IRFC Q1 Results: Net profit falls 6.3% on year to ₹1,556.6 crore
Indian Railway Finance Corporation Ltd (IRFC) reports 6.3% YoY fall in Q1 net profit to ₹1,556.6 crore.
Indian Railway Finance Corporation Ltd (IRFC) on Friday reported an 6.3% year-on-year fall in its net profit for the fiscal's first quarter ended June (Q1FY24) to ₹1,556.6 crore. The company had reported a profit of ₹1,661.6 crore in the year-ago period. Sequentially, net profit was up 17.2% from ₹1,327.7 crore in Q4FY23. IRFC share price today closed 1.11% lower at ₹48.86 apiece on BSE.
The company's total revenue from operations climbed 18.7% on year to ₹6,679.2 crores during the quarter ended June from ₹5,627.4 crore in Q1FY23. Total income rose to ₹6,681.0 crore in the first quarter. It stood at ₹5,627.5 crore in the year-ago period.
The company's total expenses for the first quarter of FY24 stood at ₹5,124.5 crore as compared to ₹3,965.9 crore in the corresponding quarter of the previous fiscal.
As per IRFC's exchange filing, the company's operating profit margin during Q1 was down year-on year to 23.28% from 29.53 in Q1FY23.
On the technical front, as per trendlyne data, IRFC share price rose 130.7% and outperformed its sector by 104.9% in the past year.
IRFC share price has seen sharp surge in last few trading sessions and in this month it is already up by 48.63%, and the momentum remains positive, according to analysts.
Railway stocks were in focus this week after Prime Minister Narendra Modi launched a new capital expenditure (capex) programme worth ₹24,470 crores to revamp 508 railway stations on Sunday.
Under the Amrit Bharat Station Scheme, which was conceptualised earlier this year with a goal to renovate more than 1,300 stations, the redevelopment is being carried out.
The 508 stations are spread among 27 states and union territories, with 55 stations each in Uttar Pradesh and Rajasthan, 49 in Bihar, 44 in Maharashtra, 37 in West Bengal, 34 in Madhya Pradesh, 32 in Assam, 25 in Odisha, 22 in Punjab, 21 in Gujarat and Telangana, 20 in Jharkhand, 18 in Andhra Pradesh and Tamil Nadu, 15 in Haryana, and 13 in Karnataka, among others.
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Business NewsCompaniesCompany ResultsIRFC Q1 Results: Net profit falls 6.3% on year to ₹1,556.6 crore
First Published:11 Aug 2023, 06:00 PM IST
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