IRFC Q4 net profit rises 126% to ₹1,482.5 crore1 min read . Updated: 29 Jun 2021, 02:37 PM IST
- Shares of IRFC surged nearly 5% to ₹25.95 per share on the BSE on Tuesday
Indian Railway Finance Corporation (IRFC) on Tuesday reported a Q4 standalone net profit at ₹1,482.5 crore as compared to ₹654.6 crore in the same quarter last year. The revenue witnessed a growth of 39% at ₹4,455 crore as against ₹3,205 crore year-on-year (YoY).
Shares of IRFC surged after the earnings announcement as it was up nearly 5% to ₹25.95 per share on the BSE on Tuesday.
The company's total expenses for the fourth quarter stood at ₹2,972.4 crore as compared to ₹2,551 crore in the corresponding quarter of the previous fiscal.
The company said that it has adopted measures to curb the spread of covid infection in order to protect the health of its employees and ensure business continuity with minimal disruption.
''The Company has evaluated the impact of this pandemic on its business operations and based on its review and current indicators of future economic conditions, there is no significant impact on its financial results. However, the impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration and accordingly the impact may be different from that estimated as at the date of approval of these financial results,'' it said in the exchange filing.
IRFC is a dedicated market borrowing arm of the Indian Railways and is wholly-owned by the Government acting through the Ministry of Railways. Its primary business is financing the acquisition of rolling stock assets and project assets of the Indian Railways and lending to other entities under the ministry.
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