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Business News/ Companies / Company Results/  IRFC Q3 Results: Net profit declines 1.7% YoY to 1,604 crore, revenue rises by 8% YoY to 6,742 crore
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IRFC Q3 Results: Net profit declines 1.7% YoY to ₹1,604 crore, revenue rises by 8% YoY to ₹6,742 crore

Indian Railway Finance Corporation (IRFC) reported a 1.7% YoY decline in net profit to ₹1,604 crore in Q3 FY24. Revenue from operations rose 8% to ₹6,742 crore. Sanjay Jain has been appointed as Chief Compliance Officer for two years.

IRFC announced its Q3 FY 24 result on Friday.Premium
IRFC announced its Q3 FY 24 result on Friday.

IRFC Q3 Results: The Indian Railway Finance Corporation reported a 1.7% YoY decline in its net profit to 1,604 crore in the December quarter of FY 24. The company had reported a net profit of 1,633 crore in Q3 FY23.

The Indian Railway PSU reported an 8% annual rise in its revenue from operations to 6,742 crore against 6,218 crore in the year-ago period. The company's earnings per share stood at 1.23 per share during the quarter under review.

The Board of Directors of the Indian Railway Finance Corporation also approved the appointment of Sanjay Jain as Chief Compliance Officer (CCO) for two years.

Also Read: Hero Motocorp Q3 results: PAT rises 51% to 1,073 crore; interim dividend of 100 per share announced

“Board of Directors of the Company has appointed Sanjay Jain as Chief Compliance Officer (``CCO'? of the Company on a Contractual basis for two (2) years from the date of assumption of charge as per terms of his appointment letter, under RBI's circular number Ref.No. Dos. CO.PPG,/SEC.01/11.01.005/2022-23 dated 11.04.2022," said the company in its BSE filing on Friday.

Also Read: Bombay Dyeing Q3 Results: Net profit rises to 305.4 crore on land sale gains, lower costs

Sanjay Jain has more than three decades of experience in different areas like compliance, corporate laws, supervisory regulation, treasury management, borrowings, legal matters, internal audit, credit (wholesale and retail), recovery management etc.

Also Read: SJVN Q3 results: Net profit falls 51% to 139 crore, income declines to 607 crore

The company share closed 5.12% lower at 153.7 per share on BSE on Friday. IRFC's share value has improved by 53.13% YTD and by 410.63% in the last year.

The company scrip touched its 52-week-high mark of 192.80 per share on BSE on 23 January 2024. Its current market capitalisation stands at 2,00,862.94 crore. The Indian Railway PSU crossed the one lakh crore rupees market capitalisation in September last year.

The company plays an important role in supporting the Indian Railways Infrastructure Development Plan. The PSU has emerged as the primary market borrowing arm of Indian Railways to meet their entire extra budgetary resource requirements for capital expenditure funding, be it rolling stock or other infra projects.

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Published: 09 Feb 2024, 05:17 PM IST
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