31 January, 2009.
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First Published: Mon, Feb 08 2010. 05 56 PM IST