IRFC Q1 Earnings: Net Profit Up 68 Percent Year Over Year
Indian Railways Finance Corporation (IRFC) released April-June quarterly results for fiscal year 2021-22, showing net profit of Rs 1,501.95 crore, compared to Rs 891.81 crore for the corresponding quarter of last year. Net profit of the wholly-owned subsidiary of the Ministry of Railways rose 68.42 percent year-on-year in the first quarter of the current fiscal year.
The company’s revenue in the June quarter was Rs 4581.61 crore, compared to Rs 3669.22 crore in the corresponding period last year, a 24.87 percent year-on-year growth, according to a regulatory filing by the company with the scholarships.
By the end of the April-June quarter, IRFC’s net worth stood at Rs. 37,416.50 crore, compared to Rs 31,192.96 crore, an increase of 19.95 percent year-on-year. The net profit of the state-owned enterprise in the preceding quarter January-March of the fiscal year 2020-21 was Rs 1,483 crore while the revenue from operations was Rs 15,770 crore.
“Indian Railways capital expenditures have been the main driver of growth at IRFC as a significant portion of its borrowing needs must be covered through IRFC,” said Amitabh Banerjee, IRFC Chairman and Chief Executive Officer.
“Given the massive investments in rail infrastructure envisioned under the National Rail Plan 2030, IRFC can foresee continued growth in revenue and profitability in the coming years as IRFC finances a large portion of Indian Railways’ CAPEX spending, particularly in the past six years,” he added.
On Friday, August 13, shares of IRFC were down 0.21 percent at Rs 23.85 apiece on the BSE.
