IIFCL FY11 net rises by 61% to 262.28 cr

IIFCL FY11 net rises by 61% to 262.28 cr

New Delhi: State-owned India Infrastructure Finance Company Ltd (IIFCL) Tuesday posted 61.3% jump in its consolidated net profit at 262.28 crore for the fiscal ended March, 2011.

The company had earned a net profit of 162.6 crore in the previous fiscal.

Total income of the company during year increased by 23% to 1,951 crore.

IIFCL chairman and managing director S K Goel said, “the total income from the year registered a growth of 23%, led by increase in the interest income from lending operations. Income from lending operations posted a growth of 66% over the corresponding period last year".

At the same time, disbursements have shown an increase of 65% at 16,895 crore against 10,237 crore at the end of March, 2010.

Loan sanctions on consolidated basis rose by 36.5% at 42,208.4 crore compared to 30,912.4 at the end of financial year 2009-10.

IIFCL, since its inception in 2006, has given loans to over 176 infrastructure projects, including 103 road, 29 power and two airports projects.

During the year, IIFCL implemented the Takeout Finance Scheme which aims at addressing the asset liability mismatch and exposure norms limitation faced by banks, while lending to infrastructure projects.

The company has sanctioned takeout amount of 1,563 crore in seven projects in roads and power sectors, he said, adding, the company has executed the first takeout agreement with the Union Bank of India and has disbursed 70.3 crore in one road project.

IIFCL has nil non-performing asset on its balance sheet as on 31 March, 2011, he added.

Goel said, loans in foreign currency to the tune of $633 million has been sanctioned from the UK subsidiary IIFC (UK) to Indian companies to meet capital expenditure for import of equipment.