Business News/ Companies / Company Results/  IIFCL’s FY23 PAT soars by 109.16%, crosses Rs. 1,000 crore mark

New Delhi: India Infrastructure Finance Company Limited (IIFCL) has recorded a year-on-year growth of 109.16% in its standalone profit after tax (PAT) for the financial year 2022-23, the company said in a statement on Monday.

According to the statement, the company’s PAT grew to Rs. 1,076 crore in FY 2022-23, up from Rs. 514 crore in FY 2021-22, furthering the company’s turnaround performance that began three years back.

The statement also revealed that IIFCL’s standalone sanctions and disbursements stood at Rs. 29,171 crore and Rs. 13,826 crore respectively, during the financial year 2022-23, marking an all-time high in financial performance. The cumulative sanctions and disbursements of the company stood at Rs. 2,13,378 crore and Rs. 1,05,647 crore as of March 31, 2023.

IIFCL’s loan portfolio also showed a Y-o-Y growth of 7.42% to Rs. 42,271 crore in FY 2022-23 from Rs. 39,352 crore in FY 2021-22.

The company’s net worth also grew to Rs. 12,878 crore in FY 2022-23, up from Rs. 11,737 crore in FY 2021-22.

IIFCL’s improved asset quality and recovery was also highlighted in the statement, with a significant decrease in Net NPA to 1.41% and Gross NPA to 4.76% as of March 31, 2023, down from 3.44% and 9.23% respectively the previous year. The provision coverage ratio also grew to 70.48% in FY 2022-23 from 62.75% in the previous year.

The company’s growth into bonds and InvITs was also mentioned, with investments made in bonds and InvITs aggregating to Rs. 13,000 crore as on March 31, 2023, up from Rs. 1,300 crore the previous year.

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Updated: 15 May 2023, 09:41 PM IST
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