Friday, June 24, 2022

IRFC profit rises 38% to Rs 6,090 crore in FY 2021-22

Indian Railway Finance Corporation Limited (IRFC) posted a 37.90 percent growth in its profit after tax (PAT) at Rs 6,090 crore in FY 2021-22

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New Delhi: Indian Railway Finance Corporation Limited (IRFC), the market borrowing arm of Indian Railways, on Friday posted a 37.90 percent growth in its profit after tax (PAT) at Rs 6,090 crore in FY 2021-22. In the preceding fiscal, the company had reported its Profit After Tax (PAT) at Rs 4,416 crore, IRFC said in a statement.

Revenue from operations for FY22 grew by 28.71 percent and stood at Rs 20,298.27 crore this fiscal as against Rs 15,770.22 crore a year ago.

The revenue from operations for the fourth quarter of FY’22 grew by 16.39 percent to reach Rs 5,931.12 crore as against Rs 5,095.81 crore reported in the third quarter.

The net worth at the end of FY22 stood at Rs 41,000 crore, up by 14.15 percent, against Rs 36,000 crore reported in FY21. The assets under management of the company stood at Rs 4,15,238 crore as on March 31, 2022, registering a growth of 15.32 per cent.

The earning per share (EPS) of the company has also gone up to Rs 4.66 as on March 31, 2022, compared to Rs 3.66 a year ago, registering an increase of 27.32 per cent.

“The company continues to raise funds at the most competitive rates and terms, both from the domestic and overseas financial markets, which has helped to keep cost of borrowings low,” IRFC said in a statement.

The board of directors has recommended the final dividend of Rs 0.63 per equity share of the face value of Rs 10 each for FY22, subject to approval of shareholders at the ensuing annual general meeting. This is in addition to the interim dividend of Rs 0.77 per equity share declared on November 1, 2021, thereby making a total dividend of Rs 1.40 per share.

Amitabh Banerjee, chairman and managing director, IRFC, said: “IRFC has consistently exhibited a rising and strong financial performance on the back of raising funds at the most competitive rates and at the opportune time from the domestic and international markets.”

He further said that IRFC is committed to its contribution to India’s resolve in developing and expanding the infrastructure sector with a special impetus on the railway sector. This is amply evident from the high quantum of borrowing mandate of Rs 66,500 crore for FY23 received from the Railways Ministry, he added.

(With agency inputs)

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